This is always a difficult question. There's no magic recipe. What we seem to see from some countries that are quite successful with this, that manage to keep a strong manufacturing base even with high labour costs, say Japan, or Korea, actually, is they keep moving upwards in the value chain.
The key for a country like Canada is to complement the resource and the commodity base, which is still a great asset, with more developments in industries of tomorrow, knowledge-based industries. That can be done by joint investment with companies from Asia in particular, where growth is. It can be done with a bit more industrial policy.
If you look at what's working in Asia, in Korea or Japan or Singapore, there is a bit of industrial policy there that's sometimes successful—often successful. It would be seed money for R and D, making sure we invest a lot in innovation in R and D, etc., to develop a base beyond the traditional manufacturing base. It's sort of natural in a global division of labour that the number of jobs in auto manufacturing will not go up. They may go down gradually a little bit. What matters is to create other manufacturing and high-value jobs in other industries, the next wave of industry.
I guess this means having strong universities, strong research, a strong innovation base that can then span out, and then good laws and policies that encourage venture capital and innovative companies. I think that's the highway. Then there's being a key player, a very network player, with a lot of partners, not just attached to the U.S. economy, but developing a lot of alternatives, both east and west, particularly where the economies are rising, that is in East Asia and India.