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News Release: Business Council Supports Government Announcement and Process to Sell Ridley Terminals Inc.
December 14, 2012 (Vancouver, BC) - The Business Council of British Columbia, representing the province’s leading companies and institutions in every key sector of the provincial economy, today announced it’s support for the federal government’s decision to sell Ridley Terminals Inc.
“The Government of Canada’s announcement to sell Ridley Terminals Inc. represents the fulfillment of a commitment to divest Crown assets that can be more fully and effectively utilized in the private sector. The decision is good news for Canadian industry and should help to grow our economy going forward,” stated Greg D'Avignon, President and CEO of the Business Council of British Columbia. “We applaud the federal government for taking another in a series of recent steps to make Canada more competitive and to lay the foundations for future economic prosperity through global trade and investment.”
“This key trade infrastructure will continue to provide open and transparent access to shippers under the terms of the sale and most importantly allow for private ownership to invest and expand the facility to support growing trade in natural resource commodities linked to strong demand in Asia and South Asia,” added D'Avignon. “Within the next decade, Asia will make up half of global GDP. In Western Canada, the expansion of these types of trade-supported facilities is needed to ensure the efficient and competitive movement of commodities and goods to markets and customers.”
“There is significant private equity capital available that, at no cost to the taxpayer, can be deployed to under the terms of sale that will expand this facility in the interests of Canada, BC, our resource industries and most importantly the personal economic well-being of British Columbians who will benefit form the jobs and revenue that support health, education and services we all want for our communities.”
The Business Council of British Columbia, now in its 46th year as the premier business organization in BC, represents over 250 leading companies and enterprises in every key sector of the economy. Our member companies and affiliated industry association partners together account for one quarter of all jobs in the province.