Dear Jerome,
Last week the Globe and Mail reported that Mark Carney, in his final speech as Governor of the Bank of Canada, said that faster economic growth will depend on business investment and export growth. He stated that exports should be $130 billion higher now if the trajectory of previous recessions is a guide, and that the central bank expects business investment to remain below average.investment to remain below average.
In the previous Spotlight on Cleantech we discussed the contributions of small and medium-sized enterprises to as was the case before the disappearance of liquidity during the global financial crisis and the loss of more than 10 years of export gains by SMEs, including rising exports during the appreciation of the Canadian dollar starting in 2003.Canada’s exports. Canadian SMEs have proven that they can deliver $84 billion on non-resources exports annually [i],
Canadian clean technology companies are accomplished exporters, with 48% of industry revenues being derived from exports and 44% of these exports being to countries other than the US. Estimated exports for the clean technology industry were $5.2 billion in 2011, approximately 9% of 2010 SME non-resources-related exports. We forecast that the industry will deliver between $10.6 and $17.5 billion in exports by 2015, a doubling or tripling of 2011 exports. To put this in context, in a recent speech Minister of Natural Resources Joe Oliver stated that hampered access to markets for Canadian oil caused a $20 billion shortfall in Canadian exports.
e also stated our view that financing vehicles enabling international procurement are critical to clean technologies export growth.In this edition, Export Development Canada (EDC) outlines its pull credit facility with multinational corporations as such a vehicle to promote trade.
