Canada needs a broader look at our industries

Viewpoint: New Glasgow News

It might be a stretch to call this a silver lining. But if it takes a bottoming out in Canada’s resource sector to spur other economic pursuits, that’s one step toward pinning hopes on some alternative, future developments.

In his message to the World Economic Forum in Davos, Switzerland, this week, Prime Minister Justin Trudeau placed an emphasis on this country’s burgeoning technological sector, while urging international companies to consider investment in Canada a sound move amid global economic uncertainty.

It’s true, many have been touting technology-based industries as the economy of the future — the prime minister is by no means going down a fresh path with this.

But many have compared Trudeau’s message with that of the former Conservative government’s over-reliance on the country’s resource industry as the main economic driver. While Trudeau acknowledges that those sectors remain important, he wants to put a spotlight on innovative successes originating in Canada and the potential of its relatively well-educated workforce. Not to say that it will be straightforward, but this is a direction the country needs to take.

Even if we can figure on continued reliance on fossil fuels in the next couple of decades, considering the quantities of shale gas now being pumped out in the United States, a rise in demand from idle oilfields isn’t expected on any near horizon. These traditional occupations certainly will rebound, but given the cyclical nature of resource industries, diversifying economies is crucial — that’s never been more apparent than in the last couple of years. And that’s just what many Canadians will want to see, a broader look at industries that will work across the country, rather than being anchored in a particular resource-rich location.

But touting Canada’s track record thus far in technological fields and making that known to global investors is just part of what’s needed. This country needs to invest in research and development. It also has to encourage learning in these areas, from grade school on up, and ensure that graduates are matching the needs of new industries.