OTTAWA, ONTARIO–(Marketwire – Jan 20, 2013) – From January 20 to January 24, the Honourable Christian Paradis, Minister of Industry, will visit Berlin as well as Munich, Germany to discuss Canadian and German approaches to manufacturing and innovation and to promote greater investment ties.
“Germany”s economic success demonstrates the importance of a strong and modern manufacturing sector – something we have long understood in Canada,” said Minister Paradis. “We know that innovation is the best way for high-wage economies like Canada and Germany”s to compete with low-wage countries around the world. Our two countries have much in common, and much to gain through greater dialogue, cooperation, and investment.”
As two innovation-driven economies, Canada and Germany have a long and successful trading relationship. Several major Canadian companies have significant operations in Germany, allowing them to capitalize on opportunities throughout the European Union. Similarly, with over 800 German subsidiaries in Canada, Germany is Canada”s tenth largest foreign direct investor. In addition to these economic ties, Canada and Germany have closely collaborated on scientific research for more than 41 years. During this time, over 500 projects in more than a dozen fields have been undertaken, with approximately 100 ongoing at any given time. This collaboration has helped fuel innovation in both countries.
“Manufacturing lies at the intersection of innovation and fabrication, where creative ideas are turned into commercial opportunities. Today”s manufacturing is not about bigger factories but about smarter ones driven by digital technologies,” added Minister Paradis. “Globalization means that manufacturing is spreading across borders and around the world. Advanced economies have to become leaders in the high-value-added stages of production. Canada and Germany are crucial players in the global supply chain and must remain so if we are to succeed.”
The Minister will then travel to Davos, Switzerland on January 25 to attend the World Economic Forum.
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