2 April 2011

Canada seeks closer Economic ties with Africa

Canada seeks closer Economic ties with Africa
Canada was the largest foreign investor in Africa’s mining industry and its businesses were well positioned to take a leading role in the continent’s economic development, a senior official said Tuesday.
Peter Van Loan, the Canadian Minister of International Trade, was addressing a symposium on “Africa Rising: Entrepreneurship and Innovation Frontiers” in Canada’s largest city of Toronto, an official release says.
“Canada is committed to strengthening its commercial ties with Africa and expanding trade with the continent,” he said, adding that Canadian businesses offered expertise in key economic sectors in Africa.
Canadian companies had the expertise to take on a leading role in developing key sectors in Africa, such as telecommunications, agriculture, energy, transportation, infrastructure, natural resources and education.
In Y 2010, bi-lateral trade with Africa reached almost 13B Canadian Dollars (US$13.2B).
On January 27, 2011, Canada announced the start of free trade negotiations with Morocco, its 1st partner on the African continent and seen as a gateway to Mediterranean and North African markets.
Canada has so far held discussions with close to 50 countries on its ambitious Free Frade and investment agenda.
The symposium brings together leaders in business, science and government to explore key aspects of Africa’s economic growth: business development, growth sectors, financing, commercializing research, new development models, information and communications technologies, natural resources and infrastructure.—Paul A. Ebeling, Jnr. www.livetradingnews.com
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