Harper Government Announces New Investment Agreements in Sub-Saharan Africa
Source: Department of Foreign Affairs, Trade & Development Canada
December 1, 2014
The Honourable Ed Fast, Minister of International Trade, and the Honourable Christian Paradis, Minister of International Development and La Francophonie, today announced that Canada has signed foreign investment promotion and protection agreements (FIPAs) with three sub-Saharan African countries: Côte d’Ivoire, Mali and Senegal. The FIPAs were signed by Minister Paradis and his counterparts from the three countries on the margins of the 15th Francophonie Summit and the first Francophonie Economic Forum, taking place in Dakar, Senegal, from November 29 to 30.
FIPAs help ensure fair treatment and create a more predictable and transparent business environment. Specifically, FIPAs set out clear rules governing investment relations, including dispute resolution and protection against discriminatory and arbitrary practices, creating a secure and predictable environment. Improving the business climate by increasing investment and trade will contribute to sustainable economic growth in those countries and to achieving the objectives of the economic strategy for La Francophonie.
Now that these agreements have been signed, countries will proceed with their respective ratification processes.
- Côte d’Ivoire, Mali and Senegal are priority markets for Canada under Canada’s Global Markets Action Plan, with opportunities in various sectors such as mining, oil and gas, education, energy, infrastructure, sustainable technologies, agriculture and transport.
- According to Natural Resources Canada, 2013 Canadian mining assets were worth $704.3 million in Mali, $221.1 million in Côte d’Ivoire and $631.9 million in Senegal, part of a total of nearly $24.1 billion in assets in sub-Saharan Africa for 2013.
- Canada currently has FIPAs in force with 28 countries and is negotiating with many others.
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