Canada seeks Chinese investment
Print Edition
CANADA is seeking Chinese investors for over 300 projects, an investment forum held in Shanghai heard yesterday.
The projects in a list compiled by Consider Canada City Alliance covers opportunities in food, biotech, information technology, services, renewable energy and natural resources in 11 Canadian cities from Vancouver in the west to Halifax in the east.
“We have a competitive corporate tax, a strong financial system, stable inflation, and a well educated labor force,” Craig Wright, senior vice president and chief economist at Royal Bank of Canada, said during the Canada Investment and Innovation Forum where the list was released.
The combined federal-provincial corporate income tax rate in Canada has been cut from 42.4 percent in 2000 to 26.3 percent in 2014, or 13 percentage points below that of the US, according to an official document.
Wright also highlighted that “a weakening Canadian dollar against the yuan has made it more profitable for Chinese investors go to Canada.”
Participants at the forum held a business-to-business meeting for potential investors to talk with Canadian businesses directly.
“We have seen more Chinese investment flow into value-added industries like high-tech and services in Canada,” Wright said.
ICBC Canada, a yuan clearing bank, was officially launched in Toronto on Monday, becoming the first yuan trading center in the Western hemisphere to boost bilateral trade and investment.
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