Canada’s leadership in the extractive resource sector is helping to fight global poverty


OTTAWA, Canada, October 6, 2014/African Press Organization (APO)/ — Today, on the occasion of the CEO Summit of the Devonshire Initiative, the Honourable Christian Paradis, Minister of International Development and La Francophonie, re-affirmed Canada’s commitment to promoting responsible oil, gas and mining development to help move the world’s most vulnerable from poverty to prosperity.

Minister Paradis also announced Canada’s support for three projects aimed at helping developing countries stimulate private sector-led growth and create the conditions to maximize the benefits of their resource wealth.

“The development of extractive resources is one of the most effective tools for eradicating poverty in developing countries,” said Minister Paradis. “Canada’s support enhances the capacity of developing countries to manage their extractive resource sectors, creating jobs and providing governments with revenue to deliver services to their citizens and enabling communities to maximize the benefits of the oil, gas and the mining sectors.”

Canada’s support announced today will help developing countries in both Africa and the Americas manage responsibly the complex issues surrounding extractive resources development, such as administering taxation and addressing social and environmental impacts in ways that improve the health and well-being of those involved.

“Canada is recognized as a global leader in responsible resource management,” said Minister Paradis. “Our efforts focus on growing economies more sustainably, managing resources more responsibly, and working more closely with the private sector to reduce poverty and build tomorrow’s markets for trade and investment.”

Minister Paradis also noted how Canada’s development work in the extractive sector is an important example of how strong partnerships involving the private sector and civil society are stimulating sustainable economic growth and helping to break the cycle of poverty in developing countries.

Helping developing countries to responsibly manage their resource wealth also aligns with Canada’s efforts to promote corporate social responsibility by Canadian companies operating abroad. Canada is committed to working with our trading partners to pursue policies that support a responsible and sustainable investment environment in the best interests of both communities and businesses.

Quick Facts

•    The management of natural resources in developing countries is an increasingly important driver of sustainable economic growth. It creates jobs and provides governments with revenue to deliver services to their citizens.

•    Exports of oil and minerals from Africa, Asia, and Central and South America in 2012 were worth more than US$1.35 trillion—more than 15 times the amount of official development assistance provided to these same regions in that year.

•    Extractive industries (mining, oil and gas) are a major driver of Canadian prosperity. Building on this domestic strength, Canada has also become a major player in the international extractive sector.

 

SOURCE

Canada – Ministry of Foreign Affairs

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