Book excerpt from Everybody’s Business: How to ensure Canadian prosperity through the twenty\u002Dfirst century. Read more
This pillar includes ensuring people are healthy enough to work and posses the skills, education and knowledge to be relevant and productive in the 21st century. Currently there are significant gaps in terms of the skills needed to succeed, including critical thinking and coding, and how well our students are prepared for the transition to post-secondary education and in-demand skills training.
Currently our three critical infrastructure sectors, which all other sectors interact with — telecommunications, finance and air transport — are highly protected and have inhibited innovation across the economy. While protection of the banking and finance sector can be justified in exchange for the stability the sector provides, such is not the case for the other protected sectors.
As indicated earlier, many of the obstacles to innovation and productivity in our economy stem from protectionist policies. Canadians are indeed able to compete and win in the global economy, provided they are given the appropriate environment to operate within.
Although we have made recent progress, Canada must also be made more open to foreign investment. It still has room to liberalize its foreign investment rules in the context of the needs and priorities demanded by the modern economy. Both the mandatory review for investments over the government’s threshold and the sectors that have heavy restrictions on foreign ownership have hurt the economy significantly.
These recommendations can form new normal for Canada — a move away from low-value exports to those that are much more innovative and advanced. And when this happens, Canadian firms will be better placed to succeed in Asia, Europe, Latin America and elsewhere.For all people and businesses to pursue their passions, creativity, innovation and economic opportunity, we need a friction-free ecosystem that promotes rather than impedes their efforts.
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