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Quebec Premier Jean Charest says Japan is ripe market for province's metal
By: Martin Ouellet, The Canadian Press
Posted: 08/24/2011 3:08 PM | Comments: 0 (including replies) | Last Modified: 08/24/2011 3:37 PM
TOKYO - Quebec is more than ready to meet Japan's metal needs, Premier Jean Charest said during a trade visit to the Asian country on Wednesday.
Charest will be in Japan for the rest of the week to meet with business leaders and politicians to try to persuade them to participate in the ambitious development of northern Quebec.
"They have major needs," Charest told a briefing in Tokyo.
"It's a prosperous country. They are leaders in technology, and, like other countries, they have a private sector that has accumulated a lot of money for investment."
Japan has been frustrated by Chinese control over a number of so-called rare earth elements — metals used in high-tech and military applications — and is looking for a new source of supply. Charest said Quebec is a perfect option.
"The Plan Nord (Charest's plan for northern Quebec) is coming on stream and we're telling the Japanese that Quebec is a natural partner."
Quebec has two projects associated with the rare earth elements — one in Strange Lake in Nunavik and the other in Temiscamingue.
Investissement Quebec, the province's investment arm, has allocated $500 million to development projects.
"We're presenting ourselves as a partner that offers solutions to countries such as Japan, France and Germany," Charest said. "We're offering partnership opportunities in a world where demand for natural resources looks strong."
But he stressed that Quebec is not offering a "fire sale" and is well aware that exploitation of natural resources is a sensitive issue in the province.
"The reality is that we have substantially raised the royalties on natural resources," he said.
"The increase of 28 per cent is higher than the national average and will bring us significant sums of money."
But selling the Plan Nord is not the only reason Charest is making the first visit to Japan by a Quebec premier since 1999.
He noted the financial turmoil in the United States has frustrated Asian investors and presents an opportunity to lure them to Canada.
"The branding of Canada's economy has never been so good," Charest said.
Besides meeting with business leaders and politicians, Charest visited a Buddhist temple with his wife to show solidarity with the victims of the March 11 tsunami.
Japan is the eighth largest export market for Quebec, with sales totalling $885 million in 2010.
Pork is the biggest export, although sales of jet aircraft engines and other aerospace equipment have grown in recent years.
Charest will head to China from Japan.