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."
CIBC is a leading Canadian-based global financial institution. Through our
Retail and Business Banking, Wealth Management and Wholesale Banking
businesses, CIBC provides a full range of financial products and services to
11 million individual, small business, commercial, corporate and institutional
clients in Canada and around the world. You can find other news releases and
information about CIBC in our Press Centre on our corporate website at
The speech is available at : http://files.newswire.ca/256/CABCSpeech.pdf
Sean Hamilton at (416)-304-8456 firstname.lastname@example.org
PDF available at:
To view this news release in HTML formatting, please use the following URL:
CO: Canadian Imperial Bank of Commerce
-0- Nov/19/2012 16:36 GMT
Press spacebar to pause and continue. Press esc to stop.