Annual lists 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995

Ottawa, January 17, 2001
2001-006

Canada Equipped to Compete, Says Finance Minister in New York

Related document:

• Winning the World Over - Speech by the Honourable Paul Martin, Minister of Finance for Canada, to the Canadian Society of New York (News Release 2001-007).

A transformation in the structure of the Canadian economy and a shift in the mindset of Canadians mean that Canada is equipped to compete in the knowledge economy of the 21^st century, Finance Minister Paul Martin said today in a speech to the Canadian Society of New York.

"New-economy industries are powering Canada's strong economic performance," Minister Martin told an audience of U.S. business leaders and investors. "Canada is building on its successful efforts throughout the mid-1990s to end a pattern of rising deficits and begin paying down debt."

Minister Martin acknowledged that uncertainty about short-term prospects for the U.S. economy has implications for Canada and emphasized that caution is warranted. He added, however, that Canada is better placed than it has been in decades to manage economic turbulence thanks to strong fundamentals, such as fiscal surpluses, low inflation and tax cuts.

The Minister also said that Canada's fiscal turnaround has allowed the Government to begin taking actions aimed at positioning the country for success in an era of increasing globalization and technological change. These actions include:

• investing in basic and applied research;
• investing in a sophisticated high-tech infrastructure; and
• making Canada's tax system more globally competitive.

To demonstrate how Canada has become a world leader in knowledge-based industries, the Minister pointed to the development of high-technology clusters in cities such as Montréal, Toronto, Vancouver and Ottawa.

Minister Martin also invited global partners to invest in Canada. "As you explore the possibilities that Canada holds, bear in mind that this does not mean tapping into a market of only 30 million. Rather, it is a platform to sell to the world. Join us, as Canada sets forth to win the world over," he said.

___________________
For further information:

If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance Canada Web site at http://www.fin.gc.ca/scripts/register_e.asp