I know I speak for all our delegation when I say how honoured we are to be in this magnificent city at such an exciting time in its history and in the history of Europe.

As I thought about our visit here to Rome, I was reminded of the great legend of its founding. You'll recall that Romulus and Remus had originally established two cities along the banks of the Tiber. Romulus decided he would build a wall around his camp, and when he had finished, his brother Remus came to examine it.

Remus found the wall was easily scaled and when he had jumped on top, he mocked his brother's efforts. Romulus responded in the calm, measured way for which we Italians are justifiably famous: he attacked his brother and took over his city. Then he turned to those around him and said, "thus to anyone who jumps over my walls."

I am glad that your reception was somewhat friendlier toward us today! We have not come to jump over your walls, but to walk through the gateways provided by open borders, open arms and open hearts.

I am honoured, not only to be accompanying Prime Minister Chrétien on this historic visit, but also to be joined by 15 Canadian parliamentarians of Italian descent and by over 70 Canadian businesses, all of whom sense the possibilities for further trade and investment between our two great countries.

Canada's ties with Italy are both historic and deep. Last year, we celebrated the 500th anniversary of Giovanni Caboto's landing in Newfoundland. And throughout our history, Italian immigrants, turned Canadian residents and citizens, have helped to build Canada into one of the most prosperous countries in the world.

And just as our ancestors reached across the Atlantic for new opportunities, so today, we must extend ourselves to embrace the possibilities that await us. Not to uproot, as they did, but to invest. Not to begin new lives, but to explore new opportunities. Not to leave as emigrants, but to trade as partners.

Canada's emphasis on trade is neither recent nor accidental. With a relatively small domestic market, we have had to look abroad to sell the products and services we offer. Today, more than 40 percent of our GDP is generated by trade. And one out of every three jobs in Canada is dependent upon trade.

Italy, too, understands the imperative of embracing the global marketplace. And if there is one nation that is poised to become the pre-eminent transatlantic trading nation, it is Italy. Strategically located, with world-class products in machine tools, industrial machinery robotics, processed foods and clothes, Italy has much of what North America wants.

Canada and Italy also have much to offer one another. And so we come to Italy to reaffirm the importance we attach to our relationship and to seek ways of expanding it. To the already strong ties of friendship, we want to forge the new bonds of commerce.

Despite our long and close relationship, we have not yet truly forged those bonds. Perhaps it is because we each retain an outdated view of one another. Most Canadians don't know, for example, that Italy is the fifth-largest economy in the world, or that its 60 million consumers are among the richest in Europe, or that trade between our countries totalled over $5 billion last year.

And I suspect that most Italians still think of Canada as a resource-based economy. You may not know that we are world leaders in high technology, aerospace or telecommunications.

I'm afraid that too many Italians still see Canada as the frozen north -- not as a gateway to the vast North American marketplace.

Well, we're here to change those perceptions and to demonstrate what Canada has to offer you as well as to learn more about what Italy has to offer us. This mission is certainly part of that.

But important as these business missions may be, they are not enough. We have to broaden our approach and engage the most dynamic component of our respective economies -- our small and medium enterprises [SMEs].

Italy's small and medium enterprises are known worldwide for their key place in the Italian economy. They are flexible, move fast to exploit new market opportunities and many are concentrated geographically according to industry so that they support each other through innovation and information. It is a model from which other countries can learn a great deal.

And these small and medium-sized companies account for 40 percent of Italy's exports.

Canadian SMEs are also a very key component of our economy. They create most of the new jobs and are fastest to move into evolving market niches for products and services. And I am proud that there are so many representatives of Canadian SMEs on this mission.

By bringing Canadian and Italian SMEs together, we can reach our goals for enhanced trade between us, while creating jobs and growth in both countries.

We will also enable these companies to explore the opportunities for strategic alliances in third country markets. By pooling our

talents, we can do far more together than we could ever dream of doing on our own.

In this effort, Canada and Italy enjoy a natural affinity. Canadians of Italian descent -- and there are one and a half million of us in Canada -- constitute a natural bridge between our two countries.

We offer a wealth of information and a feel for the Canadian market which we can share with potential partners in Italy. Doors that might otherwise be closed, can be opened by people sharing a common language and a common culture.

It's a perfect match and we have to work hard to capitalize on this outstanding aspect of the Italy-Canada relationship -- this real sense of family.

A better appreciation for what we have to offer one another, a greater involvement of our SMEs, the natural connections of family and heritage: all of these elements are crucial to enhancing trade between Italy and Canada.

Of course, there is another component to economic relations between us and that's investment. Direct investment in each other's countries is just as important as joint ventures or strategic alliances. And when Italian businesses think of investing abroad, we want a large, red maple leaf to come to your minds.

Let me offer just a few reasons why you should consider Canada as the place for your international investments:

First, by investing in Canada, you are investing in a country with strong economic fundamentals. Last year, our GDP grew at 3.8 percent -- the strongest growth of all G-7 and OECD [Organization for Economic Co-operation and Development] nations. Interest rates are low -- below those of the United States. And inflation is just about 1 percent. Best of all, Canada has balanced its budget -- the first G-7 country to do so.

Second, Canada is the low-cost country in which to invest.

A study by KPMG compared the costs of establishing a business in seven countries -- five European nations, the United States and Canada. These were expenses that almost every new business would have to consider -- labour costs, initial capital costs such as buying the land and constructing a building, as well as the costs of electricity, telecommunications and transportation.

The study found that when you consider all the factors I've just mentioned, Canada ranks number one. In other words, it is cheaper to set up and run a business in Canada than anywhere else studied. Cheaper than Europe, cheaper than Great Britain and cheaper than the United States.

This is a critical point. Investors from Europe and Asia, who want a foothold in North America in order to gain access to the 400 million consumers of the NAFTA [North American Free Trade Agreement] market, can do so in a more cost-effective way by looking to Canada than to the United States.

When you combine a strong economy and the low cost of doing business with access to the NAFTA market, a strong link with the Pacific Rim through the APEC [Asia-Pacific Economic Cooperation forum] and a leading role in promoting hemispheric free trade through the Free Trade Area of the Americas, you have a nearly ideal place to invest and expand a business.

So I invite Italian investors and business people to give us a careful look. Once you have, I'm confident you're going to like what you see.

And in the effort to expand trade and opportunities, Canada looks, with Italy, to Europe and the European Union. For hundreds of years, kings and dictators have attempted to unite Europe by force. Today, that unity is being brought about by the transforming power of an idea.

Nations see the value and the virtues of removing impediments to trade and investment. And in that great effort, Italy must play a vital role. Your strategic location invites it, your proud history supports it, your dynamic and competitive industries require it, and your people deserve it.

All of us recognize the need to open up new markets around the globe. That's why we need to expand trade with old friends like Italy. And that's why we need to embrace the opportunities of freer trade.

As inheritors of a proud legacy, Italian Canadians know the contribution that Italians have made to our adopted land: we know of the hardships and sacrifice made by our parents and grandparents to create new opportunities -- better opportunities -- for their children.

Today, we are again called to build for the future. To look across the ocean and seize the opportunities. To write a new chapter in the history of Canada-Italy relations.

And so today, let us emulate that great spirit of adventure embodied by Giovanni Caboto. Let us look beyond our frontiers. And let us build for our children, as our parents built for us.

Thank you.

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Last Updated: 2006-10-30	Top of Page	Important Notices