Increasing trade links with foreign countries should be a priority for Canadian firms, Bank of Nova Scotia Chief Executive Officer Richard Waugh said.
“We need to reach out to new markets, strengthen ties abroad and find new customers and partners beyond our borders,” said Waugh, according to the text of a speech he’s scheduled to give today at a Toronto Board of Trade event. “It’s more than just a call for action. It’s making it a top Canadian priority.”
Increasing international trade helps companies become more efficient and productive, said Waugh, 65, a vice chairman of the Institute of International Finance. Toronto-based Scotiabank, the country’s third-largest lender by assets, has operations in about 55 countries and posted record profit of C$6.47 billion ($6.43 billion) in the year ended Oct. 31.
Canada needs to continue pushing “to deepen trade links and provide the resources and policies to support these and future initiatives at all levels of government,” Waugh said.