Investing more to defend ourselves and strengthen our economy
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Dear friends,
If Canada ever needed a wake-up call, we got one on Monday from U.S. President-elect Donald Trump. He announced his intention to impose a 25 per cent tariff on all goods coming from Canada once he takes office in January.
We have a choice. We can wring our hands and fret about the impact this could have on our economy … or we can take action and address our challenges in a proactive way.
There is no friend, partner and ally more important to Canada than the United States. We have a lot to offer our neighbour, but we can’t take the relationship for granted. We need to demonstrate that we are a reliable partner.
It starts with keeping our word.
Earlier this week the Business Council launched a new report that urges Canada to develop and implement a defence industrial base strategy. Such a strategy would not only better protect Canada in an increasingly volatile world, it would bolster our economy with well-paying jobs that drive prosperity and, significantly, it would show our allies that we keep our promises.
There is now a chorus of American lawmakers – Republicans and Democrats alike – who are calling on Canada to move faster to live up to its longstanding NATO commitment of spending two per cent of GDP on defence.
Now is the time for action.
In addition to getting serious about our national security, Canada’s public and private sectors must work together to improve our country’s prosperity. There is so much within our control, including eliminating interprovincial trade barriers, modernizing our infrastructure, championing Canadian success and harnessing Canada’s unique strengths.
Earlier this month we launched the Can-Do / C’est possible campaign. You can learn more about it in this newsletter. I encourage you to join with us to help get Canada’s economy back on track.
Together, we can do great things.
Yours truly,
Goldy Hyder
President and CEO
Business Council of Canada
Latest Opinion
The Government of Canada can safeguard Canadians and honour its international commitments by investing in a strong and sovereign defence industrial base. By doing so strategically, it can also supercharge Canada’s broader economic security and prosperity.
Security & Prosperity lays out a series of policy solutions in which the public and private sectors should work together more closely to achieve three strategic outcomes:
- Build and secure a sovereign defence industrial base that provides Canada and its allies with the capabilities needed to respond to growing geopolitical threats;
- Honour Canada’s international commitments, including to invest in increased industrial capacity, by the government investing at least 2 per cent of GDP on defence by 2030, 2.5 per cent by 2035, and 3 per cent thereafter;
- Strengthen Canada’s long-term economic security and prosperity by enhancing productivity and innovation as well as creating high-skilled jobs.
Canada has all the ingredients to be the world’s leading economy, but in the coming decade it is expected to finish dead last among OECD countries in per capita economic growth.
We believe Canada can do better, which is why we launched the Can-Do campaign aimed at fostering conversation among Canadians. It’s focused on creating the right conditions to turn things around, including:
– Championing, not criticizing, the large employers who drive Canada’s economy
– Creating a welcoming environment for private sector innovation and R&D
– Strengthening our country’s energy and food security
– Putting in place taxes and regulations that invite investment
Help us take Canada’s economy from worst to first.
We’re honoured that our Speaking of Business podcast has been nominated in two categories for the Canadian Podcast Awards.
When we launched this podcast, our goal was to share the stories, insights and wisdom of some of Canada’s most remarkable leaders. We wanted to spark conversation, inspire future generations and contribute to our country’s improvement.
We’ve now recorded more than 100 episodes! New podcasts drop every month and we have a rich archive on our website. If you haven’t already, you can subscribe wherever you get your podcasts. We also appreciate hearing from you so please leave us a review.
Canada is a trading nation and increasingly countries in the Indo-Pacific want and need Canadian resources, goods and services. In recognition of Canada’s expanding global role, the Business Council of Canada has opened an Indo-Pacific office.
Based in Tokyo, our Vice President Trevor Kennedy acts as a liaison for Canadian business interests in this rapidly growing part of the world.
Tokyo represents the second international office for the BCC. Last year we opened an office in Washington D.C., where our Vice President John Dickerman is based. In addition, BCC special advisors offer insight and analysis from Atlanta, Mexico City and Brussels.
