Thank you, Madam Chair and committee members. I appreciate the invitation.
I want to make two impressions on you today.
Number one is that Prince Rupert's development is based on many unparalleled strategic attributes that make it a very competitive gateway for trade, but it's our focus on building mutually beneficial relationships that allows us to develop a deeper understanding of shipper needs and to provide innovative, proactive supply chain solutions. We like to think that we're not in the transportation business. We're actually in the business of adding value, and we're hyper-focused on that.
Adding value to Canadian trade is achieved best by ensuring we are supplying flexible supply chains with the right capacity, resiliency and capabilities as they are needed by our shippers and our communities, as opposed to responding to capacity crises after they occur. To do that, we need robust corridor planning and the right strategic partners, including the Government of Canada.
The port of Prince Rupert has five terminals that facilitate trade through intermodal containers, dry and liquid bulk and cruise facilities. In 2017 the port increased volume by another 28% to 24 million tonnes of cargo, with a current capacity of 40 million tonnes. Our volume represents 35 billion dollars' worth of trade, making it the third-largest port in Canada by that value. For an historical comparison, this represents a significant increase in trade from less than five million tonnes as recently as 2005. We are forecasting growth to an excess of 50 million tonnes over the next decade, and we have a long-term trajectory to go to over 100 million tonnes.
Prince Rupert's success has been based on a model that represents both innovation and investment risk and requires full alignment and commitment from its partners: CN, terminal operators, logistics and supply chain operators, labour, marine carriers, our shipping customers and the Governments of Canada and B.C.
Perhaps most significantly, we have achieved alignment with local first nations communities and have enabled significant participation for them in the gateway economy. We share a valuable common vision and common interest in ensuring we continue to improve port efficiencies, build port services and expand port capacity.
Prince Rupert's continued development is integral to Canada's Asia-Pacific trade agenda. In 2017 over 80% of the port's trade was imported or exported through Asian countries such as China, Korea and Japan. From a trade facilitation and efficiency perspective, our current development plan reflects the importance of considering common infrastructure and land use planning that enables both new and expanded terminal capacities without compromising the actual speed, fluidity and reliability that are at the heart of our value proposition.
This future-looking approach will ensure the port's ability to avoid future congestion issues and the mitigation solutions that would otherwise require very high capital expenditures to add only incremental improvements in fluidity. In order to be successful and to be able to generate tangible results benefiting the broad range of community and industry players we serve, a future Canadian transportation and logistics strategy should reflect the importance of the following recommendations.
Number one, the Government of Canada should continue to support the proactive planning and timely development of major port infrastructure projects aimed at viable future trade opportunities through infrastructure funding programs and policy, including those focused on enabling green infrastructure projects.
Number two, being in a small northern town is an advantage for us, but it also creates challenges in the context of supporting fast growth. The Government of Canada should consider a more proactive role in providing direct financial assistance to ports and gateway municipalities for increased capital infrastructure and, importantly for us, labour force needs that are related to the impacts from national trade moving through local gateways.
Number three, the Government of Canada should implement formal trade corridor initiatives to really hardwire infrastructure policy and marketing co-ordination and collaboration between governments and marine, rail, truck, terminal and other direct stakeholders in gateway supply chains.
Number four, the Government of Canada should continue to play a leadership role in data visibility initiatives. This would lead to improved trade flow forecasting, as well as improved real-time visibility of cargo movement.
By taking these actions as recommended, the federal government will be taking important steps forward to more fully enable Canada's key trade corridors, in particular the Asia-Pacific gateway, and will ensure that we as a country are well positioned to seize future and expanded trade opportunities for the benefit of all.
I look forward to your questions.