Madam Speaker, as you know I am the Atlantic issues critic for our caucus. This means that I bring forward issues that are of particular interest and importance to Atlantic Canada. This will go on for a month or so until we elect members for Reform from Atlantic Canada.
Bill C-44 impacts on Atlantic Canadian interests. It impacts on a wonderful new opportunity for the port of Halifax to develop into a post-Panamax port.
The post-Panamax opportunity has come about because ships are getting so big that they can no longer get through the Panama canal. Ships with goods from all over the world need a port on the eastern seaboard large enough to land these goods for distribution across North America and into South America. A port needs to be developed to allow these huge ships to offload the containers for trans-shipment across Canada and the United States.
This is a wonderful opportunity for the port of Halifax because it has a lot of natural advantages that the big ports in the U.S., in particular New York and Boston, do not have. A lot of land is available. This port does not have to be dredged to accommodate these huge ships, as Boston and New York would.
The potential advantage to the Atlantic provinces is enormous. The potential income from this kind of economic activity, shipping activity, trade activity is huge. Reports have estimated it would be about $2 billion per year. This is not small change for a province like Nova Scotia.
However, this bill would make it difficult, if not impossible, for the port of Halifax, the businesses and the province to take advantage of this opportunity for three reasons. The port would be unable to raise the capital necessary to go ahead with this development. To develop the port properly, to have the facilities to offload these huge ships and to trans-ship the containers and the goods would take about $.5 billion.
This cannot be done with the strictures being put on the port and the port authority by this bill. The port would not be able to borrow money. It could perhaps borrow money on cash flow which would amount to about $40 million to $50 million maximum. Investors could not be given equity shares in the enterprise. Here is a wonderful opportunity and the bill puts a regime into place which absolutely forecloses that opportunity from ever being given to the Atlantic provinces. I have met with a number of people interested in the matter of developing the port of Halifax. They are very concerned.
Unfortunately my time has been shortened due to some arrangements in the House today. I would like to go on record as saying that as far as the port of Halifax is concerned, the people of Nova Scotia, Atlantic Canada and the whole of Canada, have some real concerns that this bill limits important economic opportunities. I would urge the government to look at this matter very carefully before something is put in place that stifles development in a very critical part of our country, namely, the Atlantic provinces.