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PRESS RELEASES
March 27 Press Release
BUSINESS PEOPLE AND SENIOR POLITICIANS SUPPORT
A NORTH AMERICAN INVESTMENT FUND
Important Economic Benefits would follow
Thursday March 27th 2003 – Business leaders, senior politicians and academics from Canada, the United States and Mexico consider that creating a North American Investment Fund is necessary. Such an initiative would permit to increase NAFTA’s benefits by creating new business opportunities in Mexico, to profit notably Canadian and American businesses.
Dr. Pastor, Vice President of International Affairs at American University (Washington D.C.) will present results of a study that he did with Dr. Samuel Morley and Dr. Sherman Robinson of the International Food Policy Institute, Washington D.C. Based on their research, “Dr. Pastor will propose a “North American Investment Fund as the best path to narrow the development gap between Mexico and its two Northern neighbors and generate growth and business opportunities in North America.” He proposes an “annual investment of $10 billion per year, of which 90% would be financed by the United States and 10% by Canada, for a 10 year period. The grants would be invested in infrastructure to generate 6% growth in Mexico.”
Mrs. Christiane Bergevin, President of SNC-Lavalin Capital explains that “additional resources and financial tools must indeed be created in Mexico so as to facilitate the access to capital in order to finance development projects. The creation of an Investment Fund could constitute one of these tools.”
Ambassador Andrés Rozental, President of the Mexican Council of International Affairs, declares that “the degree of under-development familiar to certain Mexican regions constitutes such an economic halt and political risk, that we must work on the matter immediately.”
Ms. Christine Fréchette explains that “we persistently look to hold trade missions the world over, searching for business opportunities for Canadian businesses. However, meanwhile, back in North America, important needs in infrastructure development simply ask to be met, which in turn represent as many missed opportunities.”
In Europe, every single dollar invested in cohesion funds, has produced returns of 0.40$ in donor countries, either as equipment contracts or know-how.
The North American Forum on Integration is a non profit organization dedicated to the strengthening of North American dialogue and networks. NAFI aims to build awareness on the issues raised by the North American integration and to focus the attention of decision-makers on the importance of the challenges at hand. The organization intends to hold periodic meetings between major stakeholders in the political, private-sector, labour-union and academic circles in the three NAFTA member countries. NAFI’s first conference entitled "Beyond Free Trade: Strengthening North America", is being held on March 27th and 28th, 2003.
More than 40 renowned guest speakers will participate at this North American Conference. The Deputy Premier of Quebec, Mrs. Pauline Marois, the Quebec Minister of State of International Relations, Mrs. Louise Beaudoin and the Minister of International Trade of the Government of Canada, the Hon. Pierre Pettigrew, will all take part in our March 27th - 28th Conference. Guest speakers from the private sector, such as R. Michael Gadbaw, Vice President of General Electric and Thomas D’Aquino, President and Chief Executive of the Business Council on National Issues will also be present.
This Initiative is made possible in part by the support received from the Fonds Jeunesse Québec and the collaboration of the Department of International relations of Quebec, the Department of Municipal Affairs of Québec, the Department of Finance, Economy and Research, the Department of International Trade of Canada, Industry Canada, The Forum of Federations, CN, the University of Montreal, Montréal International, the Caisse de dépôt et placement du Québec, SNC-Lavalin Capital; the Department of External Affairs at the Mexican Embassy, the Mexican Council of International Affairs, the FTQ and the Newspaper Les Affaires. |
