Canada’s cities are magnets for foreign investment

Unbeknownst to many Canadians, our cities are increasingly selected as desirable destinations for Foreign Direct Investment (FDI).

FDI inflows to Canada rose by 17 per cent to $1.5 trillion in 2011, up from $1.29 trillion in 2010. In 2012, fuelled by Chinese oil giant CNOOC’s $15-billion purchase of Calgary’s Nexen Inc., Canada replaced Australia as the lead country in the world for Chinese outward-bound direct investment. A ramping up in Chinese investment interest is particularly significant given the OECD’s prediction that China’s economy will eclipse that of the United States — Canada’s longtime largest trading partner — as soon as 2016.

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