Canadian businesses’ success abroad creates jobs and opportunities back home, says Minister Fast

December 12, 2013 - The Honourable Ed Fast, Minister of International Trade, today announced that Canada and Moldova have concluded negotiations toward a foreign investment promotion and protection agreement (FIPA). Minister Fast made the announcement following an official bilateral meeting in Ottawa with Natalia Gherman, Moldova’s Deputy Prime Minister and Minister of Foreign Affairs and European Integration.

“By ensuring that Canadian businesses succeed abroad, our government is helping to create jobs and opportunity here at home,” said Minister Fast. “This investment agreement will provide better protection for Canadian companies operating in Moldova and further strengthen economic ties between our two countries.”

A FIPA is a treaty designed to promote and protect Canadian investment abroad and foreign investment in Canada through reciprocal, legally binding provisions. By ensuring greater protection against discriminatory and arbitrary practices, and by enhancing the predictability of a market’s policy framework, a FIPA gives businesses greater confidence to invest. Canada has consistently supported a strong rules-based framework to promote and protect investment through the negotiation of FIPAs.

“Our company welcomes the conclusion of negotiations for a FIPA between Canada and Moldova,” said Samer Bishay, President and CEO of Iristel Inc. “We are an international service provider operating in Moldova, and this agreement provides us with the legal protection and predictable environment we need to invest and promote our expertise in complex telecom solutions with confidence. This agreement, and others like it, will help us grow our business and build on our success—which helps our employees and their families.”

There is potential for increased Canadian investment in Moldova—especially in the information and communication technologies, automotive, energy, farm machinery and textiles sectors.

“This investment agreement is further proof that the most ambitious pro-trade and pro-investment plan in our nation’s history continues to get results for our businesses and exporters,” said Minister Fast. “As part of these efforts, we’re ensuring that the right polices are in place and the right services are provided to help Canadian businesses continue to expand and succeed in global markets.”

Canada has concluded, signed or brought into force FIPAs with 22 countries since 2006—10 in 2013 alone—and is currently negotiating many more. Canada currently has 25 FIPAs in force around the world.

The agreement will come into force once both parties complete their domestic ratification processes.

For further information, media representatives may contact:

Rudy Husny
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
rudy.husny@international.gc.ca

Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
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