Commodities provide opportunity for all: Carney
Bank of Canada governor Mark Carney appears at a Commons finance committee on Parliament Hill in Ottawa on Tuesday, April 24, 2012. (Sean Kilpatrick / THE CANADIAN PRESS)
The Canadian Press
Published Friday, April 27, 2012 11:36AM EDT
OTTAWA - The governor of the Bank of Canada says there is a great opportunity for all regions of the country to benefit from the growing world demand for commodities.
Mark Carney tells a mayors' breakfast event in Ottawa that demand for the natural resources that Canada has in abundance will stay high for many years because of economic expansion in the developing world.
But he says the winner need not be just the West, where most of Canada's oil and other resources reside.
Carney says if resources are developed wisely and sustainably, and if value is added, many other regions can share in the wealth as well.
He told the mayors that there is massive potential in energy efficiency technology that Canada can export to emerging states. And he says eastern manufacturers can benefit from infrastructure and production requirements in developing the country's resources.
As well, Carney says tax system helps redistribute wealth from resource exporting regions throughout the rest of Canada.