Thank you, Mr. Chair.
I want to tell you today about one of Canada's greatest success stories. I want to tell you about Halifax.
In the last ten years Halifax has completely turned around its economy, and that's due to a unique partnership between the private sector and our business community here in Halifax. We now have our sights set on bigger goals.
In the last year, we have completed a cultural plan, an immigration strategy, a regional plan, and HRM's--Halifax's--first ever economic plan. That plan will build on the public-private partnership that has grown our community over the last ten years. This economic strategy is a plan to keep our kids, grow our community, be competitive, and build the best community in the world. A strong Halifax is good for Nova Scotia, and a strong Halifax is good for Canada.
Our economic strategy is all about people. It's about investing in creativity. It's about the world getting to know us here in Halifax a little better. It's about having confidence in ourselves and in doing so, building new partnerships. It's about having the best business climate in Canada.
We have an economic vision. We have a plan. We know exactly where we're going. We know exactly what we need to get there. We also know that the federal government will be a key partner with us in growing that future. So let me give you a few examples.
This strategy recognizes that communities have to invest in a social and cultural infrastructure that enhances quality of life. In this respect, Canada's bid to host the 2014 Commonwealth Games represents the best chance in two or three generations to fast-track this kind of investment in our community. We need this investment to attract and hold young people who will help us build the future. We are pleased that the federal government is a committed partner to these games.
Second, our partnership of business and government knows that we have to pay more attention to the largest employer in our community, and that's the Canadian military. They put hundreds of millions of dollars into our economy every single year, and they're going to grow, and we want them to grow here. So the business community, along with local government partners, is working to develop and enhance the value proposition and the business case for defence expansion here in HRM.
The third example is the Halifax gateway, which represents an important economic opportunity, not just for Nova Scotia, but for all of Canada. The Halifax Gateway Council is a partnership of public sector agencies and private sector organizations. This group has identified clear priorities for growing the Halifax gateway. Halifax represents a real alternative for Asian cargo coming to Canada. We are already handling Asian cargo coming through Suez. There is about the same distance between Halifax and Hong Kong as between Vancouver and Hong Kong. So Asian cargo flowing through the port is already building our business activity. Businesses have already discovered this route into Canada. Halifax is already an option for the business community moving Asian cargo into this country. It's time for the Government of Canada to follow business and move to a two-ocean gateway policy.
Finally, let me talk about our business climate. We have a lot of work to do here in Nova Scotia to meet our goal of having the best business climate in the country. Current discussions on fiscal transfers will have a big impact on that business climate and on our competitiveness.
For example, a simple measure like removing resource rents from the equalization formula could cost Nova Scotia a quarter of a billion dollars a year. That cost would have to be absorbed through local taxes or through a reduction in services. So any cuts or changes to federal transfers would undermine our competitiveness. I urge the government to be fair and balanced in these negotiations.
Thank you for the opportunity.