FDI Fast Facts No. 8 – in an Invest in Canada Series

Harper Government Highlights Importance of Foreign Direct Investment to Financial Services Sector

Canada offers a combination of irresistible advantages in the financial services sector, says International Trade Minister Fast

December 12, 2013 - The Honourable Ed Fast, Minister of International Trade, today said foreign direct investment is playing an important role in Canada’s dynamic financial services sector, 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 to key sectors like financial services creates prosperity for Canadian workers and their families,” said Minister Fast. “As in other areas of the economy, foreign investment in the financial services sector spurs innovation and competitiveness and leads to good jobs and greater opportunity.”

The financial services sector employed nearly 700,000 Canadians directly and contributed $102.5 billion to Canada’s gross domestic product in 2012. Low costs relative to other financial centres make Canada attractive to foreign investors. Some notable examples include:

  • In Halifax, Nova Scotia, U.K.-based Admiral Insurance expanded its headquarters, adding 400 new jobs.
  • In Vancouver, British Columbia, the Agriculture Bank of China opened a representative office to enhance cooperation and communication with local correspondent banks, and facilitate the building of a sound financial services network in North America.
  • In Toronto, Ontario, U.S.-based Neuberger Berman opened an office to oversee institutional and client services in the Canadian institutional market.

“Backed by our talent, creativity and competitive costs, Canada continues to draw investors to our financial services sector,” 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 foreign direct investment to various sectors in 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:

Rudy Husny
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
rudy.husny@international.gc.ca

Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
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