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Hands across the Pacific — maybe Chinese President Hu sets 2010 as target for doubling trade with Canada; critics note past failures, call for specific goals Gary Park Petroleum News Canadian Contributing Writer
Whether the deeds will match the endless, platitude-laden friendship toasts and speeches is all that really matters.
But for those who want to believe the words, British Columbia will become the open door to Asia for trade, investment and transportation — with oil high on that list.
During a week-long visit to Canada, Chinese President Hu Jintao, speaking to 1,000 business and political leaders in Vancouver Sept. 17, set a target of doubling bi-lateral trade to US$30 billion by 2010.
That was quickly seized on by Canadian Prime Minister Paul Martin, who said British Columbia is ideally positioned to serve as the gateway between North America and Asia.
He said oil pipelines are being proposed (by Terasen and Enbridge) and major investments are being made in Canada’s roads and railways to facilitate the flow of goods.
“This not just yackety-yak,” said Paul Evans, co-president of the Vancouver-based Asia Pacific Foundation of Canada. “We’re at the beginning of a new day.” Past indications not positive But there is no shortage of critics with memories of China’s failure to deliver on past promises and Canada’s failure to pursue its opportunities.
Even the foundation learned in a recent survey that only 4 percent of 296 Chinese companies have investment projects in Canada and only 8.4 percent are considering that possibility.
Energy ranked second on the list of Canada’s seven most promising investment sectors, scoring 3.85 on a scale of 1 to 5.
However, more important to those respondents than Canada’s abundant energy resources was its high quality of life.
In 2004, Australia attracted US$125 million in Chinese investment; Canada landed a paltry US$23 million. That has changed sharply this year on the energy front alone, with two Chinese energy companies investing a combined US$205 million in two oil sands projects. Intensified effort needed Just cementing any new trade ties will need an intensified effort.
“We need to identify some concrete goals and not just have all these lofty plans,” said Sing Lim, a director of the Vancouver Real Estate Board and member of the Chinese Entrepreneurs Society. “The next step is to get governments together again to talk in more detail.”
British Columbia Premier Gordon Campbell said he plans a follow-up visit to China “in the next few months.”
There was only one hint of a potential trade deal to come.
Hu’s sole corporate stop in Canada was to the Vancouver facilities of Ballard Power Systems, a world leader in developing fuel cells to replace gasoline-powered vehicles and a possible answer to China’s exhaust-choked cities.
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