Thank you Raymond. I know that as Secretary of State for Asia Pacific and as a leader in this community, you must find it very rewarding that Vancouver is hosting the 4th World Chinese Entrepreneurs' Convention.

I regret that time does not allow me to congratulate all of the people who have made this event so successful. However, I would like to thank Milton Wong, the Chairman of the convention, as well as Dr. David C. Lam.

A former lieutenant governor of British Columbia, Dr. Lam commands tremendous respect in the province. His life is a testament to what Chinese Canadians have achieved in our society.

I would also like to thank Canada's agency for Western Economic Diversification for sponsoring today's luncheon and inviting me to speak.

I am very pleased to be here today to welcome you. I hope that your schedule will permit you to discover the beauty of this spectacular city and of our great country, and the warmth of our people -- qualities that make us proud to be Canadian.

As many of you know, our prime minister, Jean Chrétien will also address this convention in a few days. So you have a pretty good idea of how important the World Chinese Entrepreneurs' Convention is to Canada.

I am especially proud of how British Columbia's Chinese community has collectively welcomed you to our country. Vancouver's historic Chinatown district certainly rolled out the red carpet last night at the first-ever Chinatown Festival. The bustling market, cultural performances, and parades were a colourful display of this city's Asian dimension.

As the son of Italian parents, I certainly understand and appreciate very well the important contribution that immigrants make to our society.

All my life, I have witnessed how the personal and family ties of Canada's 1.5 million Italian-Canadians have built and maintained strong and enduring political, commercial and cultural ties between Canada and Italy.

We are especially mindful of our connection to Italy this year, as Canada celebrates the 500th anniversary of the arrival of this first European explorer to Canada, Giovanni Caboto.

However, as I am sure Raymond would remind me, both our cultures had a hand in Canada's early beginnings. Caboto came upon this land by accident as he searched for a new trade route to what was then referred to as "the Orient." In fact, when Caboto first went ashore in Newfoundland, he thought he was in North East Asia.

In defence of Giovanni Caboto, you could say that rather than making a slight navigational error, he, in fact, brilliantly predicted a future trend.

New arrivals from Asia have had a significant impact on Canadian society. Immigration statistics tell the story. In the 1950s, 80 per cent of all immigrants were from Europe. Today, more than 60 per cent of immigrants are from Asia. Chinese is now Canada's third most spoken language after French and English -- followed closely by Italian I might add.

This trend has not only enriched Canadian society, but has created strong bonds across both the Atlantic and Pacific oceans. This year, which is Canada's Year of Asia Pacific, we are celebrating our Pacific identity and putting special emphasis on strengthening our ties to the region.

We recognize that the language skills, family ties and cultural knowledge of our two million Asian Canadians are valuable economic assets. In fact, we should, and will, harness this tremendous competitive advantage much more than we have.

I understand that site visits later this week will take convention delegates to Surrey and Richmond. You will see in these communities a shining example of how Asian Canadians have injected their entrepreneurial spirit into Canada's economy.

The simple truth is that, for many, Canada remains an undiscovered country. But I know that if you travel this country and consider Canada's advantages, you will be impressed.

The first bond of Canadian nationhood was a transcontinental railway built across this huge and rugged country in the 19th century.

To remain competitive, Canadians have had to continually find new and better ways to move goods quickly, cheaply and safely in all kinds of weather. Today, we produce the most automated light-rail and subway vehicles available. Canadians specialize in flight simulation, air traffic control, diagnostics and pilot training.

In 1857, the world's first oil well was drilled in the Canadian community of Oil Springs, Ontario. Today, Canadians have designed, built, and now operate a huge network of pipelines -- including the world's longest petroleum pipeline and a natural gas pipeline that supplies 45 per cent of North America's natural gas needs.

Our communications networks are unsurpassed in their capacity to move and process information. One need only look at a map to see how we have had to overcome challenging geography and climatic extremes.

Our systems now provide a wider array of services to a broader band of customers than is available in any other country in the world. Virtually every home in Canada is connected.

This should come as no surprise when you consider that Canadians have been setting the pace in these industries for more than a century. The very first telephone call was placed in Canada by our own Alexander Graham Bell, the inventor of the telephone.

Canada's telecommunications breakthroughs have coincided with advances in information technologies, ranging from software to digitalized animation.

I know that Asia's rapid economic development and increasing urbanization have placed high demands on air, land and water resources. Many Canadian companies are already participating in joint ventures with Asian firms to transfer environmental technologies.

In food production and processing, Canadian firms span the market from breeding stock and cooking oils to smoked salmon. One local company, Pacific Western Brewing, based in Chilliwack, produces Japan's third most popular beer, behind only Budweiser and Heineken. And if you haven't yet, I encourage you to sample our ice wine, which has helped make Canada as famous in Asia as it has in Paris.

Our government has worked hard to create the right conditions for the private sector to prosper and create jobs. Just four short years ago, the country was in economic decline, its public finances seriously weakened. Increasing amounts of our wealth were going towards paying off debts to foreign lenders. Our $42 billion deficit was pushing interest rates up and killing jobs.

Our government has consistently met or bettered our deficit reduction targets. We have restored confidence in Canada and recaptured our economic sovereignty. By 1998-99, our deficit will be less than $9 billion and we will have achieved this remarkable result through reduced spending -- not tax increases.

Controlling government deficits has helped to control inflation and that has improved our competitiveness. Domestic unit labour costs have risen less than 4 per cent since 1990, compared to a 16 per cent increase in the United States. Increased competitiveness is also boosting our trade performance. In 1996, Canada's merchandise trade balance hit a record surplus of $34 billion.

The World Economic Forum ranks Canada fourth in the world for international competitiveness -- up from eighth last year -- and the Economist Magazine's Intelligence Unit ranked Canada fifth in the world as a "business-friendly" environment.

As well, the International Monetary Fund expects the Canadian economy to lead all G-7 nations in economic growth in 1997 and 1998.

And something we are very proud of is that for the last four years, the United Nations has ranked Canada's quality of life the best in the world.

As international investors, you will also appreciate that Canada also offers access to the world's richest market -- the United States. Canadian-based businesses have tariff-free access to the U.S. and Mexican markets through the North American Free Trade Agreement. This represents unequalled access to a market of 386 million people.

These factors combine to make Canada an excellent place to do business. Take the example of Glenayre Technologies, a worldwide provider of telecommunications equipment and software. The company was founded in Vancouver but sold its manufacturing business and corporate name to a U.S firm based in the United States.

Ninety-five per cent of what Glenayre produces in Canada is exported, with almost one third going to Asia Pacific alone. Their sales have increased from $93 million in 1991 to $390 million in 1996. Today, more than half the world's pagers are activated by Glenayre equipment.

Canada's pool of highly skilled workers has proved an asset in helping them manage this phenomenal growth: since 1994, Glenayre has hired more than 400 new employees at its Vancouver office, bringing their total staff to 900.

To maintain their success in operating from Canada, Glenayre will break ground in September on a new $25 million office and manufacturing complex that will also house the corporation's main research and development centre.

I encourage you to stop by and see representatives of my department at their information booth here at the convention to find out more about investing and doing business in Canada. I also invite you to witness a demonstration of "live interactive multimedia by satellite" presented by Canada's Communications Research Centre.

With our small population spread over a vast geographical distance, we have become world leaders in sophisticated and efficient infrastructure. Canadian companies across the country are linked by rail, truck, marine and air services to markets around the world.

Once again, don't just take my word for it. Take part in the site visits and see for yourself.

You will tour Vancouver International Airport's new $456 million state-of-the-art terminal, as well as BC Ferries -- one of the largest, safest and fastest ferry systems in the world. You will also tour Deltaport, the new container port that just opened in June.

If you visit the University of British Columbia or Simon Fraser University while you are here, you will get an idea why Canada also has a well-deserved reputation for being an attractive place in which to study.

For those of you considering sending your children here, I can assure you that international students speak glowingly of Canada's safe and clean surroundings, its high quality of education and the friendly welcome they receive from Canadians.

Canada markets education as aggressively as possible. That is why we have created a network of Canadian Education Centres throughout Asia Pacific.

You may be interested to know that by 1995, Hong Kong and China together sent 5000 students to study in Canadian universities.

We recognize that our international students will be the next generation of political and business leaders. Studying in Canada means enhanced understanding between peoples and countries -- culturally, politically and economically. International students help create important and modern bridges between our countries.

Finally, I would like to encourage everyone to participate in the Toronto itinerary of the World Chinese Entrepreneurs' Convention that will take place later this week.

As a matter of fact, I want to warn you that our Chinese-Canadian communities have become a matter of civic pride in Canada. So, tread lightly around this subject.

Last year, during a Committee meeting in the Canadian Senate on Canada's Year of Asia Pacific, a somewhat vigorous debate arose between a Senator from British Columbia and a Senator from Ontario over which city -- Vancouver or Toronto -- had the largest Chinese population. John Bell, the Ambassador for Canada's Year of Asia Pacific, had to referee the dispute and check the numbers.

It turns out that Toronto has the larger Chinese population in absolute numbers. Vancouver, on the other hand, may have a smaller number of Chinese people, but they make up a larger percentage of the city's total population. You will be relieved to know that this answer satisfied everyone and peace was quickly restored.

Have a great convention. Thank you.

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