In a recent report the Canadian Imperial Bank of Commerce states that energy infrastructure would generate more than one million jobs over the next 20 years, help keep provincial and federal books from deteriorating further and have the added benefit of boosting productivity and energy exports.
CIBC vice-chairman Jim Prentice states;
“If we’re smart about this, we can continue to build out the country, we can create very significant amount of jobs and we can still maintain one of the lowest debt to GDP ratios of any industrial democracy in the world. We don’t need to rely on short-term stimulus spending, we need support for economic infrastructure that creates wealth.”
Mr. Prentice uses the phrase “nation building’ which is historially associated with Canada’s early history. And he is spot on here. These mega-projects are investments in the future of Canada and provide Canada a unique opportunity in a flat global economy that other countries would envy.
He is quoted as stating;
“Canada’s era of nation-building through transformational infrastructure investments is far from over as planned megaprojects will unlock resource wealth, secure new markets for Canadian energy and create a million new jobs”
Its the most ideal time to fast track these projects and get them going. Right at the moment when the world, and Canada are facing another economic dip (which may be putting it lightly). As Mr. Prentice puts it;
“… in an economic climate where the world debates how much public money to borrow to create stimulus jobs, Canada stands alone in terms of its potential to chart a different course.”
He is absolutely right. And Canada should understand that this is an investment that is desperately needed and one that will be made. The opportunity is to make it now and create jobs, and provide an economic boost to Canada.
Mr. Prentice said goes on to state;
“No other industrial democracy in the world has such an opportunity. If we are smart about this, we can build out our country, create jobs and still maintain one of the lowest debt-to-GDP ratios in the world. We don’t need short-term stimulus spending, we need support for economic infrastructure that creates wealth.”
Well done Mr. Prentice. What are we waiting for, Canada?
Globe & Mail: Ottawa urged to invest in energy mega-projects