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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