As the first Renminbi (RMB) Clearing Centre and Trading Hub in North America is launched in Toronto today, the eleven members of the Consider Canada City Alliance (CCCA) open a five-day, three-city investment mission in China. Capitalizing on the new opportunity for Chinese and Canadian businesses to begin conducting investment and trade activity using the RMB, the CCCA has partnered with the Department of Foreign Affairs, Trade and Development to hold seminars and one-on-one meetings with investors in Guangzhou, Shanghai and Nanjing from 23-27 March.
The designation of Canada as a location for RMB trading was announced by Prime Minister Harper and Premier Li Keqiang during the Prime Minister’s visit to China in November 2014. Carl Viel, Chair of the CCCA and President and CEO of Québec International, stated, “Canada continues to build an investment and trade environment that sets the global standard. The opening of RMB trading in Canada today adds further strength and diversity to our economy and reinforces our partnership with one of the most important markets in the world.”
The economic focus of the Chinese government is undergoing a fundamental shift from an emphasis on export growth and investment in commodities to an emphasis on domestic consumption and investment in value-added manufacturing and services. In recognition of this shift, travelling with the CCCA team is Craig Wright, Chief Economist at the Royal Bank of Canada, as well as experts from the digital media, biotechnology, and university innovation sectors.
The CCCA works closely with the Federal Government and the Trade Commissioner Service to translate Canada’s competitive advantage to sustainable economic growth in our eleven member cities and throughout all of Canada. Numerous think tanks and governments are recognizing that cities increasingly drive national economies.
Funded in part by the Canadian Association of Petroleum Producers, this is the ninth CCCA mission conducted in partnership with Invest in Canada, and the fourth to Asia. “This is the first mission that has all eleven of our regions represented, ” added Mr. Viel. “Canada has a great story to tell to Chinese investors, and our members are offering a diverse and comprehensive set of regional opportunities upon which to build their global success.”
About the Consider Canada City Alliance
As a united front, Canada’s large cities – Vancouver, Calgary, Saskatoon, Winnipeg, London, Waterloo Region, Toronto, Ottawa, Greater Montréal, Québec City and Halifax – help international companies determine the best strategies for business expansion and continually improve Canada’s ability to attract new investment and trade opportunities. For more information on the Consider Canada City Alliance, please visit www.considercanada.com or www.canadaentete.com (in French).