Chinese state-backed firms will see their influence grow if Canadian companies do not start investing more in the developing world, Canada’s UN ambassador said ahead of the speech by Prime Minister Justin Trudeau to the UN General Assembly on Monday.
When Trudeau addresses world leaders in New York, he will urge Canadian companies to boost their engagement as part of a push to reduce global poverty under the UN’s 2030 Agenda for Sustainable Development
The speech urging companies to invest more comes at a time when Canada pushes for a UN Security Council seat amid a geopolitical showdown over “who has influence, who has none,” Canada’s UN ambassador mentioned.
“There are huge business opportunities for Canada here,” Marc-Andre Blanchard told Chris Hall in an interview. “We just need to think differently about risk.”
He added that the player building the most effective influence through investment in the developing world is currently China.
“China does it differently. The Chinese government controls its capital. They’ve invested $120 billion in the last six, seven years in Africa. So they’re actually there, building infrastructure. But they do it their own way, with their own principles, which is completely different than if Canada were to do it.”