Hon. Jim Prentice, Vice Chairman of CIBC, tells London energy conference that Canada needs to send the message that it is open for business
LONDON, UK, Oct. 1, 2013 /CNW/ - CIBC (TSX: CM) (NYSE: CM) - Canada's energy sector urgently needs to reorient its focus from being a continental energy supplier to become a global player, says the Honorable Jim Prentice, Senior Executive Vice-President and Vice Chairman of CIBC.
Mr. Prentice told an audience at the Oil and Money 2013 Conference in London, England that " Canada faces the imperative to change its thinking, adjust its focus and begin to match up its energy resources with the needs of the growth markets of the Asia-Pacific. The industry must do the hard, urgent work of reorienting itself to serve the demand of tomorrow - and it must do so in a climate in which other countries are equally determined to supply these markets with oil and gas."
To succeed in this task, he said Canada must:
- become more international in its ambitions, by securing trading relationships with new partners, especially in the Asia-Pacific;
- invest in and develop the infrastructure required to efficiently export oil and gas both on the continent and around the world; and
- ensure an attractive regime for foreign investment in the energy industry, including from State-Owned Enterprises.
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