Canada PM: Fear holding back global recovery



AGENCE FRANCE PRESSE

Published — Wednesday 7 November 2012

Last update 7 November 2012 11:59 pm

| نسخة PDF Print News | A A

NEW DELHI: Fear of a 2008-style financial catastrophe is holding back the global recovery but business must be more confident and seek out investment opportunities, Canada's prime minister said yesterday.
"We can't get over the overhang" of the financial crisis that followed the collapse of US investment powerhouse house Lehman Brothers, the Canadian leader said in a speech inaugurating the Indian World Economic Forum in New Delhi.
Businesses worldwide are refraining from investing because they fear a "catastrophic event" that will "send everything into a tailspin", said Stephen Harper, adding that this "continues to restrain the global recovery".
He called such fears overblown and urged financial decision-makers to display more confidence in making investments and help repair the global economy.
"Don't worry about today's uncertainty — look at the opportunities over the medium term," said Harper, noting this was the strategy being pursued by Canada whose growth is the best among leading industrialized nations.
There are signs of rising global trade protectionism like that which hampered recovery from the Great Depression in the 1930s and which could still push the world into a prolonged recession, Harper conceded.
"But it (protectionism) is not an avalanche -- it is not yet something to panic about," Harper told business leaders who are discussing ways to boost India's faltering economic growth.
"Most leaders get it on the big picture" that protectionism will harm rather than help their economies, he said.
He added that a comprehensive deal in the Doha round of world trade talks is out of reach for now and Canada instead is negotiating multilateral and bilateral trade deals with countries such as India.
Canada expects to conclude a free trade pact with India next year.
Harper's speech came a day after the countries clinched an agreement opening the door to Canadian exports of nuclear supplies to the energy-hungry South Asian nation.
The pact ends almost four decades of awkward relations after India used Canadian nuclear technology to stage its first atomic test, and will allow Canadian uranium to be used to power Indian reactors.
Canada is aware it can no longer rely solely on traditional big commercial partners as the United States to be markets for its exports, Harper said.
"Our foreign investment negotiations have come much of the way but we have to be serious about getting them across the finish line," he said. He compared the countries to lovers depicted in India's Bollywood movies who must overcome obstacles to get together.
"There is a kind of parallel to Canada and India and the typical Bollywood plot," he said. "We have to work determinedly to get to the happy ending we want."

What's happening around Saudi Arabia

JEDDAH: Demand for housemaids is so high in the holy month that illegal domestics, working in violation of residence and labor laws, can easily draw a salary of SR3,000 during Ramadan.Due to difficulties in the recruitment process, Saudis are left wi...
JEDDAH: Custodian of the Two Holy Mosques King Salman has condemned the terror attack on several military checkpoints in Egypt’s North Sinai and expressed his condolences to President Abdel Fattah El-Sissi, SPA reported. In a cable to El-Sissi, the k...
Custodian of the Two Holy Mosques King Salman prays inside the historic Quba Mosque in Madinah. The king was accompanied by Prince Muqrin, Sheikh Abdul Rahman Al-Sudais, head of the Presidency of the Two Holy Mosques and Prince Sultan bin Salman, ch...
JEDDAH: Shop rentals at certain malls have risen by 200 percent, with this cost likely to be passed on to the consumer, the Jeddah Chamber of Commerce and Industry (JCCI) said here recently. Muhammad Al-Shehri, chairman of the JCCI’s textiles and gar...
JEDDAH: People with special needs can now visit a park that has dedicated services for them.Jeddah Mayor Hani Abu Ras opened Al-Erada Park in Al-Salama district on Prince Sultan Street on Thursday.“The Kingdom provides special care for people with di...
JEDDAH: Is involvement in social media the right thing or wrong, particularly in the month of Ramadan? There is a difference of opinion with some arguing that it eats into the time that should be spent praying while some backing it for its religious...
RIYADH: The Argentine government has thanked the Kingdom for previously hosting its Umrah pilgrims for free.“They were part of a group invited by then Custodian of the Two Holy Mosques King Abdullah,” said Ambassador Jaime Sergio Cerda on Thursday.“T...
RIYADH: The Ministry of Education’s counseling department has approved the Rifq Program for the physical and psychological well-being of students.Nabil Mohammad Al-Budair, director of counseling for boys, said the program aims to reduce violence in p...
RIYADH: Sales of fireworks at public markets and main roads in Riyadh have increased during Ramadan, despite the Ministry of Commerce and Industry announcing a SR5,000 reward for anyone providing information about warehouses storing these dangerous i...
RIYADH: The General Organization for Social Insurance (GOSI) has reported that there were 69,241 work-related accidents in 2014, with expatriates making up 65,509 or 94.6 percent and Saudis 3,732.The accidents were in nine sectors with building and c...
JEDDAH: The Health Ministry’s expenditures over the past five years increased from SR29.29 billion to SR53.73 billion, an increase of about 83 percent.According to a study detailing the ministry’s expenditures between 2008 and 2012 issued by the mini...
RIYADH: Five people from the southern Indian state of Kerala were killed in a road accident at Salwa near Dammam in the Eastern Province early Thursday morning.Manoj Kumar, community welfare attache at the Indian Embassy, told Arab News that the vict...
MAKKAH: The government has deployed eight helicopters over Makkah to track the movement of vehicles and people, and assist in security tasks and medical evacuations.Maj. Gen. Mohammad Al-Harbi, commander of the Interior Ministry’s aviation security d...
JAZAN: A Yemeni woman (A.M.) has once again experienced freedom and a renewed sense of hope in life after reuniting with her family last week on her release from Jazan General Prison, where she spent six years on charges of murder of a citizen in the...
RIYADH: A delegation from the Kingdom recently visited the United Arab Emirates (UAE) to explore that country’s successful experience in tourism, in a bid to further develop the sector. Saudi Arabia has been making all-out efforts to promote tourism,...

Stay Connected

Facebook