Thank you very much, Chair.
In my experience, Canada is a partner of choice to African markets. It's not based simply on what we do or can do; importantly, it's on who we are as a country. With competing budget priorities, it is therefore important for me to highlight that our success need not necessarily be dependent on large sums of public money but on consistent trade and investment engagement.
I do believe that key to our approach in African markets and the continent is a continued policy dialogue with the African Union. We are the only G7 country not to have yet planned an in-country African summit. Our chamber members often remind us of this, noting that countries like Russia, China and Saudi Arabia, among others, do host Africa summits.
African countries are once again outpacing the projected global average in economic terms. It is the second-fastest growing region after Asia, with vast open space for agricultural potential and natural resource development, to name but two important sectors where Canada can dramatically increase its trade diversification. On the latter, several of Canada's natural resource companies have achieved enormous success in bringing clean technologies for both climate change and environmental concerns to the forefront. I think that's a template of what is possible across a range of industries, including in the context of net-zero supply chains and critical minerals and those specific commitments. As the founder of Alibaba put it just a few years ago, “Today's Africa is the China of 20 years ago!”
Canada's free trade successes are a model for a continent committed to this endeavour as a key to prosperity. We often hear from Africans and those at the African Union a great keenness for Canadian expertise to continue in supporting implementation of the African continental free trade agreement. Canada's continued and hopefully increasing support is I think powerful. Our former board chair, Sebastian Spio-Garbrah, currently is our special envoy to Ghana in this regard at the African Union secretariat on free trade. Furthermore, I think Canada has to be better at communicating the great bilateral work already undertaken that's focused on economic development.
In turn, Canada will be able to enjoy the benefits of an equal relationship in strengthening the rule of law and the standards to which many have committed, which will decrease the risk to our Canadian companies. Canada's private sector can play a key role in the economic development that is crucial to the overall agenda and is vital to Canada's trade diversification strategy. I believe the success of regional economic integration to date within Africa demonstrates the African commitment to intra-African regional trade.
It's important, I think, to get the often already budgeted basics right if we are to sustain the incredible goodwill that we've heard about from the African continent. On visa processing times, I think we want deeper ties with Africa, but it's vital that we ensure that Africans can visit Canada, especially in the context of important conferences and fora. Therefore, I think it would be good to see reasonable processing times and perhaps a formal mechanism to facilitate larger delegations coming to legitimate events in Canada within these shorter time frames.
Many of our members talk proudly about team Canada. I think companies need to know that the government has an awareness of African markets and that indeed it's serious toward the African continent as part of our trade diversification strategy. I know that many of us would like to see an aspiration for a team Canada mandate similar to what we've seen in the Indo-Pacific.
Our organization is entirely funded by private sponsors in Canada as well as in African markets. Though we don't have any full-time staff, as we remedy this situation we're thankful for our trade commissioner service as well as our ambassadors and our high commissioners, who participate as we deliver events across the continent. Not all of the important markets are covered. It wouldn't hurt for there to be increased resources with the trade commissioner service to support organizations that are asked to deliver programs.
Our mission to accelerate Canada-Africa trade and investment is achieved through world-class networking and information-sharing events, which we do through conferences and business-to-business networking and by sharing insights for strategies and policies that bring together public and private sector thinkers and leaders. Next month, for example, we're in Washington, D.C., to focus on Canada-U.S. collaboration in working with African partners, especially in areas like critical minerals, within the context of our G7 commitments.
It is my great pleasure to be here with each one of you today, together with the chair of our board, and I look forward to taking your questions.
Thank you, Mr. Chair.