With one of the most successful and prosperous economies in the world today, Canada is a destination of choice for U.S. investors.
Leading global organizations such as the OECD and the Economist Intelligence Unit have recognized Canada as the strongest economic performer in the G7 and the best place to invest and do business for the 2008–2012 period.
To continue building a world-class business environment for international investment, we are reducing our general corporate tax rate from 22 to 15 percent by 2012, which will give Canada the lowest tax rate on new business investment in the G7.
Nationally, Canada is in a solid fiscal position, recording another budget surplus in 2006/2007, with surpluses expected for at least the next three years. We now enjoy the lowest net debt-to-GDP ratio in the G7 today, and our targeted inflation rate is locked within the 1 to 3 percent range and will remain at this level until at least the end of 2011.
Thanks to this competitive business environment, Canadian corporations increased their operating profit margin for a fifth consecutive year in 2006 to 8.5 percent. This growth continued during the first half of 2007, with 8.5 percent growth in the first two quarters of 2007, and 8.9 percent in the third quarter.
We enjoy many other unique advantages, such as our close commercial relationship with the United States — the single-largest trading partnership in the world. In fact, 36 of 50 U.S. states count Canada as their number-one market.
As a deeply integrated element of North American supply chains, fast and efficient transportation is another key to Canada’s success. We are investing an historic $33 billion over seven years into our infrastructure to ensure the rapid, seamless, and secure flow of people, goods, and services throughout North America and around the world.
Canada is also an important part of North America’s energy picture. We are a stable and secure supplier of energy, and the single-largest supplier of oil to the United States.
As Canada’s Minister for International Trade, I invite you to explore Canada’s many advantages for yourself, and discover why investors from around the world are choosing our country as a top business and investment destination.