Minister Bains promotes Canada to global investors at World Economic Forum in Davos

Canada secures foreign investments that will create jobs and new opportunities

DAVOS, Switzerland, Jan. 25, 2019 /CNW/ - Canada's highly skilled workforce and expertise in emerging technologies make it the perfect place to do business. The Government of Canada is investing in Canadians and their ideas, creating the jobs of today and building the economy of tomorrow so that Canada remains a top innovative country.

Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, wrapped up his participation at this year's World Economic Forum annual meeting.

While in Davos, the Minister met with several business and political leaders from around the world to promote Canada as a partner of choice for trade and investment. He also participated in roundtables to discuss the trustworthy use of data, along with the future of the digital economy and society.

In addition, Minister Bains finalized two new agreements that will create and maintain up to 2,478 jobs in Canada. He announced an investment of up to $40 million in Nokia Canada to develop cybersecurity tools and establish a new Nokia Bell Labs presence in Canada to conduct research to help telecommunications networks meet the needs of 5G technology. He also announced an investment of up to $35.66 million in a partnership involving Siemens Canada, New Brunswick Power and Nova Scotia Power to research and develop smart grid technology to help better manage the provinces' electricity.  

During his trip, Minister Bains shared Canada's innovative approach to driving economic growth and creating more jobs and opportunities for all Canadians. He also talked about the importance of leading an ethical approach to the adoption of artificial intelligence and highlighted how Canada is creating internationally recognized superclusters that foster collaborative projects in highly innovative industries.

Quote

"Our highly skilled workforce and innovative technologies are shaping the future of the global economy, making Canada the perfect place to invest. That's why our government is committed to providing businesses with the support they need to create good jobs for Canadians and boost economic growth."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development

"Once again, global companies are recognizing that Canada is home to the world-class talent needed to build their business."
– Ian McKay, Chief Executive Officer, Invest in Canada

Quick facts

• The World Economic Forum annual meeting brings together governments, top executives of the most influential global companies, and leaders of international organizations. The theme of this year's meeting is Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution.
• The World Economic Forum annual meeting is a unique opportunity to promote Canada's strengths, including a world-leading business climate with low corporate taxes and government policies designed to enhance the country's innovation potential.
• This week's announcement of the Government of Canada's investment in a partnership involving Siemens Canada follows the company's decision to establish a cybersecurity centre in Fredericton, New Brunswick, that is expected to create up to 60 jobs. Last week, Prime Minister Justin Trudeau spoke with Joe Kaeser, CEO of Siemens, about investing in Canada and continuing to choose Canada as a place to do business.
• Canada is investing in artificial intelligence and working with France to create an international panel on artificial intelligence, which will become a global point of reference for sharing research and best practices.
• Funding, expert advice, programs and services are available to help businesses innovate, create jobs, and grow Canada's economy. For example, Invest in Canada helps attract global investment and create jobs, and Canada's Global Skills Strategy makes it easier and faster for businesses in Canada to bring in global talent in order to scale up and grow.

Associated links

• World Economic Forum annual meeting
• Minister Bains to promote opportunities for investments and Canada's competitive advantages at World Economic Forum
• Government of Canada invests to help make Canada a world leader in clean technologies
• Government of Canada invests in research and development for technologies behind 5G networks
• Minister Bains finalizes new agreements with world-leading companies
• Canada's Innovation and Skills Plan

Follow Innovation, Science and Economic Development Canada on Twitter: @ISED_CA

SOURCE Innovation, Science and Economic Development Canada