Thank you, Mr. Chair and members of the committee. I am very pleased to be here today.
The Canadian economy is facing some incredible challenges these days. Over the past year, the confluence of trade uncertainty, regulatory complexity and the tax burden have impacted the competitiveness of our businesses and our economy. In 2017, Canadian foreign direct investment hit its lowest level since 2010. Cross-border mergers and acquisitions generated a net withdrawal of funds for the first time since 2007. Compared to a year ago, more than two-thirds of business leaders view Canada as a less competitive place to invest and do business than the United States.
In my work at the Canadian Chamber of Commerce, I get to hear from businesses of all sizes in all sectors of the economy and in all parts of the country. What I'm increasingly hearing from our members is that there is an urgent need to reduce the cost of doing business in this country to make Canada more competitive, help attract investment and keep companies here. In a changing economic landscape, Canada must implement pro-growth strategies to scale our businesses, encourage investment and protect our economic interests and prosperity.
The Canadian Chamber's message to governments at all levels is simple: this is a time for us to be laser-focused on ensuring our businesses can compete and win at home and abroad. If we want the resources to create a more inclusive economy, we must tackle the problems that sap our competitiveness and hurt those very businesses we count upon to create wealth and economic opportunity.
To achieve this, to help Canadian businesses thrive in an increasingly competitive global economy, the Canadian Chamber recommends the federal government concentrate on five key areas in its 2019 budget: international trade, regulation, taxes, innovation and human resources.
A good place to start—