FDI Fast Facts - No. 6 in an Invest in Canada Series
Harper Government Highlights Importance of Foreign Direct Investment to Chemicals and Plastics Industries
With Canada’s natural resources as a platform, the chemicals and plastics industries are major global players, says International Trade Minister Fast
December 11, 2013 - The Honourable Ed Fast, Minister of International Trade, today said foreign direct investment (FDI) is playing an important role in Canada’s dynamic chemicals and plastics industries, ensuring that Canada remains a world leader in this vital sector.
“With one in 10 Canadian jobs linked to foreign investment, our government understands that attracting new investment in the important chemicals and plastics industries creates prosperity for Canadian workers and their families,” said Minister Fast. “As it does in other sectors, foreign investment in the chemicals and plastics industries spurs innovation and competitiveness and leads to good jobs and greater opportunity.”
In 2012, these industries employed over 162,000 Canadians and generated shipments worth more than $65 billion, of which some 56 percent—or $37 billion worth—were exported. The chemicals industry benefits from Canada’s large petroleum refining sector, and the plastics industry benefits from Canada’s advanced manufacturing sector. Some notable investment examples include:
- In Bécancour, Quebec, India-based Indian Farmers Fertiliser Cooperative is investing $1.2 billion with a local partner to build a nitrogen fertilizer plant, creating 200 jobs.
- CCP Composites Canada, a subsidiary of France-based Total, moved to larger facilities in the Greater Toronto Area to accommodate the needs of its growing business. It also consolidated its Quebec operations into a larger, $5-million plant in Drummondville.
- In Dawson Creek, British Columbia, France-based Air Liquide is investing $60 million to build a new air separation unit that will supply liquid nitrogen to industrial consumers in British Columbia and Alberta.
“Because of our talent, creativity and competitive costs, investors are drawn to Canada’s chemicals and plastics industries,” said Minister Fast. “In addition, businesses from around the world recognize that our strong banking sector, low taxes and vibrant, safe communities contribute to their winning formulas. Our government will continue to position Canada as a destination of choice for global investors.”
Minister Fast is noting the benefits of FDI to the various sectors of Canada’s economy in the lead-up to this month’s release of the 2013-2014 annual report from Invest in Canada.
For more information, please visit Invest in Canada.
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For further information, media representatives may contact:
Office of the Honourable Ed Fast
Minister of International Trade
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