Minister Champagne concludes European visit - Five-day visit highlighted Canada's unique profile as leading investment destination

OTTAWA, ON, May 28, 2022 Innovation, Science and Economic Development Canada

/CNW Telbec/ - Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, concluded a visit to Europe, where he met with key industry stakeholders and business leaders to continue promoting Canada as a reliable, stable and attractive economic partner.

Minister Champagne began the week by participating in the World Economic Forum Annual Meeting. This was an opportunity for the Minister to highlight everything Canada has to offer to potential investors and businesses, including Volkswagen, Intel, LG Chem and Rio Tinto, as companies seek to secure and green their supply chains. While at the Forum, Minister Champagne also talked about Canada's unique model for attracting and retaining talent to help businesses succeed and grow. He also met with a number of political leaders, including Ukraine's First Prime Minister as well as the country's Vice Prime Minister, to discuss how Canadian businesses can help in the reconstruction effort.

During his European visit, Minister Champagne also met with officials from organizations that play an essential role in supporting innovation across industry, including Finland's innovation agency. The information gathered at these meetings will help inform the design and the mandate of the new Canadian Innovation and Investment Agency, recently announced in Budget 2022.

Quote

"This week was another great opportunity to make the case for Canada as one of the best places in the world to do business. Rarely have I seen so much interest in Canada from global CEOs. I met with business leaders to promote everything Canada has to offer, including an educated workforce, world-class research institutions and abundant sources of clean energy. I will continue to work tirelessly to attract more investments to Canada that will create well-paying jobs and spur economic growth."
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

Quick facts

• The Government of Canada is committed to attracting private sector investment and working with industries and businesses to help them make the investments they need to innovate, grow, create jobs and be competitive in the changing global economy.
• The Organisation for Economic Co-operation and Development (OECD) recently reported that foreign direct investment (FDI) in Canada was up 158% in 2021 (from 2020) and up 162% since 2017, ranking it third as an FDI destination behind the United States and China.
• At the World Economic Forum, Minister Champagne highlighted Canada's Global Innovation Clusters Initiative as a best practice, applauding DNAstack, a Toronto-based company that was supported by the Digital Supercluster, on being recognized as one of the WEF's Technology Pioneers of 2022.
• Budget 2022 announced the government's intention to create a market-oriented innovation and investment agency—one with private sector leadership and expertise—similar to those that have helped countries like Finland and Israel transform themselves into global innovation leaders.
• On May 11, the government launched the Canadian Industry for Ukraine donation portal. Through this new online portal, Canadian businesses can provide offers of high-priority goods and services to support displaced Ukrainians and the organizations providing aid and resettlement services.

Associated links

• OECD's FDI in Figures publication (April 2022)
• Global Innovation Clusters Initiative
• Budget 2022: Creating a Canadian Innovation and Investment Agency
• Canada's Digital Charter

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SOURCE Innovation, Science and Economic Development Canada

Laurie Bouchard, Senior Manager, Communications, Office of the Minister of Innovation, Science and Industry, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, [email protected]