Significant investment by German multinational proof that Canada’s world-leading economic fundamentals and competitive advantages are attracting prosperity-boosting investment
January 26, 2012 - The Honourable Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, today welcomed the news that Siemens AG will be expanding its presence in Canada by constructing a new headquarters in Oakville, Ontario. Minister Fast’s remarks follow a meeting with Peter Löscher, President and Chief Executive Officer of Siemens AG, on the margins of the World Economic Forum’s annual meeting in Davos, Switzerland.
“Our government is pleased that Siemens recognizes that Canada is a great place to do business, as shown through its investment in a new headquarters in Oakville, Ontario,” said Minister Fast. “This facility will solidify Siemens’ presence in Canada and could serve as a platform for future growth. Canada’s strong economic fundamentals and world-leading competitive advantages make it an investment destination of choice for savvy global investors. Today’s announcement by Siemens confirms this.”
Siemens is one of the largest and most diversified companies in the world, specializing in electronics and electrical engineering, energy, health care and urban infrastructure. In Canada, it employs approximately 4,500 Canadians, based primarily in Ontario and Quebec. Recent Siemens investments in the renewable energy sector are creating several hundred new jobs in Canada and reinforcing Canada’s leadership position in this important sector. Its continuing growth and investment strategy in Canada is focused on several key areas, including energy and the broader resource sector. According to the company, the new Canadian headquarters will accommodate some 800 employees.
“For 100 years, Siemens has maintained a strong presence in Canada,” said Mr. Löscher. “We have continued to invest in Canada, attracted by its innovative and skilled workforce and stable economy. We look forward to expanding our relationship even further.”
Canada continues to be among the top growing economies of the G-7, and Canada’s overall tax rate on new business investment is substantially lower than the rate in other G-7 countries. Also, Canada’s banks have been rated by the World Economic Forum as the soundest in the world for four years running.
“Our government will continue to implement our pro-trade, low-tax Economic Action Plan and create the conditions to attract job-creating foreign investment—which is a key driver of economic productivity, competitiveness and growth,” Minister Fast said.
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For further information, media representatives may contact:
Office of the Honourable Ed Fast
Minister of International Trade and Minister for the Asia-Pacific Gateway
Trade Media Relations Office
Foreign Affairs and International Trade Canada
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