Canada a Leader in Leveraging Private Sector Investment to Stimulate Economic Growth, Create Jobs and Eradicate Poverty

Minister Paradis promotes responsible resource development at Canada–World Economic Forum conference in Toronto

March, 1, 2014 - Toronto, Ontario - Foreign Affairs, Trade and Development Canada

The Honourable Christian Paradis, Minister of International Development and Minister for La Francophonie spoke today at a conference in Toronto focused on exploring ways to generate sustainable economic growth through responsible resource development. During his remarks he also announced Canada’s support for a range of new projects and initiatives that will help developing countries maximize the benefits of their resource wealth.

“Creating sustainable economic growth is our most effective tool in eradicating poverty around the world.  We need to leverage private sector involvement to generate jobs, growth, and prosperity in developing countries. We need to look at new approaches to solving age-old problems and focus on areas where we can have the greatest impact,” said Minister Paradis. “Canada is recognized as a world leader in responsible resource development. By increasing innovation and involving the private sector, we are leveraging Canadian expertise to create results for those in need. We are helping countries transition from development partners to self-sustaining and prosperous trading partners able to provide for their own citizens.”

This is the second year the Government of Canada and the World Economic Forum have co-hosted a conference on development in the extractive resources sector. Participants, including representatives from donor and recipient countries, as well as high-level representatives from multilateral organizations, civil society organizations, and industry, explored innovative approaches to promoting mining investment as way to stimulate local economic development.

“Mining has long been a major activity in Latin America and the Caribbean, but our countries face the growing challenge of developing their resources in a responsible, transparent, and sustainable manner,” said Luis Alberto Moreno, President of the Inter-American Development Bank. “In Canada’s Department of Foreign Affairs, Trade and Development we have found a partner that shares our region’s concerns.”

In separate remarks made at a session on the Socio-Economic Impact of Tuberculosis in the Mining Sector, Minister Paradis re-affirmed Canada’s commitment to address the global challenge of tuberculosis in mining communities. As a leader in responsible extractive resource management and tuberculosis care and control, Canada sees the opportunity for the public and private sectors to work together through innovative partnerships to address this issue.

Announcements (additional information in backgrounder)

  • $10 million to support the Transparency Trust Fund
  • $10 million over five years to support to the African Legal Support Facility through Canada’s Extractives Cooperation for Enhanced Economic Development (EXCEED) Program
  • $1.2 million over two years to support the Transparency in the Extractive Sector Project
  • $1.1 million over one year to promote economic growth in the extractive sector through members of the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development
  • Just under $500,000 in funding over one year to support the Clinton Health Access Initiative

Quick Facts

  • Exports of oil and minerals from Africa, Asia, and Central and South America in 2012 were worth more than US$1.35 trillion—more than 15 times the amount of official development assistance provided to these same regions in that year. Current trends suggest that the importance of the sector will increase as exploration for minerals, oil, and gas continues in developing countries.
  • Canada is a lead supporter of the Extractive Industries Transparency Initiative (EITI), which seeks to increase transparency in the oil, gas, and mining sectors through the implementation of standards related to the publication and verification of company tax, royalty payments, and other government revenues. At present, 25 countries have been deemed “EITI-compliant” (including Mozambique, Peru, and Tanzania), with another 16 countries in the process of implementing the EITI.
  • In January 2013, Prime Minister Harper announced Canada’s support to the African Mineral Development Centre. The centre delivers guidance and policy advice to African countries on how to manage their extractive sectors responsibly and transparently.
  • In June 2013, Prime Minister Harper announced that Canada would lead G-8 Partnerships on Transparency in the Extractive Sector in Tanzania and Peru. Through these partnerships, Canada works with governments, civil society, and industry to increase transparency and strengthen governance in the extractive sector to help ensure the citizens of Tanzania and Peru derive the maximum benefit from their natural resources.

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Margaux Stastny
Director of Communications
Office of the Minister of International Development and Minister for La Francophonie

Media Relations Office
Foreign Affairs, Trade and Development Canada
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