Creating Jobs and Prosperity for the Middle Class
A plan for middle class progress is, at its core, a plan to create good, well-paying jobs. Such jobs are central to building a strong middle class, which in turn drives long-term economic growth.
For generations, trade and investment have helped to drive middle class prosperity, with jobs in exporting industries paying 50 per cent higher wages than jobs in industries that are not trade-intensive. Today, Canada faces increasingly fierce competition for both trade and global investment.
Now is the time to sharpen Canada’s competitive edge and seek new and innovative ways to attract investment and talent from around the world.
A great place to do business, Canada has a great deal to offer investors: enviable financial and economic stability, a well-skilled, diverse and well-educated workforce, an inviting business climate and access to large and growing markets.
Through several new initiatives, the Government of Canada intends to secure greater investment in Canada, creating more jobs and greater prosperity for the middle class.
Creating an Invest in Canada Hub
To ensure that Canada makes the most of every opportunity to attract global investment and the jobs that come with it, the government is allocating $218 million over five years to create a new federal body, the Invest in Canada Hub, and to increase the number of trade commissioners focused on investment attraction in strategic markets.
The Invest in Canada Hub will employ a new, dedicated high-impact sales force to promote Canada, and to work with global companies to forge global partnerships and invite them to expand into Canada.
Under the leadership of a new Chief Executive Officer, the Invest in Canada Hub will be established by the end of 2017, and will work globally, in partnership with Global Affairs Canada, the Canadian Trade Commissioner Service, and Innovation, Science and Economic Development Canada, as well as with provincial and municipal investment attraction offices.
Modernizing the Investment Canada Act
To ensure that the government’s legislative framework supports investments that can create jobs and opportunities for middle class Canadians, the threshold for review under the Investment Canada Act will be raised to $1 billion in 2017, two years sooner than the planned date in 2019.
Before the end of 2016, the government will also publish guidelines under which investments are examined under national security provisions. This will help investors better understand and navigate the review process, while ensuring the integrity of our national security processes is maintained.
Together, these measures will attract trade and investment to Canada, creating jobs and prosperity for the middle class.
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