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NOTES 7. The picture is distorted by the past policies of Japan. Because of formal and informal barriers to FDI until recent years, Japan’s role as an export market for all countries has been far greater than as a destination for FDI. The balance between Asian investment and exports comes into line if Japan is excluded from the calculations. 8. An exact comparison is not possible as Canadian investment statistics for the region include Macau, North Korea and the tiny island states of Micronesia and Melanesia. However, Canadian investment in these states is economically insignificant. 9. The International Monetary Fund has set standards, which are followed by Statistics Canada. However, the investment data of many other countries follow different sets of rules. 10. In 1985 only 1,149 Canadian-controlled companies held offshore direct investments. By 1991, this total had declined to 1,008. Franklin Chow, “Recent Trends in Canadian Direct Investment Abroad: The Rise of Canadian Multinationals,” Canadian-Based Multinationals, Steven Globerman ed. (Calgary: University of Calgary Press, Industry Canada Research Series, Vol. 4, 1994), p. 42. 70 11. Statistics Canada, Canada’s International Investment Position, 1998 (Catalogue No. 67-202) (Ottawa: Minister of Industry, 1999), p. 25. 12. Thomson Financial Securities Database and published sources. 13. Based on calculations by Rao, Legault and Ahmad, a 10% increase in Canadian foreign investment in primary metals between 1981-89 suggested an increase in exports of 4.8%. A similar investment in foreign manufacturing projects appeared to boost exports by 6.7%. Rao, Legault and Ahmad, Canadian-Based Multinationals, p. 95. 14. In the second week of November, 1999, the Asia Pacific Foundation of Canada contacted 404 companies in the Asia Pacific Corporations Database of Canadian companies with a physical presence in Asia. The response rate was 17%. 15. Department of Foreign Affairs and International Trade, International Investment: Consultation Paper on WTO/ FTAA Investment. 24 November 1999. 16. Rao, Legault and Ahmad, Canadian-Based Multinationals, p. 100. 17. This inflow was more than offset by an outflow of $13.4 billion in dividends and profits to investors holding FDI in Canada. Statistics Canada, Canada’s Balance of International Payments, Second Quarter 1999 (Catalogue No. 67-001) (Ottawa: Minister of Industry, 1999), p. 60. 18. Strategis. Industry Canada. 29 November 1999. 19. Gowling, Strathy & Henderson, Report on the Review of the Export Development Act for Department of Foreign Affairs and International Trade (N.p: 1999), pp. 38, 131. 20. A case study of the international expansion of Northern Telecom, one of Canada’s leading transnational corporations, shows how this happens. See Fernand Amesse, Louis Séguin-Dulude and Guy Stanley, “Northern Telecom: A Case Study in the Management of Technology,” Canadian-Based Multinationals, Steven Globerman ed. (Calgary: University of Calgary Press, Industry Canada Research Series, Vol. 4, 1994). CHAPTER 3 (SIDEBAR) 1. No detailed information was released on deals concluded during the first Team Canada mission to China. CHAPTER 4 1. Thomas J. Courchene and Richard G. Harris, From Fixing to Monetary Union: Options for North American Currency Integration. 20 January 2000. 2. Lorraine Eden, Multinationals as Agents of Change: Setting a New Canadian Policy on Foreign Direct Investment, Discussion Paper No. 1 (Ottawa: Industry Canada, 1994), as quoted in Ashfaq Ahmad, Someshwar Rao and Colleen Barnes, Foreign Direct Investment and APEC Economic Integration, Working Paper Number 8 (Ottawa: Industry Canada, 1996), p. 31. 3. Courchene and Harris, From Fixing to Monetary Union. 20 January 2000. A more limited comparison might be with France and Germany. In their case, 12.8% of combined exports in 1998 were with each other, representing 2.9% of their combined GDPs. 4. Jeffrey A. Frankel and Andrew K. Rose, The Endogeneity of the Optimum Currency Area Criteria, Working Paper No. W5700 (Cambridge: National Bureau of Economic Research, Inc., 1996).
NOTES 5. Research by Tamim Bayoumi and Barry Eichengreen has shown that business cycles tend to coincide between Eastern Canada and Eastern US and between Western Canada and Western and Southwestern US, rather than between each country as a whole. Tamim Bayoumi and Barry Eichengreen, “Monetary and Exchange Rate Arrangements for NAFTA,” Journal of Development Economics No. 43 (N.p: 1994), pp. 125-165, as quoted in Courchene and Harris, From Fixing to Monetary Union. 20 January 2000. However, their research was carried out on the period 1966-1986, before NAFTA promoted a considerable increase in integration. While the general principle probably still remains true — that economic links tend to be especially strong between similar regions of Canada and the US — there is likely a greater correlation between nationwide economic trends now than in 1986. 6. Asian Development Bank, Emerging Asia: Changes and Challenges (Manila: Asian Development Bank, 1997), p. 11. 7. Asian Development Bank, Emerging Asia, p. 122. 8. A comparative study by accounting firm KPMG last year found that Canada offered the lowest average business cost for new investment in manufacturing and service industries among G-7 countries. KPMG, The Competitive Alternatives: A Comparison of Business Costs in North America, Europe and Japan. 20 January 2000. 71 9. “Japan to Push Bilateral Free Trade Scheme in Asia,” Dow Jones International News. 8 January 2000. 10. “Kim Calls for Merger of East Asia, ASEAN: President Stresses Regional Peace, Development,” The Korea Herald. 4 February 2000. CHAPTER 5 1. John Manley, Speaking Notes for the Honourable John Manley, Minister of Industry, to the Annual Business Awards Dinner, October 28, 1999. 6 December 1999. 2. Statistics Canada, Strategies for Success: A Profile of Growing Small and Medium-Sized Enterprises (GSMEs) in Canada (Catalogue No. 61-523E) (Ottawa: Minister of Industry, Science and Technology, 1994), p. 39. 3. The Asia Pacific Foundation organized six focus groups of 12 to 17 participants in Vancouver, Winnipeg, Toronto and Montreal. Participants were Canadian citizens of Asian heritage, aged under 40, and with a demonstrated interest or involvement in the Asian Canadian community. 4. Asia Pacific Foundation of Canada, Canada’s “Hidden Advantage:” Asian Canadians (Vancouver: Asia Pacific Foundation of Canada, 1994). 5. In 1993, business visa holders made up 20.5% of total immigrants from the top nine Asian countries of origin. By 1998, the proportion of business visa holders from the same sources had dropped to 3.2%. Citizenship and Immigration Canada. 6. Based on conversations and e-mail communication with former students. 7. Carin Holroyd, Canadian Business Opportunities in Japan: Current Realities and Future Prospects (Ottawa: The Canada-Japan Trade Council, 1999), p. 37. 8. Holroyd, Canadian Business Opportunities in Japan, p. 38. CHAPTER 6 1. Asian Development Bank, ADB Poverty Reduction Strategy Aims to Rid Region of Extreme Poverty. 21 December 1999. 2. It is estimated that the adoption of a common test for conformity of telecommunications equipment within APEC has saved the member economies a combined US $50 billion a year. Asia Pacific Economic Cooperation, Eleventh APEC Ministerial Meeting Joint Statement, Auckland, New Zealand, 9-10 September 1999. 17 December 1999. 3. Inge Kaul, Isabelle Grunberg and Marc A. Stern ed., Global Public Goods: International Cooperation in the 21 st Century (New York: Oxford University Press, 1999). 4. Inge Kaul, Isabelle Grunberg and Marc A. Stern, “Global Public Goods: Concepts, Policies and Strategies,” Global Public Goods, Kaul, Grunberg, and Stern ed., pp. 494-495. 5. Inge Kaul, Isabelle Grunberg and Marc A. Stern ed., Global Public Goods, Executive Summary. 21 December 1999.
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October 2000, we will hold the firs
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OVERVIEW 1 asia in convalescence 7
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GRADE ‘98 Inward Investment C- In
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THE CHALLENGE OF GLOBALIZATION Unde
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The largest pool of investable Cana
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enabled Canada to take a stronger r
Page 19 and 20: emoval. However, most of the change
Page 21 and 22: MAJOR EVENTS 2 a year in review 21
Page 23 and 24: stock markets were climbing. As the
Page 25 and 26: six-fold in Thailand. With the exce
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Page 29 and 30: it had allowed in recent years. A m
Page 31 and 32: SECURITY BACKTRACK While economic c
Page 33 and 34: Outbreaks of violence in other part
Page 35 and 36: ECONOMIC RELATIONS 3 looking for a
Page 37 and 38: TODAY’S DELAY IS TOMORROW’S LOS
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Page 41 and 42: to achieve operating efficiencies t
Page 43 and 44: Finally, foreign investment by Cana
Page 45 and 46: NORTH AMERICAN INTEGRATION 4 too mu
Page 47 and 48: similar to that with the US with on
Page 49 and 50: British Columbia provides a recent
Page 51 and 52: part of US-assembled goods bound fo
Page 53 and 54: ASIAN EXPERTISE 5 hidden advantage
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Page 57 and 58: usiness skills to enhance Canada-As
Page 59 and 60: 6 DEVELOPMENT ASSISTANCE ODA for a
Page 61 and 62: the term “development assistance
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Page 69: NOTES CHAPTER 1 1. Based on markets
Page 73 and 74: REFERENCES —. Statistics Canada.
Page 75 and 76: REFERENCES United Nations Conferenc
Page 77 and 78: STATISTICAL APPENDIX ASIAN MOTHER T
Page 79: STATISTICAL APPENDIX CANADA’S TRA
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