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<html> <head> <meta name="Generator" content="Corel WordPerfect 8"> <title>MR. MARCHI - TO THE CANADA-TAIWAN BUSINESS ASSOCIATION - OTTAWA, ONTARIO</title> </head> <body text="#000000" link="#0000ff" vlink="#551a8b" alink="#ff0000" bgcolor="#c0c0c0"> 98/41 CHECK AGAINST DELIVERY NOTES FOR AN ADDRESS BY THE HONOURABLE SERGIO MARCHI, MINISTER FOR INTERNATIONAL TRADE, TO THE CANADA-TAIWAN BUSINESS ASSOCIATION OTTAWA, Ontario June 1, 1998 This document is also available on the Department's Internet site: http://www.dfait-maeci.gc.ca Good morning to all of you. Let me begin by adding my own welcome to Minister Shirley Kuo and our other distinguished guests from Taiwan. HUAN-YING GE-WEI. We are delighted that you have joined with your counterparts here in Canada to explore opportunities for bilateral trade and investment, and I hope you enjoy your stay in our beautiful capital city. I also want to thank the Regional Municipality of Ottawa-Carleton for sponsoring this event, which gives us the opportunity to showcase this region to such an important delegation of business leaders. As Taiwan is a world leader in high-tech products, it is particularly appropriate that we should welcome you to Ottawa, which is often called "Silicon Valley North." Actually, we like to refer to California's Silicon Valley as "Ottawa Valley South," but that name hasn't really caught on yet. I understand that you have already had a tour of the city as well as a golf tournament. Having heard about some of the scores coming out of that tournament, I don't think Tiger Woods has too much to worry about! This morning, I would just like to speak very briefly about the exciting opportunities for Taiwan-Canada trade and investment. Geography may not have made us neighbours, but history has made us friends and the time has come for commerce to make us partners. Of course, Canada and Taiwan already have a significant trading relationship. Taiwan is our ninth-largest trading partner and our fourth-largest in Asia Pacific. Last year, Canadian exports to Taiwan stood at over $2 billion. There are a number of significant initiatives under way to facilitate further trade between Canada and Taiwan. For example, I am hopeful that progress will be made on a binding arrangement to avoid double taxation. Such an agreed mechanism would prevent taxes from being imposed by two different systems on the same income. This would benefit Canadians operating in Taiwan and Taiwanese operating here, and I think this is something that should be done -- and done quickly. There are also close personal contacts between Taiwan and Canada. More than 140 000 Taiwanese visited Canada as tourists, and increasing numbers of students have come here to study. Taiwanese corporate names, such as Acer and Winbond, have become household names here in Canada, just as Bombardier, Nortel and Manulife are instantly recognized in Taiwan. Indeed, our extensive economic, social and people-to-people contacts with Taiwan are growing every day. But we also know that there is more -- much more -- that we can and should be doing. And I am hopeful that this joint meeting will provide the momentum to push us onto the next level of trade and investment with one another. Canadians have long understood the opportunities that Asia offers. And let me just say, that despite the "Asian flu," we remain committed to this region and confident of its long-term success. That's why we made last year the "Year of Asia Pacific" in Canada, and why we were so pleased to host the APEC [Asia-Pacific Economic Cooperation forum] Summit in Vancouver, last November. During that meeting, I had the honour of speaking at length with Taiwan's Minister of Economic Affairs, Dr. C.K. Wang. We discussed the potential for closer economic ties between us -- a relationship that I am determined to see flourish and grow. We know that Taiwan is a dynamic economy. First quarter growth was nearly 6 percent this year, and Taiwan seems to have escaped the "Asian contagion" of recent months. In fact, Taiwan has weathered the regional pressures better than most, and its resilience is clear testimony both to its internal strengths and its international reputation. As Taiwan prepares for it membership in the World Trade Organization, current concerns regarding access for foreign companies will have to be addressed. The result will be a more open and transparent regime, to the advantage of Taiwanese and foreign businesses alike. The bottom line is that a rules-based system benefits everyone, and I urge Taiwan to dedicate itself to a non-discriminatory system of trade. In looking at our current trade picture with Taiwan, we see that Taiwan sells almost twice as much to Canada as it buys from us. Recognizing this fact, I thought it might be useful just to remind you what Canada has to offer Taiwan. Canadian products are recognized around the world for their quality. And, with assured access, Canadian companies will find a ready market for their goods and services. Canada also offers an investment environment second to none. We know our Taiwanese friends have not travelled all this way just to enjoy our Canadian summer. You have come to seek new business opportunities, and you've come to the right place. Canada is an outward-looking country. Trade is our economic lifeblood, and we have established ourselves as successful traders because we know the mutual advantages that fair and open trade can produce. We know the benefits of opening our borders to new partners, and our minds to new ideas. So we welcome international investment. And when you invest 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. We have eliminated the deficit, and can now look forward to budget surpluses, beginning next year. Canada is a dynamic market of 30 million people, but in broader perspective, it is a gateway to the United States and Mexico. We have some of the world's highest standards of education, and the productivity and quality of our work force is second to none. In terms of quality of life, I would simply note that the United Nations has named Canada the best country in which to live, for four years running. It is also a low-cost place to do business. In fact, 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, the United States and Canada. These were expenses that almost every new business would have to consider -- things like labour costs, including wages, statutory and employer-sponsored benefits; initial capital costs like 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 of the elements I 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 by some 5 percent. This is a critical point. Investors from Asia, who want a foothold in North America in order to get 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. To take a stark example from the KPMG study, an Asian business setting up a typical 100-worker plant in Canada, will save, on average, nearly US$1 million annually over a similar site south of the border. It is also worth noting that investing in Canada is both safe and secure -- fully protected by a transparent, rules-based system. This is important when you consider the turmoil -- and lost investment -- in some other parts of the world. Canada also has some of the most dynamic small and medium-sized enterprises [SMEs] in the world. These companies are looking for partners to explore new opportunities, and I am confident that we can begin to make some of those connections today. 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 APEC and a leading role in promoting hemispheric free trade through the Free Trade Area of the Americas [FTAA], you have a nearly ideal place in which to invest and grow a business. So when Taiwanese business people think about investing abroad, we want a large red maple leaf to come to your mind! Let me just close by thanking all of you for your interest in furthering ties between us. As we consider the potential of our relationship, I am reminded of a story that is told of the great French marshal, Louis Hubert Lyautey. Marshal Lyautey once asked his gardener to plant a tree. The gardener objected that the tree was slow-growing and would not reach maturity for many years. The marshal replied, "then we have no time to lose. Plant it this afternoon." Reaching the full potential of Taiwan-Canada economic ties may still be years away. But we have no time to lose. Let us continue to cultivate it, nourish it and help it to reach full flower -- for ourselves and for those who will follow. Thank you again for coming, and best wishes for a successful meeting. HSIEH HSIEH. </body> </html>

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