Canada strengthens economic ties and builds partnerships with Sweden

Innovation ministers of both countries discuss investment opportunities and potential collaboration on innovation and clean tech

OTTAWA, Oct. 27, 2017 /CNW/ - The Honourable Navdeep Bains, Canada's Minister of Innovation, Science and Economic Development, and  Mikael Damberg, Sweden's Minister for Enterprise and Innovation, today discussed opportunities for two-way cooperation on innovation and clean technology. During their meeting, they also laid the groundwork for an investment tour of Canada by representatives of prominent Nordic businesses in spring 2018 and discussed opportunities for greater trade and investment ties between Canada and Sweden.

Minister Bains highlighted the work the federal government is doing to improve the business environment in Canada through the Innovation and Skills Plan, including the Strategic Investment Fund and the Global Skills Strategy. He also underlined the Government of Canada's promotion of clean technology.

The meeting also gave Minister Bains the opportunity to learn about best practices in Sweden. Sweden is a global leader in innovation investment and climate policy. In 2015, the country spent 3.3 percent of GDP on research and development, and Sweden's clean technology sector was ranked fourth in the 2014 Global Cleantech Innovation Index.

During the meeting, the two ministers agreed to explore opportunities for partnership between the Canadian and Swedish innovation agencies, to increase collaboration between knowledge institutions, and to provide more opportunities for researchers and innovators. They also highlighted the benefits to Canadian and Swedish firms of the recently ratified Canada-EU Comprehensive Economic and Trade Agreement (CETA), which came into force last month. Canada and Sweden are champions of free and open trade, and the ministers emphasized the stronger economic linkages that will result from CETA, creating jobs in both countries.

Quotes

"Canada is increasingly becoming the place where the most creative and entrepreneurial people turn their big ideas into innovative solutions. Our government is deepening its global economic relationships to develop new markets and opportunities for Canadian businesses and to create high-paying jobs for middle-class Canadians."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development

"Sweden and Canada are close partners in many areas. I am impressed by the Canadian government's efforts to strengthen Canada's innovation capacity."
– Mikael Damberg, Sweden's Minister for Enterprise and Innovation

Quick facts

• Sweden, like Canada, is a highly industrialized and technologically advanced country. The economy is heavily export-oriented, characterized by a well-developed and highly successful industrial sector.
• Canada–Sweden bilateral merchandise trade amounted to nearly $2.6 billion in 2016. Many Swedish multinationals and SMEs invest in Canada directly, including IKEA, H&M, Securitas, Volvo Buses, Autoliv, Sandvik, SKF, Atlas Copco and AstraZeneca.

Follow Minister Bains on Twitter: @MinisterISED

SOURCE Innovation, Science and Economic Development Canada