The Advisory Council on Economic Growth has issued its First Full Report. This is a council set up by the Prime Minister to provide ideas to make our Country more competitive.
Below is an excerpt from the Executive Summary high lighting the first three reports. I would urge those interested to read the full three detailed reports.
I will have further comments on the reports in the days ahead.
‘The path forward
Resetting the course of the Canadian economy needs a series of bold actions, requiring both private sector and government participation. Our Council’s aim is to raise our collective aspirations, to encourage the government to make deliberate choices, and to act with conviction. We recognize that some of our initiatives will be controversial, and will require leadership and willpower to execute.
The Council has come up with several ideas that could begin to achieve our $15,000 objective. The first wave to be released today includes three recommendations:
1. Unleashing productivity through infrastructure
Canada needs to tackle its significant infrastructure gap with smart, strategic infrastructure investment.
We make three specific recommendations, which revolve around a focused federal infrastructure strategy in line with the government’s economic growth agenda, and the creation of a Canadian Infrastructure Development Bank. The Bank would aim to leverage institutional capital and deliver over $200 billion worth of projects over ten years.
2.Bringing foreign investment to Canada
Canada needs a roadmap for attracting more foreign direct investment (FDI) to turbo-charge Canadian businesses and help fund infrastructure and innovation. We make two recommendations, starting with the creation of an FDI agency to increase inward FDI and improve Canada’s stature as a destination for foreign capital, skills and companies. We also recommend developing a proactive FDI strategy focused on investment that drives innovation and expands our trading capacity.
3.Attracting the talent Canada needs through immigration
Canada needs a plan to offset its aging demographic and attract the top talent needed to help our companies scale. We make four specific recommendations intended to increase the flow of top talent to Canada and help immigrants contribute to the economy soon after they arrive. Our strategy involves an increase in our annual immigration target from 300,000 to 450,000 over 5 years. To facilitate entry and productivity, we recommend changes to the Express Entry points system and national accreditation standards.
The Council will release additional ideas in late 2016. Our intent is that the benefits of these initiatives will create a better future for all Canadians, unleashing even more talent and energy to fuel economic growth .