Minister Morneau Visits Indiana to Promote Canada-U.S. Relations Beyond Ottawa and Washington
April 4, 2017 – Indianapolis, Indiana – Department of Finance Canada
Canada and the United States have built one of the most productive, interconnected and enduring economic relationships in the world—one that has led to shared prosperity and a better quality of life for the middle class in both countries. As we make investments at home to strengthen the middle class, create jobs now and grow our economy in the future, we will also deepen our ties and strengthen key partnerships around the world, including with our closest friends and neighbours.
Finance Minister Bill Morneau brought this message to Indianapolis today, the second stop on his two-day visit to the United States, which began in New York City on Monday.
The Minister started the day with a tour of Canadian National Railway's Kirk Yard in Gary, Indiana, CN Rail's largest yard in the United States. Nearly 2,000 cars are processed every day at Kirk Yard, providing an essential hub for the Midwestern United States, and for products moving on rail lines across the U.S. and to and from eastern and western Canada.
The Minister then visited Skjodt-Barrett Foods Inc., a food manufacturer and supplier with operations in Canada and in Lebanon, Indiana. Later today, he will hold a luncheon with influential leaders from the state, participate in a roundtable with Indiana businesses, and meet with Indiana Governor Eric Holcomb.
Canada is Indiana's number one customer, with nearly 190,000 jobs in this state alone directly linked to trade and investment with Canada.
With balanced and tightly knit economic, trade and financial ties between Canada and the U.S, it is in the interest of both countries to keep working together to achieve their shared goal of creating good, well-paying jobs and improved living standards for the middle class.
"The relationship between Canada and the United States extends far beyond Ottawa and Washington. Our families, our businesses and our economies are so closely intertwined that we sometimes forget to take a moment to reflect on the impact it has on our everyday lives. Canada's plan for long-term prosperity and a strong middle class is directly linked to the success of states like Indiana. Working together, we will strengthen and advance this historic friendship and benefit the middle class in both of our countries."
- Bill Morneau, Minister of Finance
- Canada and the United States share a longstanding relationship, through people-to-people ties and a strong trading and investment relationship that includes:
- nearly 9 million American jobs, including 189,800 jobs in Indiana, dependent on trade and investment with Canada;
- the largest, two-way, balanced trading relationship in the world, with almost CAN$850 billion (US$635 billion) in goods and services traded in 2016, including US$18.8 billion in bilateral goods trade between Canada and Indiana;
- most U.S. states, including Indiana, counting Canada as their top trading partner;
- a highly integrated manufacturing sector, with products crossing the border several times before final assembly and sale in both countries;
- more than 160 Canadian-owned companies with operations in Indiana;
- balanced capital flows, with the U.S. stock of direct investment totalling half of all foreign direct investment (FDI) in Canada (CAN$451 billion, US$353 billion, in 2015) and Canadian direct investment one of the main sources of FDI into the United States (CAN$344 billion, US$269 billion).
Media may contact:
Office of the Minister of Finance
Department of Finance Canada