ort norway’s impact on the canadian...

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Norway’s Impact on the Canadian EconomyOctober 2015

Draft report

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Table of Contents

Executive Summary ...................................... 1

Norway and Canada: An Important and Long-Standing Economic Relationship ..... 3

The Canada-Norway Trade Relationship .......... 4

Merchandise Trade .................................... 4

Products .................................................. 4

Services and Investment ............................ 4

Jobs Created by Norwegian and Norwegian-Affiliated Firms .................... 5

Impact of Norwegian Foreign Direct Investment ........................................ 6

Portfolio Investment through the Government Pension Fund Global ............ 7

Exploring Economic Clusters ......................... 8

Aquaculture in British Columbia .................. 8

Oil and Gas .............................................. 9

Offshore Oil and Gas in Newfoundland and Labrador ............................................ 9

Alberta’s Oil Sands ...................................10

Strengthening the Framework for Closer Trade and Investment Relations .................. 11

Opportunities for Norwegian Investment in Canada ................ 11

Information and Communications Technology (ICT) .....................................11

The Arctic ...............................................12

Conclusion ................................................ 13

Endnotes .................................................. 14

References ............................................... 16

This report was prepared by Dawson Strategic for the Royal Norwegian Embassy in Ottawa.

October 2015

1

Norway’s Impact on the Canadian Economy

Executive SummaryThis report explores the economic relationship between Norway and Canada to determine:

• HowmanyjobsarecreatedbyNorwegiancompanies and affiliates1 operating in Canada?

• WhatistheeconomicimpactonCanadaofNorwegian foreign direct investment (FDI)?

• WhatistheeconomicimpactonCanadaofinvestments by Norway’s Government Pension Fund Global (GPFG) in Canada?

• Whatarepotentialareasfornewinvestmentby Norwegian firms in Canada?

Highlightsfromeconomicmodelling2 and analysis:

• Thereare73Norwegiancompaniesoperating in Canada.3

• Norwaycontributes$4.26billion4 in FDI5 in Canada.6

• NorwayandCanadatrade$4.2billioninmerchandise7and$643millioninservices.8

• CanadaexportsmoretoNorwaythantoallother Nordic countries combined.9

• Norwegiancompaniesandaffiliatesprovidemorethan4,400permanentjobsforCanadians.10

• NorwegianFDIsupportsover2,000Canadianjobsand$665millionperyearinCanadian GDP.11

• Norway’sGovernmentPensionFundGlobal(GPFG)invests$16.7billioninfixedincomeand$15.0billioninequitiesinCanada.12

• GPFGhasequityinvestmentsin270Canadian companies.13

• GPFGsupportsover35,000jobsand$4.7billion in Canadian GDP.14

• Canada’sexportstoNorwaycreate13,500CanadianjobsandboostGDPbyover $1.2billion.15

CANADA-NORWAY

Canada exports more to Norway than all other Nordic countries combined

DK, FI, IS, SE

NO

73 Norwegian and Norwegian-affiliated companies in Canada

billion merchandise trade

$4.2$643 million trade

in services

54,900Jobs

CANADA’S ECONOMIC RELATIONSHIP WITH NORWAY CREATES AN ESTIMATED

$4.3 billion in foreign direct investment in Canada

Norway has

Canada’s exports to Norway boost GDP by

$1.2 billion

contributing$4.7billion to GDP

and$5.0

billion in fixed income

$15.0billion in equities

Norway’s Government Pension Fund Global invests in Canada

$16.7and

billion to Canada’s capital stock

4th largest source of oil imports to Canada

Norway is the

35,000 from investment by Norway’s government pension fund

13,500 from Canada’s exports to Norway

4,400 from Norwegian and Norwegian-afilliated companies

2,000 from Norwegian foreign direct investment

3


Because both Norway and Canada are advanced economies, basic trade is augmented by research and collaboration opportunities to help both countries deal with our similar geography and climate.

Norway and Canada: An Important and Long-Standing Economic RelationshipNorway and Canada have a strong trade and investment relationship built on complementary resource endowments, similar levels of development, and shared interests and values.

Norway’s investment in Canada supports CanadianGDPandjobs,andNorwegianinvestment supplies Canada’s economy with much-needed capital. In spite of the heavily materials-based outputs of both countries, the relationship makes a unique contribution to the knowledge and innovation economy.

Because both Norway and Canada are advanced economies, basic trade is augmented by research and collaboration opportunities to help both countries deal with our similar geography and climate.

Table 1: Canada-Norway Overview

Source:TheWorldBank(2014),exceptHumanDevelopmentRankingfromtheUnitedNations(2013).The“EaseofDoingBusinessIndex”assignshigher rankings to countries with better regulations for businesses and stronger protection of property rights.

NORWAY CANADA

Population 5.1 million 35.5million

GDP US$500.1billion

US$1.8trillion

Per Capita GDP US $97,363.10

US $50,271.10

Population Density

14 4

% of GDP from Natural Resources

10.7 5.1

Ease of Doing Business Index

6 16

HumanDevelopment Index Ranking

1 8

4

October 2015

The Canada-Norway Trade RelationshipMerchandise TradeIn 2014, Canada-Norway merchandise trade totalled$4.2billion,madeupof$2.2billioninCanadianexportsto,and$2.0billioninimportsfrom, Norway.

Norway was Canada’s 14th largest export destination worldwide in 2014 and Canada’s 22nd largest source of imports, more than Sweden, Australia, or Ireland.

At the provincial/territorial level, Ontario and Quebectogetheraccountedfor88.6percentofthe value of Canada’s exports to Norway in 2014, withexportsvaluedat$1.8billionand$154.1million respectively.

ExportstoNorwaysupport$1.2billioninCanadianGDPandabout$2.1billionofCanada’scapitalstock,aswellasover13,500Canadianjobs.Inaddition,CanadianinvestmentinNorwaycontributes$315milliontoCanada’sGrossNational Product (GNP) each year.16

Products17

In 2014, manufactured goods accounted for 91.7percentofthevalueofCanada’sexportstoNorway, with resource-based goods representing another 8.1 percent. Canada’s highest-valued exports to Norway in 2014 were nickel mattes, copper mattes, and crude petroleum oils which together accounted for 80.4 percent of the value of Canada’s exports to the country.

In2014,manufacturedgoodsrepresented29.3percent of the value of Canada’s imports from Norway, with resource-based goods accounting fortheremaining70.6percent.Canada’shighest-valued imports from Norway in 2014 were crude petroleum oil, light oils and preparations, and ferro-manganese, which together accounted for 76.8percentofthevalueofCanada’simportsfrom the country.

Services and Investment18

In2013,themostrecentyearforwhichdataare available, Canada-Norway services trade totalled$643million,comprising$313millioninCanadianexportsto,and$330millioninimportsfrom, Norway. The stock of Canadian direct investmentinNorwaytotalled$3.1billionin2014,makingitCanada’s27thlargestdestinationfor foreign investment abroad.

In 2014, the stock of Norwegian direct investmentinCanadatotalled$4.2billion,making it the 15th largest source of foreign investment in Canada.

Figure 1: Canada’s Exports to Norway by Province/Territory 2014

Source:TradeDataOnline,IndustryCanada.AccessedSeptember16,2015.

Ontario 81.7%

Quebec 6.8%

Newfoundland And Labrador 4.2%

Nova Scotia 2.9%

Alberta 2.1%British Columbia 1.2%

Manitoba 0.4%

*all other Provinces and Territories

* New Brunswick (0.1), Saskatchewan (0.06), Prince Edward Island (0.004), Nunavut (0.002), Northwest Territories (0.0007), Yukon (0.0002).

Canada-Norway Exports by Province/Territory 2014

5


Jobs Created by Norwegian and Norwegian-Affiliated FirmsIn a modern, globalized economy, foreign investment is an integral part of supply chain competitivenessandexpansion.FDIcreatesjobs.AsofSeptember2015,thereare73Norwegian

and Norwegian-affiliated companies operating in Canada, and these companies employ more than 4,400 Canadians in permanent positions across the country.

YukonTerritory

NorthwestTerritories Nunavut

BRITISHCOLUMBIA

ALBERTA

SASKATCHEWAN

MANITOBA

ONTARIO QUEBEC

NEWFOUNDLAND & LABRADOR

NEWBRUNSWICK

NOVASCOTIA

PEI

Figure 2: Norwegian Investment and Business Activity by Province

6

October 2015

Impact of Norwegian Foreign Direct InvestmentNorwegian FDI in Canada plays an important role in the economy. Norway is the 15th largest source of FDI in Canada. Norwegian FDI supports $665 million in Canadian GDP annually. Norwegian FDI results in nearly $5 billion in additional capital stock in Canada and supports nearly 2,000 jobs.19

The Canadian Chamber of Commerce identifies access to capital as one of the top four issues facing Canadian businesses in its 2015 election

wishlist,noting:“ManytopCanadiancompaniesand entrepreneurs look to investors and early adopters outside of Canada for funding. In addition to building up our [venture capital] industry, we must do more to attract internationalcapitalandforeignVCs.”20

Norway’s investments, both through FDI and through the Government Pension Fund Global, help to meet the Canadian demand for capital.

0

1000

2000

3000

4000

5000

Norwegian Direct Investment in CanadaCanadian Direct Investment in Norway

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Foreign Direct Investment 1990-2014 (Millions of Cad$)

Trend (Canadian FDI in Norway) Trend (Norwegian FDI in Canada)

Figure 3: Foreign Direct Investment 1990-2014 (Millions of CAD)

Source:StatisticsCanada.Table376-0051–Internationalinvestmentposition,CanadiandirectinvestmentabroadandforeigndirectinvestmentinCanada,bycountry,annual.Accessed:September16,2015.

Note: The spike in Canadian direct investment abroad to Norway in 2012 was likely due to one or two large investments such as the Couche Tard acquisition of Statoil Fuel and Retail and/or Statoil’s sale of its stake in gas transportation unit owner Gassled to Solveig Gas Norway, but payments may be spread out over several years and investments may not go directly from home country to host. For more information, see the report "Norway and Canada Trade: Overview and Opportunities" by Dawson Strategic.

7


Portfolio Investment Through the Government Pension Fund GlobalRevenues from Norway’s oil activities have supplied the GPFG, the world’s largest sovereign wealth fund, with significant financial assets to invest in companies all overtheworld.AsofDecember31,2014,theGPFGhad270holdingsinCanadianequitiesand65holdingsinCanadianfixedincome securities.21

The total supply of capital from GPFG investments is estimated at $25 billion and these investments support up to $4.67 billion in Canadian GDP22 and over 35,000 Canadian jobs.23

Norway’s GPFG invests heavily in well-known Canadiancompanies,includingTimHorton’s,Hudson’sBayCompany,andBombardier.These investments make Norway a partner in the success of Canadian companies and the Canadian economy.

Oil & Gas

Financials

Consumer Services

Industrials

Basic Materials

Utilities

Health CareTechnology

Telecommunications

Figure 5: GPFG Equity Investments by Sector

contributing$4.7

$5.0 billion in fixed income

$15.0billion in equities

Norway’s Government Pension Fund Global invests in Canada

$16.7and

billion to Canada’s capital stock

Source:NorgesBankInvestmentManagement:TheFund–Holdings

Figure 4: GPFG Impact on Canada’s Economy

35,000 jobscreatedfrominvestmentbyNorway’s government pension fund

and

billion to GDP

8

October 2015

Exploring Economic ClustersNorwegian investment and expertise is concentrated in a couple of key, regionally-focused sectors in Canada, namely: aquaculture, offshore oil and gas, and the Alberta oil sands.

Aquaculture in British Columbia

Aquaculture is an important sector for the Canadianeconomy,providingjobsandinvestmentin every province, as well as the Yukon.24 The aquaculture sector employs over 8,000 Canadians,25 overwhelmingly in British Columbia, New Brunswick, and Newfoundland and Labrador.

Over90percentofthejobssupportedbythesector,both direct and indirect, are located in rural, coastal communities, many of which contribute to First Nations employment. As a result, the industry plays a disproportionately important role in revitalizing and sustaining entire communities, which may have few other viable industries.

Ofthe8,000jobssupportedbyaquacultureinCanada, Norwegian and Norwegian-affiliated companies are directly responsible for more than 1,027permanentjobsinCanadianaquaculture.26

NorwegianfirmsaremajorplayersinBCaquaculture.ThecompaniesMarineHarvest,Cermaq,andGriegSeafoodtogetherhold87percent of valid finfish licenses in the province.27

Norwegians are by far the largest Atlantic salmon farmers in the world, and they bring with them many innovations that are helping Canadian

aquaculture to become more environmentally sustainable, producing healthier and more nutritiousfish.AllofMarineHarvestandCermaqfarms and six Grieg Seafood farms are three-star Global Aquaculture Alliance BAP Certified, and MarineHarvestandCermaqhaveachievedISO14001 certification, showing their commitment to environmental sustainability.

MarineHarvest,Cermaq,andGriegSeafoodalsowork closely with First Nations bands and First Nations-owned companies, as well as the BC government’s Aboriginal Training and Employment Program. Through these initiatives, Norwegian companies operating in Canada are helping to train and employ aboriginal Canadians and to rebuild wild salmon stocks in the province.28

There are 10 Norwegian and Norwegian-affiliated companies operating in British Columbia’s aquaculture sector, directly employing more than 1,000 Canadians in permanent positions.

YukonTerritory


BRITISHCOLUMBIA

SASKATCHEWAN

MANITOBA

ONTARIO QUEBEC


NEWBRUNSWICK

NOVASCOTIA

PEI

Non-Norwegian employment

Employment by Norwegian firms in British Columbia

Figure 6: Employment in Canadian Aquaculture

Source: Canadian Aquaculture Industry Alliance and authors’ calculations.

9


Oil and Gas18 Norwegian firms operate in the Canadian oil and gas sector with over 1,191 permanent employees, not including contract workers onconstructionprojects.Thesefirmsandemployees are located mainly in Newfoundland and Labrador and Alberta.29

Offshore Oil and Gas in Newfoundland and Labrador

The commitment of Norwegian firms to research, technology, and quality is what distinguishes them as a foreign investor in Canada, particularly in Canada’s offshore oil and gas industry. Norwegian firms are leaders in environmentally sound exploration, production and development in harsh, sub-sea conditions.

Norway’s Statoil holds interests in several exploration, development, and production licenses for offshore Newfoundland, and the company is alsoapartnerinseveralmega-projects.30 The company’s leadership and transfer of technology into offshore operations has been critical in developing the region to its highest potential.31

Statoil has made three discoveries in the Flemish Pass Basin and has proven over a half a billion barrelsofrecoverableoilinthearea.The2013Baydu Nord discovery was the largest discovery in the

world that year and the largest for Statoil outside of Norway.

Beyond Statoil, Norwegian firms play a critical role in the offshore oil and gas services sector, having developed advanced technologies and techniques for deep-water drilling in some of the harshest conditions imaginable. Norwegian firms have significant expertise in enhanced oil recovery, increasing the amount of crude oil that can be extracted from an oil field.

In a 2014 visit to St. John’s, Newfoundland, Norwegian State Secretary Bard Glad Pedersen noted the similarities between Norwegian and Canadian offshore industries and the prospects for partnership to advance research, exploration and development, particularly in remote, northern sites.32

Eastern Canada depends on Norwegian energy. Norway is the fourth largest source of foreign oil imported into Canada by value, accounting for 5.8 percent of total imports.33 Although Canada is a net exporter of crude oil, it relies on imports from abroad, largely into Eastern Canada, because of a lack of infrastructure connecting western oil supplies to eastern markets.34

Figure 7: Top Five Sources of Imported Oil

COUNTRY IMPORTS (CAD)

USA $12,672,964

Saudi Arabia $2,542,929

Iraq $1,852,243

Norway $1,852,243

Algeria $1,336,318

Source:IndustryCanadaTradeDataOnline–CanadianImports,Crudepetroleum oils and oils obtained from bituminous minerals, 2014.

YukonTerritory


BRITISHCOLUMBIA

SASKATCHEWAN

MANITOBA

ONTARIO


NEWBRUNSWICK

NOVASCOTIA

PEI

10

October 2015

Alberta’s Oil Sands

Canada’s oil sands are facing a new reality: gone are the days of ample capital to develop mega-projects.Withthefallintheglobaloilpriceand other factors, such as lack of infrastructure andrisinglabourcosts,manyfutureprojectsarebeing sidelined. This is a challenging investment climate for the oil patch. Thus, stable, long-term investors like Statoil Canada Ltd. are more important now than ever.

As a sign of its commitment to environmentally-sustainable energy development, Statoil Canada Ltd. is a member of Canada’s Oil Sands Innovation Alliance (COSIA), a group of production companies focused on improving environmentalperformance.Todate,the13membercompanieshaveshared777distincttechnologies and innovations, with a cost of over$950milliontodevelop.

Statoil’s oil sands strategy is to use as little energy and water as practical to recover in situ bitumen. The company has set a target to reduce the volume of steam (water plus energy) used to produce a barrel of bitumen by 10 to 15 percent, and they will test a group of 14 technologies over the next 5 to 10 years to achieve

this goal. Company-specific environmental performance targets include a reduction in carbon dioxide (CO2) intensity by 25 percent by 2020, further development of technologies to reduce CO2 intensity by a total of 40 percent by 2025, and a reduction in water intensity by 45 percent by 2020.

Statoil meets and often exceeds the Government of Alberta’s requirements for reducing and mitigating the impacts of oil sands development on air, water, wildlife, and land.

As further indication of the long-term nature of Statoil’s Canadian commitment, Statoil Canada’sHeavyOilTechnologyCentreisthefirst technology centre outside of Norway to focus on developing energy efficient and smart solutions to support improved hydrocarbon recovery and excellence.

Norwegian companies and affiliates in the oil sands are not immune to the downturn of activity spurred by the drop in the global oilprice.However,asCanadianprovinces,including Alberta, develop and implement carbon pricing mechanisms, Norwegian companies are well positioned to leverage their expertise in sustainable resource development.

YukonTerritory


ALBERTA

ONTARIO


NEWBRUNSWICK

NOVASCOTIA

PEI

11


Strengthening the Framework for Closer Trade and Investment RelationsCanada and Norway embarked on a path of closer trade relations through the Canada-European Free Trade Association (CEFTA) agreement in 2009.

This could be strengthened through updated foreign investment protection and promotion rules, such as through a Foreign Investment Promotion and Protection Agreement (FIPA).

Now is an ideal time to pursue closer trade and investment relations, triangulating the benefits of Norway’s closely integrated trade with the EU and Canada’s recently completed free trade agreement with the EU, the Canada-EU Comprehensive Economic and Trade Agreement (CETA).

Opportunities for Norwegian Investment in Canada

Information and Communications Technology (ICT)As a society, Norwegians are some of the top per-capita users of information and communications technology (ICT) in the world and they also have some of the highest spending per capita on ICT. Norway ranks sixth on the International Telecommunication Union’s ICT Development Index, which ranks countries’ performance in terms of ICT infrastructure, use, and skills.35 Norway is an advanced ICT country with related industries that are robust and globally competitive.

Norway’s ICT expertise has developed around the country’s more traditional sectors like oil and gas, aquaculture,andtheshippingindustry.However,it also has expertise in niche areas such as food traceability, mobile banking solutions, micro-payment, and customer relationship management (CRM) technologies.36

Because of the ICT synergies, Ontario’s ‘Technology Corridor’, in Southwestern Ontario provides attractive investment options for Norwegian companies. Encompassing the Greater Toronto Area andKitchener-Waterloo,thisregionisknownforits high tech expertise and entrepreneurial spirit.

73 Norwegian and Norwegian-affiliated companies in Canada

$4.3billion in foreign direct investment in Canada

Norway has

billion merchandise trade

$4.2$643 million trade

in services

Canada exports more to Norway than all other Nordic countries combined

DK, FI, IS, SE

NO

Figure 8: Canada-Norway Trade and Investment Relationship

12

October 2015

The Arctic

The Arctic region is experiencing immense climatic and oceanic change that brings with it both challenges and opportunities for Arctic countries such as Canada and Norway.37 The region is home to vast untapped natural resources like oil, gas, and mineral reserves.

AsChairoftheArcticCouncilfrom2013to2015,Canada focused on the importance of economic developmentintheNorth.However,developmentof any form in the Arctic is not only logistically difficult, but most countries recognize the importance of stringent environmental safeguards

to protect the sensitive ecosystem.

Norwegian companies have a role to play in Canada’s Arctic development though the opportunities are long-term in nature, given that Canada’s Arctic region lacks the basic infrastructure (e.g. marine shipping terminals) to support significant commercial activity in the region. Groups like the Centre for International Governance Innovation have emphasized the critical role maritime transport and infrastructure investment will play for the sustainable development of Canadian Arctic communities.38

Russia

ARCTIC OCEAN

Canada

BEAFORT SEA

EAST SIBERIAN

SEA

LAPTEVSEA

KARASEA

BARENTSSEA

NORWEGIANSEA

GREENLANDSEA

BAFFINBAY

CHUKCHISEA

NORTHATLANTIC OCEAN

NORTH PACIFIC OCEAN

BERINGSEA

DAVIS STRAIT

GreenlandUnitedStates

Iceland

Norway

SwedenFinland

13


ConclusionTrade and investment with Norway have proven benefits for Canada’s economy. The relationship between the two economies has an opportunity to build on the existing partnership for a stronger Canada and a stronger Norway.

Norwegian investment is helping Canada to support economic communities that have struggled in the past, such as in Newfoundland and Labrador and rural British Columbia, and to invest in a more sustainable future, as in aquaculture and Alberta’s oil sands.

An improved trade and investment relationship between Norway and Canada can play a key role in a strong and prosperous Canada.

14

October 2015

Endnotes1 Norwegian and Norwegian-affiliated companies are defined as companies with more than 50%

Norwegian ownership. This conservative definition likely underestimates the overall impact of Norwegian companies in Canada.

2 PleaserefertoCiuriakandXiao(2015),“TheImpactonCanadaoftheEconomicRelationshipwithNorway”CiuriakConsulting(September),forathoroughexplanationofquantitativeconclusionsand methods.

3 ListofcompaniesprovidedbytheRoyalNorwegianEmbassyinOttawa.

4 All dollar amounts are CAD unless otherwise specified.

5 Stock investment generating an income flow.

6 StatisticsCanada,Canada’sTradeFacts,InternationalCommerce–ByCountry:Norway,accessedSept 10, 2015.

7 Allfiguresinmerchandisetradeandproductswerepreparedusing2014databasedonIndustryCanada figures and authors’ calculations. Resource-based goods include Agriculture, Forestry, FishingandHunting;MiningandOilandGasExtraction.(IndustryCanada,TradeDataOnline,accessed September 10, 2015).

8 Allfiguresinservicesandinvestmentwerepreparedusing2013tradeinservicesdataand2014FDIdatabasedonStatisticsCanadafigures.(StatisticsCanada.Table376-0036–Internationaltransactions in services, by selected countries, annual (dollars), accessed September 9, 2015.)

9 Industry Canada, Trade Data Online, accessed September 10, 2015.

10 Calculationsbyauthorsbasedoncontactwith58of73companiesonalistofNorwegianfirms. 15 firms did not respond to requests for employment information. Because of economic and seasonal fluctuations in employment, some contract and temporary employees were excluded from this number.

11 Ciuriak and Xiao, 2015.

12 Asof31December2014.NorgesBankInvestmentManagement:TheFund–Holdings.USDamountwas converted to CAD using the same methodology as in Ciuriak and Xiao (2015).

13 Asof31December2014.NorgesBankInvestmentManagement:TheFund–Holdings.USDamountwas converted to CAD using the same methodology as in Ciuriak and Xiao (2015).



16 CiuriakandXiao,2015.Notethatwhereasgrossdomesticproductmeasurestheincomegeneratedin Canada, which might flow to Canadians or to firms or persons in third countries, gross national product measures income accruing to Canadians, whether earned in Canada or earned abroad. Earnings on Canadian investment in Norway thus contribute to GNP, but not to GDP.

17 Allfiguresinmerchandisetradeandproductswerepreparedusing2014databasedonIndustryCanada figures and authors’ calculations. Resource-based goods include Agriculture, Forestry, FishingandHunting;MiningandOilandGasExtraction.(IndustryCanada,TradeDataOnline,accessed September 10, 2015).

15


18 Allfiguresinservicesandinvestmentwerepreparedusing2013tradeinservicesdataand2014FDIdatabasedonStatisticsCanadafigures.(StatisticsCanada.Table376-0036–Internationaltransactions in services, by selected countries, annual (dollars), accessed September 9, 2015.)


20 CanadianChamberofCommerce,2015,“ACanadathatWins:TheNationalElectionPlatformoftheCanadianChamberofCommerce”,May.

21 Asof31December2014.NorgesBankInvestmentManagement:TheFund–Holdings.


23 CiuriakandXiao,2015.

24 Canadian Aquaculture Industry Alliance: Economic Benefits.

25 Canadian Aquaculture Industry Alliance: Economic Benefits.

26 BasedondirectcontactwithandresearchofNorwegianfirmsinCanadabytheauthors.

27 DepartmentofFisheriesandOceans,CurrentValidMarineFinfishBritishColumbiaAquacultureLicenseHoldersasofJuly29,2015.

28 MNPLLPonbehalfoftheBCSalmonFishersAssociation(2015),“EconomicImpactStudyoftheBCFarm-RaisedSalmonIndustry”.February.

29 Based on direct contact with and research of Norwegian firms in Canada by the authors. These numbers include businesses classified as operating in Fossil Fuels, Transportation Services (of fossil fuels), Other Business Services (fossil fuels), Fossil Fuels (equipment and services), and Machinery and Equipment (fossil fuels).

30 Olivero,Tina(2015),“Statoil–PioneersofOilDiscoveryinOffshoreNewfoundlandandtheArctic”,TheOGM,26June.

31 Olivero,Tina(2015),“Statoil–PioneersofOilDiscoveryinOffshoreNewfoundlandandtheArctic”,TheOGM,26June.

32 Fitzpatrick,Ashley(2014),“NorwegiansDescendonSt.John’s”,The Telegram, 1 October.

33 IndustryCanada,TradeDataOnline,accessedSeptember10,2015.

34 NationalEnergyBoard(2014),“CanadianCrudeOilImportsDecline”,Market Snapshots, 13November.

35 InternationalTelecommunicationsUnion(2014),“MeasuringtheInformationSocietyReport2014”,Geneva:ITU.

36 CanadianTradeCommissionerService(2012),“InformationandCommunicationsTechnologyProfile–Oslo–Norway”,GovernmentofCanada:DepartmentofForeignAffairsandInternationalTrade (now Department of Foreign Affairs Trade and Development), June.

37 Higginbotham,JohnandMarinaGrosu(2014),“TheNorthwestTerritoriesandArcticMaritimeDevelopmentintheBeaufortArea”,Policy Brief: No. 40, May.

38 Higginbotham,John,Charron,Andrea,andJamesManicom(2012),“Canada-USArcticMarineCorridorsandResourceDevelopment”,Policy Brief: No. 24, November.

16

October 2015

References Canadian Aquaculture Industry Alliance: Economic Benefits. http://www.aquaculture.ca/files/economic-

benefits.php

CanadianChamberofCommerce(2015),“ACanadathatWins:TheNationalElectionPlatformoftheCanadianChamberofCommerce”,May.Availableat:http://www.chamber.ca/media/blog/150804-election-2015-a-canada-that-wins/

Department of Fisheries and Oceans, Current Valid Marine Finfish British Columbia Aquaculture License HoldersasofJuly29,2015.Availableat:http://www.pac.dfo-mpo.gc.ca/aquaculture/licence-permis/docs/finfish-pisciculture-eng.html

CanadianTradeCommissionerService(2012),“InformationandCommunicationsTechnologyProfile–Oslo–Norway”,GovernmentofCanada:DepartmentofForeignAffairsandInternationalTrade(now Department of Foreign Affairs Trade and Development), June. Available at: http://www.enterprisecanadanetwork.ca/_uploads/resources/Information-and-Communications-Technology-Profile-Norway.pdf

DawsonStrategic(2013),“NorwayandCanadaTrade:OverviewandOpportunities”,submittedtotheRoyalNorwegianEmbassyinOttawa,13November.

Fitzpatrick,Ashley(2014),“NorwegiansDescendonSt.John’s”,The Telegram, 1 October. Available at: http://www.thetelegram.com/Business/2014-10-01/article-3889366/Norwegians-descend-on-St.-John%26rsquo%3Bs/1

Higginbotham,John,Charron,Andrea,andJamesManicom(2012),“Canada-USArcticMarineCorridorsandResourceDevelopment”,Policy Brief: No. 24, November. Available at https://www.cigionline.org/sites/default/files/no24v4.pdf

Higginbotham,JohnandMarinaGrosu(2014),“TheNorthwestTerritoriesandArcticMaritimeDevelopmentintheBeaufortArea”,Policy Brief: No. 40, May. Available at: https://www.cigionline.org/sites/default/files/cigi_pb_40.pdf

Industry Canada, Trade Data Online. Available at: http://www.ic.gc.ca/eic/site/tdo-dcd.nsf/eng/home

InternationalTelecommunicationsUnion(2014),“MeasuringtheInformationSocietyReport2014”,Geneva: ITU. Available at: http://www.itu.int/en/ITU-D/Statistics/Documents/publications/mis2014/MIS2014_without_Annex_4.pdf

MNPLLPonbehalfoftheBCSalmonFishersAssociation(2015),“EconomicImpactStudyoftheBCFarm-RaisedSalmonIndustry”.February.Availableat:http://bcsalmonfarmers.ca/wp-content/uploads/2015/01/1_BCSFA_2014_EconImpactStudy.pdf

NationalEnergyBoard(2014),“CanadianCrudeOilImportsDecline”,Market Snapshots,13November.Available at: https://www.neb-one.gc.ca/nrg/ntgrtd/mrkt/snpsht/2014/11-01lmprt-eng.html

17


NorgesBankInvestmentManagement:TheFund–Holdings.Availableat:http://www.nbim.no/en/the-fund/holdings/

Olivero,Tina(2015),“Statoil–PioneersofOilDiscoveryinOffshoreNewfoundlandandtheArctic”, TheOGM,26June.Availableat:http://theogm.com/2015/06/26/statoil-pioneers-of-oil-discovery-in-offshore-newfoundland-and-the-arctic/

StatisticsCanada,Canada’sTradeFacts,InternationalCommerce–ByCountry:Norway,accessedSept10,2015.http://w03.international.gc.ca/Commerce_International/Commerce_Country-Pays.aspx?lang=eng

StatisticsCanada,Table376-0036-Internationaltransactionsinservices,byselectedcountries,annual(dollars).Availableat:http://www5.statcan.gc.ca/cansim/a26

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