Thank you, Mr. Chair.
Hello everyone. My name is Ian McKay and it is truly an honour to have been appointed chief executive officer of Invest in Canada. Thank you for inviting us here today.
Mr. Chair, I'll try to be brief in my remarks, as I look forward to answering your questions, which I'll try to do to the best of my ability and to your satisfaction.
As one of the key recommendations contained in the report by the Prime Minister's advisory council on the economy, Invest in Canada is being launched to address a gap in Canada's efforts to increase our share of global capital flows. The OECD will tell us that, over the past two decades, OECD member states have increased their average share of FDI by an annual rate of seven percent. In Canada's case, we've seen an average growth of just two percent per year. This is a significant shortfall and it must be addressed.
There are a number of reasons that we should work harder to be competitive globally in order to attract direct foreign investments. With those investments, we see a transfer of knowledge, the adoption of new technologies, human capital development, and access to new markets.
As Mitch said, Canada is the only G7 country and one of the only G20 countries without a federal agency platform focused on attracting foreign direct investment.
The last time Canada had, what we would call, a banner year in FDI attraction was 2007 when, driven by our very innovative and exceptional resource and energy sector, $127 billion in FDI found its way to our shores. Since that time, we've been on a steady decline. I cannot think of a better or more important time for Canada to up its game and create not just a globally competitive agency, but also the best platform in the world.
We need to better equip decision-makers all over the world with the information and the assistance they require to quickly make decisions to direct their investment to Canada. I think the irony of our below-average performance in recent decades is that Canada has an extraordinary story to tell about the diversity of our economy, and our leadership in a variety of sectors, from more traditional areas to cutting edge, 21st century technologies that are changing the world.
From advanced manufacturing to autos and aerospace, and whether in life sciences, resource extraction, bioproteins, artificial intelligence, quantum computing, and the list goes on, Canada has an extraordinary story to tell. However, absent a focused, coordinated, and cohesive federal agency in Canada in the pursuit of FDI, many other stakeholders have stepped up to fill the void. In particular, cities across Canada have developed robust and effective economic development and FDI attraction agencies. From Vancouver to Halifax, 13 of Canada's largest cities have formed an alliance together to pursue global investment and to work under the brand of Canada, with their target being cities. As well, a number of provinces, like New Brunswick, Alberta, Quebec, and others, have developed significant capacity in this regard.
Now, it's time for Canada to step up and play its part. Invest in Canada is still in the start-up phase, but our organization will be driven by research and data. It will be collaborative, ambitious, and aggressive. We will build upon the capacity that currently exists within the federal government and all of our partners across the country.
I'm honoured to have been given the opportunity to be the inaugural CEO of Invest in Canada and I commit to you and to all Canadians that I will perform my duties to the best of my ability, with passion and hard work, and a true dedication to raising the bar in Canada's efforts to attract global FDI.
Thank you, Mr. Chair, and we're happy to take some questions.