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<html> <head> <meta name="generator" content="Corel WordPerfect 10"> <meta http-equiv="content-Type" content="text/html; charset=utf-8"> <style> p { margin-top: 0px; margin-bottom: 1px } body { font-family: "Arial", sans-serif; font-size: 12pt; font-weight: normal; font-style: normal } </style> </head> <body> November 14, 2007 ABU DHABI, United Arab Emirates 2007/37 CHECK AGAINST DELIVERY NOTES FOR AN ADDRESS BY THE HONOURABLE DAVID L. EMERSON, MINISTER OF INTERNATIONAL TRADE, AT A DINNER CO-HOSTED BY THE CANADIAN BUSINESS COUNCIL IN ABU DHABI AND THE CANADIAN EMBASSY IN THE UAE It’s a great pleasure to be here in Abu Dhabi with such an impressive group of people from the UAE and other Gulf states. Your energy, your vision and the initiatives in which you are involved are transforming the region into one of the most exciting markets—and one of the most dynamic places—in the world. Let me begin by thanking the Canadian Business Council in Abu Dhabi for co-hosting this event with the Canadian Embassy in the UAE. I salute your leadership in promoting friendship and stronger business ties between Canada and the people of the region. As a G7 economy, Canada has much to offer. But we also have much to gain from intensifying our presence in the Gulf states. The position of the Emirates as a commercial crossroads—a trade, transportation and investment hub for the Gulf, the Middle East, North Africa and South Asia—enhanced by your openness to foreign investment and ownership, make this market extremely attractive for businesses and investors. Canada certainly recognizes the Emirates’ importance: a population of more than 4.6 million, annual GDP growth of 8 to 10 percent since 2003 and a rapidly growing middle class make this an important market in its own right. But even more important is your positioning as a hub for international commerce. We have a deep appreciation for the long-term trajectory you are locking onto, and the enormous opportunities for Canadians to contribute and participate. The range is breathtaking: aerospace, architectural services, engineering, technology, artistic and cultural opportunities, financial services—to name just a few. Your bold economic vision is creating opportunity, prosperity and success for your citizens. And you are inspiring others in the region to do the same: to use energy wealth to transform single-commodity, staple economies into diversified, multi-dimensional powerhouses, economic powerhouses anchored to the global economy by strong and resilient trade, transportation and financial networks. Clearly, we are seeing a historic phase in your economic evolution. And Canada is proud to be part of it. Canada and the UAE We have much in common. Canada and the Emirates are both federations. We both strive to create strength from the diversity of our people and different geographic areas. We’re both committed to building peaceful and prosperous societies and to cooperating at the multilateral level, such as through the United Nations. We also enjoy close “people-to-people” links. Some 12,000 Canadians currently live in the UAE, while Canada is home to a significant number of people from the Emirates—including some 2,000 new students from the Gulf who came to study in 2006, a tenfold increase over the last 10 years. Indeed, many of these links happen on the education front, and Canadian schools have joined forces with educational institutions in the Gulf. The Canadian University of Dubai and the College of the North Atlantic in Qatar are two good examples. From the classroom to the boardroom, from teachers to engineers, from airline workers to consultants, a strong bilateral relationship grows out of the friendship and trust that comes from “people-to-people” interaction. And we are growing a strong bilateral commercial relationship, as well. Through the efforts of people like you—and groups like the Canada-Arab Business Council, and the Canadian Business Councils in both Dubai and here in Abu Dhabi— Canada and the UAE are growing ever closer. With almost $900 million in annual two-way trade, the UAE is our largest export market in the Middle East and North Africa. In fact, our trade with the Emirates makes up a quarter of our $3.6 billion trade with the six countries [Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE] of the Gulf Cooperation Council (GCC). Since 2001, Canadian exports to the GCC have grown 140 percent—and I can assure you we want to see even more growth in the years ahead. Our commercial presence here in the Emirates will continue to be a driving force: Canadian companies have played a central role in the UAE’s development over the years, especially in education, infrastructure, aerospace and health. I understand that there are currently more than 115 Canadian companies with on-the-ground presence in this country—that represents a 20 percent increase in just one year! The Emirates looms large in Canada, too. While oil accounts for a significant share of our imports from the UAE, we’re also seeing strong trade in chemicals, iron and steel, minerals and textiles. And UAE investment in Canada is on the rise. Over the last year, UAE firms have made significant investments in a range of Canadian sectors, including transportation, energy and high technology. So we’ve made some good progress in turning close political and social ties into a strong and growing commercial partnership. But there is so much more we could be doing—and that’s what this trip is all about. What Canada can offer I’m joined on this visit by a number of Canadian companies who represent some of what Canada can contribute. The skylines of both Abu Dhabi and Dubai provide a good showcase for one such Canadian strength: infrastructure. Cansult—a company that James Metcalfe [President of the Canadian Business Council in Abu Dhabi, and President and CEO of Cansult Maunsell/AECOM] knows something about—is a great example. Cansult provided engineering and project management expertise on the Abu Dhabi World Trade Center, bridges for the Dubai Sheraton and Gulf Gate, and the Abu Dhabi Mall. SNC-Lavalin is another familiar name in the Gulf, widely recognized for their district cooling projects built throughout the Emirates in partnership with Tabreed [the UAE’s National Central Cooling Co.]. SNC-Lavalin was also recently awarded a construction and management contract as part of the massive US$8 billion aluminium smelter project at Khalifa Port and Industrial Zone, which is expected to be among the largest in the world. And in Dubai, Toronto’s B+H Architects were chosen to design the master plan for a new $200 million residential development. As the Gulf region continues on its trajectory of diversification, it’s going to need an unshakeable foundation of transportation systems, power generation, environmental protection and urban planning. Canadian companies are widely recognized in these areas, and companies like Bombardier, Norr and Gartner Lee are exceptional potential partners for executing initiatives in these areas. Aerospace is another sector in which Canadians are among the global leaders. Take CAE, a Montreal-based manufacturer of flight simulators. In 2001, CAE joined forces with the fabulously successful Emirates Airline to create a $200-million joint venture to operate an aviation training centre in Dubai. Since then, CAE has signed another contract, worth $65 million, for the sale of flight simulators to the UAE. Pilots from all over the world now come to Dubai for training on CAE simulators, and we have a successful company providing and exporting aviation services. Canada is also widely recognized for other high-tech expertise. Canadian firms like Research in Motion (RIM)—makers of the famous BlackBerry—are helping us make our mark in the ICT [information and communications technology] world. Telesat, Mitel, Globalis and Nortel have also been very active in the Gulf region. Our government now has an aggressive plan to invest in Canada’s science and technology architecture. We are committed to building national and international networks of expertise with researchers from the academic world, the public sector and the private sector. Our priority is to develop innovative and technologically rich commercial products on a global scale. As part of this strategy, we’re joining with countries like China and India to forge S&T partnerships. Our objective is to link innovation and technology generated in each country, and jointly develop products for the world market. High technology and science are key parts of Canada’s future economy, and we’re aggressively moving forward to commercialize new technologies in partnership with nations around the world. I believe Canada has much to offer in the Gulf, and we will work hard to earn your respect and your participation with our researchers, our technology companies and our techno-entrepreneurs. Of course, Canada’s expertise in oil and gas is something we’re extremely proud of. Not just on the home front—where we enjoy a significant share of the world’s proven oil reserves, hydroelectric capacity, and both nuclear technology and uranium reserves—but also throughout the Middle East, where you can find Canadian expertise at work in every aspect of oil and gas development. Dreco is a good example: Dreco is a major exporter of oil-drilling rigs from Alberta, and is active here in the Gulf region. On the training side of the oil and gas industry, NAIT has collaborated with Abu Dhabi Gas Industries Ltd. (GASCO) to implement a customized training facility. In the environmental field, Canadian companies also have a lot to offer—companies like Jacques Whitford, for example, which is undertaking an air quality monitoring project here in Abu Dhabi. And I’m pleased to be joined on this trip by more top-notch companies in the oil and gas sector—companies like the Brimrock Group, Groundstar Resources, and the OGI Group. Please have a look at these Canadian companies and see how they can contribute to your strategic transformation of the Gulf region. Canadians are great partners: honest, hard-working, technically excellent, and with no other agenda than to work with you and for you. Two-way investment We also recognize the importance of investment in promoting close commercial ties. I know the people in this room are all committed, as we are, to encouraging more Canadian businesses and investors to seek out opportunities in the UAE and throughout the Gulf region. Recognizing the UAE’s position as a commercial hub and a gateway to Middle Eastern markets, Canadian banks and financial institutions could play an important role by expanding their operations in the region. If the banks are here, their business clients won’t be far behind. But investment has to flow both ways. My message is clear and simple: Canada is open for business. Canada is a good place to invest. We have a stable and transparent business environment. We have a rich and diverse natural resource base. And we have an innovative, high-tech economy. Equally important, we enjoy easy access to the 440-million-strong North American marketplace. As a government, we’re building on these advantages. We’re shaping tax policies, fiscal policies and regulations to improve Canada’s competitiveness and attract even more investment. Our government recently announced a bold new tax-reduction plan that, by 2011, will give Canada the lowest overall tax rate on new business investment among major industrial economies. On the infrastructure side, we’re developing a comprehensive strategy, with an investment of $33 billion over seven years, that will support the country’s long-term growth. That figure includes investment in our Asia-Pacific Gateway project on Canada’s west coast—an unprecedented effort to boost our transportation and logistics systems and establish new links between North America and the Asian marketplace. And our government is working closely with provincial governments on our Atlantic coast to build on that region’s many transportation assets, such as the Port of Halifax, to create an efficient and attractive Atlantic hub for the whole northeast coast of North America. I’m happy to say that the UAE is taking notice. Last year, for example, Dubai Ports World acquired the Centre Marine Terminal in Vancouver—part of its acquisition of P&O Ports’ worldwide network of marine shipping facilities. We welcome companies of this calibre investing in Canada, and we want more of it. To encourage these kinds of two-way investment links, we’re actively pursuing foreign investment promotion and protection agreements (FIPAs) with Kuwait and Jordan. And make no mistake, we are interested in engaging others in the region—including the UAE. These agreements will give our investors the stability and predictability they need to invest in each other’s markets. Creating a competitive economy Indeed, creating more commercial links with the Middle East is a central focus of Canada’s Global Commerce Strategy, our plan to build a more competitive economy in the global context. As part of this plan, we’re working with partners throughout the region to put in place the bilateral framework arrangements our companies and investors need. I’ve already mentioned the investment agreements with Kuwait and Jordan. This year, we concluded air agreements with these two countries as well, agreements that foster closer ties among our respective business communities. These agreements will also help build on Emirates Airline’s successful new direct flights from Dubai to Toronto. Together, Emirates and Etihad Airways now provide six non-stop flights from the UAE to Toronto every week—and, as business grows, there will be more. Building on this solid base, we need to explore all other possible ways to achieve the true potential of our relationship. In our strategy, we’ve identified a free trade agreement with the countries of the Gulf Cooperation Council as a near-term objective. I’ve instructed my officials to begin exploring this possibility with their GCC counterparts during the course of 2008. And we’re developing a targeted market plan, one that will help our companies and investors identify the most promising business opportunities in the Gulf. Canada’s diplomatic presence in the region is critical to our success. People like Ambassador Sara Hradecky and her team here in Abu Dhabi, as well as our trade commissioners and others throughout the UAE, are all valuable points of contact for people throughout the Gulf. They’re trained to work with you in order to find Canadian matches to meet your needs, whether you’re looking for a product, a service or a business partner. And we’re stepping up our presence in the Gulf region, too. Our government is looking at boosting the capacity of our Trade Commissioner Service in strategic locations. Today, I’m happy to inform you that in the coming months, Export Development Canada, our government’s export financing agency, will be posting a new officer right here in Abu Dhabi to service the countries of the GCC as well as Yemen. Like other EDC representatives, this new officer will gather market intelligence, develop relationships with local customers, and put companies in touch with EDC’s extensive suite of trade-finance and risk-management services. This is another important step to ensure that our businesses have the tools they need to serve you in this important market. In 2006, EDC facilitated more than $1 billion in Canadian investments and exports to the region. With this added capacity, EDC can play an even more powerful role in driving our commercial ties further, both in value and in depth. Conclusion Canada is excited about the opportunities in this region—in the UAE, in the GCC, and throughout the Middle East. It’s a dynamic, multi-dimensional market with so much to offer. Through your efforts to build on your success as an oil powerhouse, to diversify your economies and to develop linkages to the outside world, the Emirates is making all the right moves. You are creating prosperity and opportunity for your citizens. And Canada celebrates your success. I believe Canadians can play a very positive and constructive role in the development of the Gulf region: through this trade mission, and the companies present today; through our work to build on our close relationship and make even more connections between our businesses and investors; and, of course, through our political commitment. Our Minister of Foreign Affairs, Maxime Bernier, recently visited the Emirates to underscore Canada’s commitment to a closer relationship with the UAE. We share many common values; values like peace and stability to foster development. Canada and the UAE can—and should—be close partners as countries across the Middle East work toward the goal of peace throughout the region. Business leaders in the UAE, and their partners in countries like Canada, can be a powerful and influential voice in this process. Canada is committed to supporting you in these efforts. Let’s work together to capture the immense potential inherent in our relationship and bring our partnership to a whole new level, politically and economically, in the years to come. Thank you. </body> </html>

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