Canada must be open to foreign investment to help expand its economy and should seek new markets beyond the U.S. for its oil exports, TMX Group Ltd. Chief Executive Officer Thomas Kloet said.
“I believe it is imperative that Canada remain open to foreign direct investment to help fund our economic expansion,” Kloet said at a panel discussion at the Toronto Global Forum conference.
The government must set clear ground rules that encourage and welcome investment while ensuring that the best interests of Canadian businesses and citizens are defended, said Kloet, who oversees the Toronto Stock Exchange owner.
Kloet’s comments come as the Canadian government reviews Chinese state-owned Cnooc Ltd.’s $15.1 billion takeover offer of Calgary-based Nexen Inc.
Canada must build on its successes of trade pacts with other countries, including the North American Free Trade Agreement, to add agreements with new international markets, he said. Canada must move beyond the U.S. to seek new markets for exporting its oil, Kloet said.
“One of the biggest drivers of current and future prosperity for Canada rests with trade with a single country,” Kloet said. “Regardless of the success of this trading zone, Canada must continue to seek new markets for this critical export commodity.”