Key to Canada's Energy Future is expanding business with Asia and continued business with United States

Key to Canada's Energy Future is expanding business with Asia and continued 
business with United States 
Canada needs more than one customer to be successful says CIBC's Jim Prentice 
OTTAWA, Nov. 19, 2012 /CNW/ - CIBC (CM: TSX) (CM: NYSE) — While the United 
States will remain Canada's most important energy client, the country needs to 
advance its relationship with Asia to secure market access says the Hon. Jim 
Prentice, Senior Executive Vice-President and Vice Chairman of CIBC. 
In a speech to the Canadian American Business Council, Mr. Prentice said 
Canada has been favoured with a wealth of natural resources and a neighbour 
that has needed them but Canada must diversify its customer base if it is to 
truly be an energy superpower. However, doing so will have its complications. 
"While the United States has encouraged Canada to pursue diversified markets, 
we would be naïve to think that a blossoming relationship with China will not 
have implications on our relationship with the United States," said Mr. 
Prentice." And still, Asia is where the growth of today is, and where the 
growth of tomorrow will be. So that's where we need to be." 
Mr. Prentice cautioned that it does not mean Canada can take its time building 
infrastructure and put up restrictive policy and expect that Asia will 
continue to 'keep beating down our door'. 
"Yes, we offer advantages as a resource producer related to stability and 
security of investment," said Mr. Prentice. "And yes, the government should 
demand that foreign companies be committed to investing in Canada, building 
here with Canadian participation and playing by market rules. 
"But we also need to remember that we are a higher-cost environment. Our 
strength isn't that we are 'cheap'. Our strength is that we are dependable, 
reliable, secure and respectful of the rule of law - no surprising changes to 
taxes, royalties or foreign investment rules. We shouldn't forget that because 
everyone in the Asia Pacific has alternatives." 
Mr. Prentice stressed that at the same time, Canada must reengage Americans to 
build a better, more efficient continental energy market. 
"With both countries, we face difficult challenges, made even more complex by 
the fact we have control over only some of the variables," said Mr. Prentice. 
"But this much is clear; the time for delay and indifference is over. We need 
to get to work." 
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The speech is available at : 
Sean Hamilton at (416)-304-8456 
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CO: Canadian Imperial Bank of Commerce
ST: Ontario
-0- Nov/19/2012 16:36 GMT
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