Transcript No Slide Title

Think Dynamic
Think Competitive
Think Bottom Line
Think
Canada!
Canada
Canada: a Dynamic, Competitive Economy
— Open for Global Business
Canada's economic fundamentals and
relative cost advantages provide a
first-rate business environment.
Report Card
Overall government budget in surplus.
Canada provides:
Excellent economic fundamentals
Low inflation and low interest rates.
Easy access to markets
A cost-competitive business
environment
An excellent place to live
Geography and NAFTA provide easy
access to the world's most prosperous
market.
Large stock of skilled workers; low
start-up costs; competitive tax system
(particularly for R&D); strong technological
environment; positive business climate.
Superb overall quality of life.
Canada
2
Canada Provides:
Excellent economic fundamentals
Easy access to markets
A cost-competitive business environment
An excellent place to live and work
Canada
3
Canada’s strong fiscal situation
• Canada's fiscal situation has turned around
dramatically:
The Institute for Management Development
ranked Canada as the best fiscally
managed country in the G-7 in 2000
- In 1994, Canada’s deficit (as a percentage of GDP)
was 6.7%, the third highest in the G-7.
Federal Budgetary Balance
% of GDP
C
Surplus
+
- However, by 1997, Canada became the first G-7
country to post a surplus in the 1990s, and is the
only G-7 nation expected by the OECD to post two
straight financial surpluses from 2002 to 2003.
- Federal government spending (as a % of GDP)
reached a 50-year low in the 2000-01 fiscal year,
the key source of the Canadian fiscal turnaround.
Public Accounts Basis
0.0
Deficit
-3.0
-6.0
Source: Finance Canada
Federal Program Spending
% of GDP
% of GDP
10
8
6
4
2
0
-2
-4
-6
-8
Public Accounts Basis
Projected
Total Government Surplus*
16
14
12
10
* Includes federal, provincial/state and local ** Projections
Source: OECD Economic Outlook, June 2002
Canada
4
A Strong Fiscal Surplus
Total G-7 Government Fiscal Balance (% of GDP)
2001-2003
4
• Canada had the highest general
government surplus as a percentage
of GDP in the G-7 in 2001. The OECD
expects Canada to be the only G-7
country with fiscal surpluses in 2002
and 2003.
2
0
-2
-4
2003
2001 2002
-6
-8
-10
Canada
Source: OECD Economic Outlook, June 2002
5
Year-Over-Year % Change
Low Inflation and Low Interest Rates
• Canada’s targeted inflation rate is locked
between 1% to 3%.
- Over the past five years, Canadian
inflation averaged 1.9%
Inflation
4
3
2
1
0
Sources: Statistics Canada and the Federal Reserve Bank of St. Louis
%
Long-Term Interest Rates
10
• Canada's excellent fiscal situation and
low inflation are reflected in low
domestic interest rates.
8
5
3
1994
1995
1996
1997
1998
1999
2000
2001
2002
Last data points plotted: Canada – August 2, 2002; U.S. – August 12, 2002
Canada
Source: Bank of Canada, Government long-term bond.
U.S. Treasury, Constant Maturity long-term bond.
6
A Growing Domestic Economy
Real GDP Growth Projections 2002-2003 (%)
4
3.6
3.4
3.0
2.9
2.8
2.5
2.7
2.3
2.0
• Canada’s GDP grew at an annual rate
of 6.0% in the first quarter, similar to
U.S. growth but much stronger than
growth in other G-7 countries.
- The OECD and IMF both forecast
Canada to lead the G-7 in
economic growth in 2002 and
2003.
2
1.4
1.4
0.9
0.8
0
2002
2003
-1.0
Source: International Monetary Fund, May 2002
4.0
4
3.5
3.2
3.0
2.8
2.8
2.5
2
1.9
2.5
1.5
1.4
0.7
0.3
0
2002
Canada
2003
-0.7
Source: OECD Economic Outlook, June 2002
7
Canada Provides:
Excellent economic fundamentals
Easy access to markets
A cost-competitive business environment
An excellent place to live
Canada
8
Streamlined Border Flows
• Since the enactment of the North American
Free Trade Agreement (NAFTA) in 1994,
Canada provides long-term assured access
to the North American market — nearly 400
million people with a combined GDP of over
$9.4 trillion ($U.S.).
• In addition to eliminating tariffs, NAFTA
provides procedures for:
- border facilitation;
- movement of personnel;
- investment and intellectual property
protection; and
- product certification.
• The North American market is serviced
through a well integrated transportation
system which is among world’s best.
Annual Transborder Crossings Total Number of Trucks and Canada-US Air Passengers
Entering Canada
20
Air
15
10
5
Truck
0
80
82
84
86
88
90
92
94
96
98 2000
Source: Transport Canada and Statistics Canada, 2001
- Automated permit ports, transponder
identification systems and joint
processing centres are being tested and
deployed.
Canada
9
Smarter Borders
• Efficient border crossing was restored within a week of the tragic
events of Sept 11th
–today, border wait times average less than 10 minutes
• In December, Canada and the USA signed a declaration to build a
Smart Border for the 21st Century to accommodate the growth in
trade and commerce
–initiatives focus on improving existing border processes through the
use of new technologies and infrastructure
• The December Budget also allocated $1.6 billion over the next five
years for border initiatives
Canada
10
…and Short Distances to Markets
• Almost half of the U.S. population lives within
a 10 hour drive of Toronto, and over 60
percent within a two hour flight.
• Business travel between Canada and the U.S.
has increased considerably since the
inception of the “Open Skies*” Agreement
(February, 1995)
• Direct air service between major cities in
Canada and the U.S. has nearly doubled in 6
years.
*Under “Open Skies” Canadian Air Carriers gained unlimited rights to
establish routes from any point in Canada to any point in the United
States. Similarly, U.S. carriers also gained unlimited access to the
Canadian market (with a phase in period for up to three years)
300 mi
St. John's
600 mi
Victoria
Edmonton
Calgary
Vancouver
Seattle
Charlottetown
Québec
Fredericton
Montréal
Halifax
Ottawa
Regina
Winnipeg
Increase in Transborder
Routes Since Open Skies
Milwaukee
Toronto
Windsor
Chicago Detroit
Cleveland
Pittsburgh
St. Louis
D ire c t
S c he dule d
f light s o nly.
Boston
New York
Philadelphia
Baltimore
Washington
San Francisco
Denver
144
89
Atlanta
Los Angeles
Houston
Miami
Feb. 1995
Feb.2002
Mexico City
S o urc e : T ra ns po rt C a na da
Canada
11
Canada Is by Far the Largest U.S. Trading Partner
• Canada and the U.S. have the
world’s largest trade partnership,
with two-way trade amounting to
$700 billion in 2000. In fact, this
averages to more than $1.3 million
dollars a minute in trade.
• Between 1995 and 2000, trade
between Canada and the U.S. grew
at a compound average annual rate
of 10.4%.
• The U.S. trades more with Canada
than with any other country - the
U.S. trades more with Canada than
with all of the countries of the E.U.
combined!
Canada - U.S. Trade
$ Billions
800
$700 Billion
700
600
500
400
300
200
100
0
1995
1996
1997
1998
1999
2000
Source: Statistics Canada
Distribution of U.S. Trade* — 2000
Japan
10.6%
Mexico
12.4%
Canada
20.3%
China
5.8%
Germany
4.4%
Canada
* Merchandise trade
Source: World Trade Atlas
All Others
46.5%
12
Canada Welcomes Foreign Investment
• Foreign direct investment in
Canada has more than doubled
since 1990.
• Increasingly more investment
goes to knowledge-based
industries in high-tech
manufacturing and services
sectors.
• The U.S. is the dominant
source of foreign capital.
- In 2001, the U.S. share of
foreign direct investment
(FDI) in Canada was 67%.
Distribution of Foreign Direct Investment
by Industry
2001
1990
Wood &
Paper
Energy &
Metallic
Minerals
Machinery &
Transportation
$131 Billion
Other
Finance &
Insurance
Services &
Retail
Source: Statistics Canada
$321 Billion
Distribution of Foreign Direct Investment 2001
by Region/Country
E.U.
23.8%
Japan
2.6%
U.S.
67.0%
Canada
Other
6.6%
Source: Statistics Canada
13
The United States is Canada’s Largest Source of FDI
Canada - U.S. Direct Investment Stock
• Canada and the U.S. have one of
the world’s largest direct
investment partnerships, with the
stock of investment between the
two countries totaling $340 billion
in 2000.
• Between 1990 and 2000, U.S.
foreign direct investment in
Canada grew at an average annual
rate of 6.9%.
• Over this period, Canadian direct
investment abroad grew at an
average annual rate of 8.2%.
$340 Billion
$ Billions
350
300
250
200
150
100
50
0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
Source: Statistics Canada
Distribution of Canadian Total Direct
Investment Stock
U.K.
France
7.5%
5.5%
Netherlands 3.5%
Barbados 3.3%
Japan 2.4%
United States
57.4%
All Others 20.4%
Canada
Source: Statistics Canada
14
Canada Provides:
Excellent economic fundamentals
Easy access to markets
A cost-competitive business environment
An excellent place to live and work
Canada
15
Superior Quality Workforce
Higher Education Achievement*
World Rank
• The overall skill level of Canada's workforce
ranks high among competing countries.
2nd
3rd
40
Index (%)
• According to the World Competitiveness
Yearbook, Canada has the highest percentage of
individuals achieving at least college or
university education.
1st
50
12th
18th
30
25th
20
40th
10
ly
Ita
y
an
G
er
m
U.
K.
.
nc
e
Fr
a
U.
S
an
Ja
p
Ca
n
ad
a
0
* Percentage of the population that has attained at least tertiary education among 49 countries
considered in the World Competitiveness Yearbook, 2002.
Canada
16
An Excellent Post Secondary System
RANKING OF ELECTRICAL ENGINEERING
UNIVERSITY PROGRAMS
• 1998 U.S. Gourman report scored
10 Canadian electrical
engineering programs in the top
22, and 18 in the top 40
• Canada’s 67 universities and
colleges produce more than
25,000 graduates per year in
math, engineering and pure and
applied sciences
Canada
Institution
M.I.T.
Stanford
Berkeley
Illinois
Toronto
UCLA
McGill
Cornell
U.B.C.
McMaster
Purdue
Southern California
Princeton
Michigan
Carnegie Mellon
Polytechnic-Brooklyn
Queen’s
Alberta
Calgary
Polytechnique, Mtl.
Saskatchewan
Manitoba
Score
4.92
4.91
4.88
4.86
4.86
4.82
4.82
4.81
4.81
4.80
4.79
4.77
4.76
4.75
4.74
4.73
4.72
4.72
4.71
4.70
4.70
4.70
U.S.
Rank
Cdn.
Rank
1
2
3
4
1
5
2
6
3
4
7
8
9
10
11
12
5
6
7
8
9
10
17
Skilled Management
1st
2nd
4th
6th
21st
31st
49th
Index
• Canada ranks third among the G-7 and fourth
overall in a 75-country study of locally available
Management education in first-class business
schools.
Management Education*
World Rank
- Eight Canadian business schools are ranked
among the top 100 Management Schools in
the world according to a January 2001 survey
by the Financial Times (UK).
* Standing among 75 countries. Index based on the availability of Management education in first-class business
schools.
Source: Global Competitiveness Report, 2001-2002
Canada
18
Low Labour Costs
Cost of Labour — Manufacturing*
140
U.S.=100
of Labor Statistics, labour
costs in Canadian
manufacturing (wage and
non-wage) are the lowest in
the G-7.
$U.S. per hour
• According to the U.S. Bureau
109
100
94
86
86
U.K.
Italy
81
• Occupational wages are also
lower in Canada for
knowledge workers.
Canada
France
U.S.
Japan
Germany
* Figures are for 1999. Source: U.S. Bureau of Labor Statistics
Occupational Wages — Knowledge Workers, 1999
Full-time, full-year wages* ($U.S. PPP**)
Life Science Professionals
Physical Science Professionals
Computer Programmers***
Electrical and Electronic Engineers
Chief Executives
$42,097
$46,348
$36,467
$48,945
$59,608
$49,469
$52,423
$54,960
$62,309
$101,240
* Canadian data have been converted to full-year assuming a 52-week work year.
** Purchasing power parity for 1999
*** date for computer programmers based on average for 1997, 1998, 1999
Source: IC calculations based on Statistics Canada Labour Force Survey and U.S. Bureau of Labour
Statistics Occupational Employment and Wage Estimates
Canada
19
Plenty of Natural Resources
Natural Resource Endowments —
World Rank*
3rd
• Canada is extremely well
endowed with natural
resources.
8th
20th
• Canada ranks
in the world
in natural resource
endowments, well ahead of
other G-7 countries.
45th
50th
59th
3rd
72nd
* Measured in terms of thousands U.S.$ per capita. Standing among 92 countries.
Source: World Bank, 1997
Per Capita Trade Balance —
Non-Energy Raw Materials*
150
7th
50
0
26th
-50
28th
29th
33rd
-100
36th
-150
Canada
.S
.
U
.
.K
U
Ja
pa
G
n
er
m
an
y
Fr
an
ce
C
an
ad
a
42nd
Ita
ly
• Canada is the only G-7 country
with a per capita trade surplus
in non-energy raw materials.
U.S. $
100
* Includes: crude fertilizers and crude minerals; metalliferous ores and metal scrap; iron
and steel; and non-ferrous metals.
Source: World Competitiveness Yearbook, 2002.
20
A Tax Advantage for Firms to Expand in Canada
• Canadian locations
compare well
internationally in terms of
statutory corporate income
tax rates.
Corporate Income Tax Rates
including capital tax equivalents
46.6%
• The federal government
and some provinces
have announced sharp
cuts in corporate taxes,
to take effect over a fiveyear period.
44.9%
41.5%
40.0%
38.6%
35.6%
• The Economic
Statement and Budget
Update accelerated the
pace of this tax relief.
• By 2005, firms in Canada
will have a 5.0% corporate
income tax rate advantage
over U.S. firms (including
capital tax).
Canada
2000
2001
2002
2003
2004
34.6%
2005
Source: Finance Canada, December 2001
21
Low Employee Benefits
Employee Benefits* as a % of wages
• Among the G-7, Canada has the lowest
overall labour costs, including
benefits.
• Lower medical insurance premiums
are an important reason for this.
G-7 Comparison,
80
60
40
20
0
Other Benefits
Statutory
•Average for 12 operations
Source: KPMG Management Consulting, 2002
Canada
22
Quality Health Care at Low Cost
Employer-Sponsored Health Benefits
Canada and the U.S.
• Canada's health care system is
among the best and the cheapest
in the industrialized countries:
- Employer-paid health benefits
as a percentage of workers'
gross pay in Canada are about
22 percent of that in the U.S.
(2.1% compared with 9.6%).
Hospital, surgical, medical and
major medical insurance
premiums*
Short term disability, sickness
or accident insurance and long
term disability or wage
continuation
Dental insurance premiums
0.6
8.0
0.7
0.7
0.7
0.5
Other (vision care, physical
and mental fitness, etc.)
0.1
0.4
2.1
Total
9.6
% of Gross Annual Payroll
* U.S. value includes payments for retired employees
Source: Employee Benefits, 1995, prepared by the Research Centre, Economic Policy
Division , The U.S. Chamber of Commerce and KMPG, Employee Benefits Cost Survey, 1996.
Adapted from KPMG report on Corporate Taxation and Employee Benefit Cost Guide for
Large Service Firms, prepared for the ICT Branch, Industry Canada, March 2000
Canada
23
Low R&D Costs
• Canada offers the most favorable tax
treatment for R&D among the G-7:
- Canada’s combined federal and
provincial tax credits reduce the
after-tax cost of $100 of R&D
expenditures to as low as $44.
- In Canada, eligible costs include:
capital equipment, overhead,
process R&D, salaries, and
materials.
• These tax-based incentives permit
firms to significantly reduce R&D
costs through direct investment or
sub-contracting in Canada.
Canada
Relative Competitiveness of
R&D Tax System
Canada
0.70
U.S.
0.88
Australia
0.89
France
0.91
Korea
0.92
Mexico
0.97
U.-K.
1.00
Japan
1.01
Sweden
1.02
Italy
1.03
Germany
1.05
The B-index represents a ratio of the after-tax cost of a $1
expenditure on R&D divided by 1 less the corporate tax rate.
A lower B-index indicates a more competitive R&D tax system
Source: Conference Board of Canada, November 1999.
24
Low Energy Costs and Rates
Average Electricity Costs
• Canada has abundant oil, gas, coal
and hydro-electric resources.
G-7 Comparison
Canada
France
• Electricity costs for industrial users
are significantly lower in Canada.
U.K.
Germany
U.S.
Italy
Japan
0
50
100
150
200
250
300
350
400
$US (12 operations)
Average Electricity Rates
G-7 Comparison
Canada
France
U.K.
Germany
U.S.
Italy
Japan
0
2
4
6
8
10
12
14
US cents per kWh (12 operations)
Source: KPMG Management Consulting, 2002
Canada
25
Low Costs for Construction, Land, Office Lease
• Canadian office lease costs are
highly attractive. Lease costs
include office space plus
operating, utility, tax and
insurance costs.
G-7 Comparison,
Index: U.S. = 100
Italy
Canada
France
U.S.
U.K.
Germany
Japan
0
50
Construction Costs
100
G-7 Comparison,
Index: U.S. = 100
150
200
250
300
350
Land Costs
France
U.S.
Canada
Italy
U.K.
Germany
Japan
+1828
0
100
200
G-7 Comparison,
Index: U.S. = 100
300
400
500
Office Lease Costs
Italy
France
U.K.
Germany
Canada
U.S.
Japan
0
50
100
150
200
Source: KPMG Management Consulting, 2002
Canada
26
First-Class Technological Infrastructure
• Canada's technological infrastructure is
second only to the U.S. among the G-7 — we
rank above or very close to the U.S. in terms of:
1st
Technological Infrastructure*
World Rank
5th
12th
17th
22nd
25th
- internet users and internet hosts
- computers per capita
32nd
• Building a universal, competitive, leading edge
"Information Highway" is a government priority.
U.S.
Canada Germany U.K.
France Japan
Italy
* Standing among 49 countries. Index based on 20 characteristics including investment in telecommunications,
computers in use, computer power, internet connections, number of telephone lines, cost of telephone calls and use
of robotics.
Source: World Competitiveness Yearbook, 2002
Canada
27
First in Internet and Wireless Affordability
Internet Access Charges* – 2000
• Canada ranks first among the G-7
in terms of wireless
communications costs and second
in terms of internet access
charges.
Based on PPPs Peak Rate 40 hrs.
Online/Month
U.S. $
93.10
56.16
59.83
49.22
41.72
35.40
35.83
* PSTN fixed charges include monthly rental fee and additional monthly charges related to discount
plans, if applicable. Includes 40 one-hour calls. In France, ISP and PSTN usage charges are bundled
and included under the ISP.
Source: OECD, http://www.oecd.org/dsti/sti/it/com/
Wireless Communication Costs
Price per minute, 1999 in U.S. $ PPP
0.36
0.29
0.31
0.36
0.32
0.18
0.09
Toronto Rome Tokyo
Canada
Berlin London Paris
Boston
Source: Yankee Group, Wireless/Mobile Communications Global Report,
Volume 3, No. 16, May 1999
28
First in Telephone Affordability
Annual Business Telephone Charges
U.S. $ PPP
Canada
745
U.K.
1067
France
1076
1177
Germany
U.S.
• Business telephone charges are
lower in Canada than in any other
G-7 country.
1215
1443
Italy
1566
Japan
Source: OECD Communications Outlook 2001
Annual Residential Telephone Charges
U.S. $ PPP
U.K.
Canada
France
Germany
286
349
355
360
Japan
Italy
U.S.
Canada
433
440
466
Source: OECD Communications Outlook 2001
29
Sound Financial Institutions
Average Bank Financial-Strength Rating
E
E+
D
D+
C
C+
B
Canada
• According to Moody’s Financial
Strength ratings, Canadian Banks
rank 1st among the G-7 in terms of
their intrinsic credit worthiness.
U.S.
U.K.
Germany
Italy
France
Japan
B= strong intrinsic financial strength C= good D= adequate E= very weak
Source: The Economist, March 2000
Canada
30
Positive Business Climate
Business Environment of Top Ten
Countries, Rank in 2001-2005
• Canada understands the
2nd
3rd
4th
5th 6th
7th
U.
S.
8th
9th
10th
U.
K
Ca
na
Sw
da
itz
er
la
nd
Ire
la
nd
Fi
nl
an
Si
d
ng
ap
or
Sw e
e
Ho den
ng
Ko
ng
Ne
t
he
r
la
nd
s
World Rank
importance of its business
community and has created
an environment to
encourage its success.
1st
Source: The Economist (EIU), August 24th, 2001
Canada
31
Solid Microeconomic Policies
• According to The Economist,
Canada ranks 2nd among 21
countries in a Lehman Brothers
study pertaining to the
effectiveness of microeconomic or
structural policies.
• These rankings are based on three
micro-policy categories:
• policies that increase an
economy’s long-term potential
growth rate. For example,
spending on education and
R&D.
• policies that affect labour
market performance or reduce
the lowest rate of
unemployment at which
inflation is stable (NAIRU).
• policies that increase product
market competition.
Canada
Economic Health*
Index of structural policies, 0=worst, 10=best
USA
Canada
New Zealand
UK
Australia
Sweden
Switzerland
Ireland
Finland
Netherlands
3
4
5
6
7
Source: The Economist, March 17th, 2001
*Based on a study of 21 countries.
32
Less Paperwork for New Businesses
Total Number of Business Start-up
Procedures*
Canada
• Canada makes it easier to set
up a new business, with less
paperwork than any other
country.
Australia
New Zealand
USA
Sweden
• Canada is the most efficient
place to pull together
worldwide research or
production teams.
Ireland
Finland
Denmark
Israel
Norway
0
2
4
6
8
Source: The World Bank and Harvard University,
taken from The Globe and Mail, November 14, 2000
*Procedures divided into five major categories:
Safety & Health, Environment, Taxes, Labour,
and Screening.
Canada
33
Forward-Looking Framework Policies
• The economic policies of the
government of Canada are focused on
making Canada a world leader in the
global knowledge-based economy of the
21st century. Commitments include:
- Making Canada the most connected
Government to its citizens by 2004.
- Making high-speed broadband access
available to Canadians in all
communities by 2005.
- Becoming one of the top five
countries for research and
development by 2010.
- Shaping a "National System of
Innovation“; and
- Providing marketplace
frameworks/services benchmarked
against the best in the world.
Canada
Government Policies/Programs Aimed at
Building the Knowledge Infrastructure

21st Century Chairs for Research Excellence

Networks of Centres of Excellence

Canadian Foundation for Innovation

Canadian Institute for Health Research

Telecommunications Policy

Technology Partnerships Canada

Granting councils (NSERC, MRC, SSHRC)

Communications Research Centre

Industrial Research Assistance Programme
(NRC)

Co-operative sectoral research programs
(PAPRICAN)

Canadian Network for the Advancement of
Research, Industry and Education (CANARIE)

SR&ED (Scientific Research & Experimental
Development) tax credit for private sector
research and development

Leading edge information systems: Strategis;
CISTI (NRC); Cdn. Technology Network;
Sector Competitive Frameworks
34
Canada Provides:
Excellent economic fundamentals
Easy access to markets
A cost-competitive business environment
An excellent place to live
Canada
35
…and a Safe and Just Society
Security* — World Rank
6th
9.0
11th
12th
8.0
17th
Index
7.0
31st
6.0
37th
5.0
39th
4.0
• Canada tops the G-7 as a
safe place to live and
conduct business.
3.0
• Canada also ranks well in
providing equal
opportunities for individuals.
Fr
an
ce
Ita
ly
U
.K
.
m
an
y
Ja
pa
n
G
C
er
U
.S
.
an
ad
a
2.0
* Confidence that person and property is protected. Rank among 49 countries considered in the 2002
World Competitiveness Yearbook.
Source: IMD
Equal Opportunity* —
World Rank
6th
8.0
22nd
Index
7.0
26th
27th
31st
6.0
41st
44th
5.0
Canada
pa
n
.
Ja
.K
U
y
ce
Fr
an
.S
.
U
Ita
ly
G
er
m
an
C
an
ad
a
4.0
* Race, gender, family background does not pose a handicap for competitiveness. Rank among 49
countries considered in the 2002 World Competitiveness Yearbook
Source: IMD
36
Canada Offers Much
• Canada's economic fundamentals are excellent — government policies are geared toward
competitiveness.
• Canada provides assured access to the world's richest economy, in addition to having a
large and growing domestic market of its own.
• Canada provides a cost-competitive and future-oriented environment for business:
- quality, productive workers;
- a competitive tax system;
- prime locations for R&D activities;
- abundant energy at low prices; and
- an excellent infrastructure.
• Canada is an outstanding place to live, invest and do business.
Canada
37