NPRA '02: Canada to launch chemicals investment Web site

25 March 2002 15:41  [Source: ICIS news]

SAN ANTONIO, Texas--The Canadian government will launch a Web site 1 April to promote investment in Canada's petrochemical industry as a lower-cost production base for the North American market, government officials said here Monday.

Gary McGee, an official with Industry Canada, told CNI that the government-run Web site is designed to lure European and Asian chemicals firms to Canada, offering abundant and low-cost feedstock, low taxes, a higher rate of return on capital and proximity to the US market.

Industry Canada is the Ottawa government's trade and commerce ministry.

McGee said the Ottawa government's objective is to lure US chemicals manufacturers to Canada as well, hoping the US producers will site future production facilities in Canada to serve their own US market.

The government Web site will offer prospective investors information and contacts regarding sites, resources, financing and other related issues, McGee said.

He said the government is open to all prospective investors but is particularly interested in luring producers of basic chemicals, low-volume, value-added specialty chemicals, and biomass-based chemicals.

Industry Canada already has launched investment sites supporting Canada's automotive, metals and minerals and life sciences industries. But McGee said Industry Canada has not been able to determine the success of those earlier efforts, saying those three sites have been operational for only six months.

Beginning 1 April, the chemicals investment site will be available as a link from Industry Canada's base site at: http://www.investincanada.gc.ca/.

McGee spoke with CNI at the 27^th annual International Petrochemicals Conference (IPC). Sponsored by the Washington, DC-based National Petrochemical & Refiners Association (NPRA), the IPC concludes on Tuesday.

By: Joe Kamalick
+1 713 525 2653

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