Minister Oda Announces CIDA's Sustainable Economic Growth Strategy

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Transcript

Today I'm pleased to bring you the strategy supporting CIDA's third thematic focus, sustainable economic growth. A focus that addresses the undeniable link between development and economic growth.

As China, India and others in Asia, Africa and Latin America have shown us, growing the economy is the best way to help people lift themselves out of poverty.

A dynamic, growing economy creates jobs and higher incomes. It also generates the financial resources required to finance the education and health systems that help societies thrive.

Above all else, sustainable economic growth cannot possibly happen without political stability.

CIDA's sustainable economic growth strategy will target efforts that will lead to moving ahead towards that same vision. At it's core, our strategy will follow three paths, and they are; building economic foundations, growing businesses and investing in people.

Let me begin with building economic foundations. Industries and businesses can only grow where the foundations are stable, firmly rooted and strong. This calls for a pro growth environment.

An environment where there are sound economic policies and regulations that are fair and implemented consistently. And one in which accountable fiscal management and anti corruption measures exist. These are the foundations needed for investment, innovation and fair, robust, competition.

The private sector is the driving force behind economic growth that is truly sustainable. Developing countries with diverse and healthy private sectors typically have higher levels of growth and poverty reduction, yet in the developing world many people, especially women, face constraints in establishing and growing their businesses and fully contributing to the economy.

It's imperative that we help enterprises in the developing world become more productive, more competitive and more sustainable.

We must help businessmen and women in developing countries gain better access to credit, insurance and financial services including micro finance products. And we must help bridge the gap between micro financing and mainstream banking services.

The final path in our sustainable economic growth strategy is, I believe, the critical piece of the puzzle, investing in people. People who can create and seize economic opportunities and people who will fill jobs, start businesses and invest in local economies.

We believe that helping countries to better invest in their people, more working age adults will gain marketable employment skills and more workers will acquire new knowledge and skills that increase their productivity.

In all three of our paths to advance our sustainable economic growth strategy, building economic foundations, growing businesses and investing in people, CIDA is already active.

Canadians can be proud of our government's plan and strategy to help more people capitalize on that potential. That plan, ladies and gentlemen, rests in the Canadian International Development Agency's sustainable economic growth strategy which I have been very pleased to present to you today and I look forward to working with you, many of you, in the future as we bring this to a reality. Thank you very much for your attention. (Applause).