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The writer is President and Chief Executive of Scotiabank
The late Canadian Prime Minister Pierre Trudeau once said that the relationship between Canada and the US was like “sleeping with an elephant. No matter how friendly … one is influenced by every muscle twitching.” Now the elephant has been thrown and turned around and Canada has finally woken up. This could be the turning point in which we redefine our role in the global economy.
For a large part of its history, Canada has built up a worldwide reputation as a peaceful nation and trusted ally – but more recently a place where productivity drops, per capita per head of the population and investments are made difficult.
The potential of the country has always been there, thanks to one of the most trained employees in the world, a strong and stable financial system and enormous and untouched resources. Add to this is the enviable place of Canada within the North -American trade, which offers access to the largest economy in the world through the longest country border in the world.
There is no doubt that the obstacles to be a powerful powerhouse of natural resources – a goal that has long been characterized by talking more than action – have been very much of us. Recent American tariff threats, however, have galvanized Canada to act with urgency.
At a time when polarization in many countries increases, Canadians do the opposite, collaborate and try to unlock the economic potential of the country. Government leaders from the entire political spectrum work together to protect the long -term prosperity of Canada, so it never feels like driven, economically or existentially.
Whether it concerns agreements to break down internal trade barriers that add 8-15 percent to the costs of goods, reducing the bureaucracy that stands in the way of unlocking the natural resources of Canada or joint efforts to reverse the recent GDP per head of the population, Canadians are increasingly united. My conversations with customers and managers of the largest companies in Canada reveal a renewed optimism; These leaders are ready to invest in the future.
The new Prime Minister of Canada, Mark Carney, was chosen for a mandate to create growth and he is making decisive progress. Carney calls the ‘hinge moment’ of Canada. His newly proposed legislation, known as the One Canadian Economy Act, will streamlin approvals and accelerate the construction of important infrastructure projects, including critical mineral mines, pipelines, ports, motorways, nuclear facilities, wind farms and carbon collection facilities.
The bill promotes the removal of long -term interprovincial commercial barriers, with provincial governments that are equally tailored to their ambition to get rid of resources and goods that move throughout the country. Indigenous holders of rights will also be important partners through increased involvement in the development, stewardship and ownership of large projects.
Ultimately, Canada creates the conditions for building a large infrastructure faster and more efficiently, and in a way that is sustainable and future -proof.
The natural gas of Canada is produced in one of the most safe and stable areas of law in the world. Because many countries quickly shift from a dependence on authoritarian trading partners such as Russia, and markets try to diversify their critical mineral stock from less reliable producers, Canada’s rich donations of critical minerals are waiting for being released. And within our own boundaries, sectors such as electricity, transport and clean technology are full of opportunities for investments.
A stronger Canada will ensure an even stronger North America, which represents the second largest economic block worldwide. The following year will be crucial if the country reoriented its economy. A new economic process for Canada will open doors for global trade and investments. The real hinge moment will be when investors wake up with this opportunity.
