This is worth a smile from Tobin
8/20/99
By PAT DOYLE
The Telegram
The Fraser Institute, a Vancouver-based independent public policy organization, is so right wing ?it
makes Preston Manning look like a pinko,? Premier Brian Tobin said Thursday.
Tobin was incensed with a survey report on investment climates in Canada issued by the institute
earlier this week.
According to the survey report, Canadian investment managers ranked Ontario and Alberta as the
top two provinces in terms of investment climates.
Based on a score of 1 to 10, the survey report said Ontario topped the rankings with a score of 7.9
followed by Alberta?s with a score of 7.8.
The report said Newfoundland scored 4.5, moving it from last place in 1998 to second last this year,
ahead of British Columbia?s 3.1
The institute said B.C. received the largest negative response of any province with 70 per cent of
respondents stating the province lacked the necessary economic policies required to develop
world-class companies over the next decade.
?The next ?worst? province in terms of lacking the necessary economic policies to promote globally
competitive companies was Newfoundland, which garnered a negative score of 39 per cent.?
Speaking at a news conference on another matter, Tobin said Corner Brook native Michael Walker,
who is head of the institute, had stated Newfoundland?s inflexibility ? particularly with its stand on
Voisey?s Bay ? has deterred investment.
?I?m simply saying that, first of all, this analysis is absolutely wrong..
?Newfoundland is having a phenomenal economic year and will lead the country this year with a 29
per cent capital spending growth compared to a national rate of 6.8 per cent.?
Capital spending is expected to exceed $3.5 billion, an increase of nearly $800 million over 1998, he
said.
Therefore, the information in the survey on this province is completely inaccurate, the premier said.
?This (institute) is the most right-wing organization in Canada,? he said. ?This organization is right of
Atilla the Hun.?
Tobin also noted that Walker has said in the past that the solution for Newfoundland is to depopulate
the province.
?Newfoundland and Labrador?s stance on Voisey?s Bay has in no way deterred investment in this
province,? he said.
?If anything, it has clarified the province?s position on mining projects, and we continue to see new
investments made.
?We have taken the position on Voisey?s Bay with the support of the people of this province in order
to make sure that they receive full and fair benefits from the project.?
The province has a strong investment climate which offers many advantages and there are many
factors to support that claim, Tobin said. He said people are still conducting mining exploration and
are still investing in mining projects.
?To have a right wing think tank telling me and telling the people of Newfoundland that we?re not
doing well because we actually said no to Inco when they proposed building a mine and mill only, to
me that?s a badge of honor.?
Tobin also said Newfoundland has one of the most competitive corporate tax regimes in the country,
which makes for an excellent investment climate.
?We also experienced 4.4 per cent gross domestic product (GDP) growth in 1998,? he said. ?Major
banks and financial institutions across the country, such as the Bank of Montreal and the
Conference Board of Canada, have projected that this year we will once again lead all of Canada in
growth at 5.5 per cent and five per cent, respectively.
?That does not happen without sound and solid investments,? he said.
?We have clear signs that we are on a very positive economic track,? Tobin said.
He noted that last month?s labour force numbers from Statistics Canada show steady growth in the
province?s labour market with an increase of 16,100 jobs over the same time last year.
?This is the strongest growth of any province,? Tobin said.
?Our investment strategies are working and Newfoundland and Labrador remains an excellent place
in which to do business.? |
