Canada's Priority: The urgent case for pursuing global markets

Scotiabank's Rick Waugh gives keynote speech at Toronto Region Board of Trade 
TORONTO, Jan. 28, 2013 /CNW/ - Scotiabank CEO Rick Waugh addressed the 125(th) 
annual Toronto Region Board of Trade dinner saying that Canada has the ability 
reach great heights in the coming century by working together, to improve 
productivity through innovation, efficiency and economies of scale. 
"Taking our products and services to high growth emerging markets can help us 
reach each of these goals," said Rick Waugh during his address. "We need to 
understand that a global shift is well underway. Our traditional trading 
partners in the developed world are facing prolonged slow growth and serious 
structural issues that are likely to hinder them for many years." 
Mr. Waugh outlines in his speech that Canada is in the stronger position right 
now, and we can take advantage of it if we adopt a true sense of urgency. 
"To be successful, we can't continue with business as usual. It's going to 
require a new collective mindset and new priorities and exceptional effort." 
Mr. Waugh laid out a number of Canada's strengths including a strong and 
stable fiscal and monetary position in absolute terms and relative to many 
other developed countries. "We're among a select few safe havens for 
investors, and because of that we are able to attract capital far easier than 
many of our competitors." He went on to say that our government is rightly 
focused "on expanding trade to external markets and encouraging two-way 
investment to grow our economy." 
Canada has great potential to succeed in world where there will continue to be 
great demand for our strengths. "Not only commodities and energy, but our 
leading expertise in banking, insurance, accounting, legal services, 
aerospace, technology, including expertise in the digital world," said Mr. 
Waugh. "We have a highly skilled, diverse and multicultural workforce with 
global connections to attract even more of the right people we need to succeed 
in the 21(st) century economy." 
One of Canada's significant advantages is that it sets the standard for 
satisfying all the requirements of a healthy financial system - safety, trust 
and profitability and "[Scotiabank is] routinely ranked among the safest banks 
in the world." 
But Canada now must confront our challenges. "Our historical near-total 
reliance on the U.S. may have been enough in the last century, but it hasn't 
prepared many of us for the next century," he adds. "We need to understand 
that we have tremendous strengths as a country - strengths that have great 
value in the current global marketplace. But to unlock that value, we've got 
to be in the global marketplace." 
The solution to this, Mr. Waugh explained is for Canada to start developing 
new markets for our products and services in high growth emerging markets. 
"It's more than just a call for action - it's making it a top Canadian 
priority," concluded Mr. Waugh. "We need to nurture and grow important 
economic clusters where we can build a competitive advantage to take on the 
global marketplace - no matter the level of our currency." 
About Scotiabank 
Scotiabank is one of North America's premier financial institutions and 
Canada's most international bank. With more than 81,000 employees, Scotiabank 
and its affiliates serve some 19 million customers in more than 55 countries 
around the world. Scotiabank offers a broad range of products and services 
including personal, commercial, corporate and investment banking. In December 
2012, Scotiabank became the first Canadian bank to be named Global Bank of the 
Year and Bank of the Year in the Americas by The Banker magazine, a Financial 
Times publication. With assets of $668 billion (as at October 31, 2012), 
Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more 
information please visit 
Diane Flanagan, Scotiabank, 416-508-8396 Andrew Chornenky, Scotiabank, 
SOURCE: Scotiabank 
To view this news release in HTML formatting, please use the following URL: 
CO: Scotiabank
ST: Ontario
-0- Jan/29/2013 01:30 GMT
Press spacebar to pause and continue. Press esc to stop.