Manley continues promotional tour

(June 27, 2003) Federal Finance Minister John Manley continued to promote Canada as a place to do business, as he took his tour to the world’s financial capital, New York City.

In a luncheon speech the finance minister reiterated the challenges facing Canada that he had outlined on Wednesday in Toronto, including scares over mad cow disease, severe acute respiratory syndrome (SARS) as well as weakness in our trading partners.

“Canada shares the concern expressed by the United States that this country cannot be used as the sole engine for global growth,” he said, pointing out the continued weakness in Japan and economic contraction in Germany.

Manley reassured the audience that despite concerns over SARS and mad cow, Canada still boasted a strong business environment.

“These are short-term issues — both already well on the way to resolution,” he said. “They are not structural and they are not expected to reduce growth through the second half of 2003.”

And he subtly hinted that such problems are not exclusive to Canada.

“We cannot always predict the challenges that arrive on our doorstep. One year ago who had ever heard of SARS? Or monkeypox, for that matter? Or that Martha Stewart could be facing criminal charges?”

Manley also took the opportunity to praise Canada’s steps toward improved corporate governance and called for the simplification of the country’s fragmented securities regulators.

“We are of the view that Canada’s system of regulation needs to be streamlined in order to reduce the regulatory burden on companies that wish to access Canadian capital markets,” he said.

Manley went on to explain the “wise person’s committee” to his American audience, saying that their goal was to “make an even more efficient, productive and reliable capital market system for Canadian and international investors alike.”

Do you think it’s clear sailing for the Canadian economy, or are we headed for the same storm as the U.S.? Share your thoughts or ideas with your peers in the Talvest Town Hall on Advisor.ca.

Filed by Steven Lamb, Advisor.ca slamb@rmpublishing.com