Chinese investment money has accounted for purchase and development of five new aquaculture projects on the Sunshine Coast.
Off-shore buyers have acquired projects at Hummingbird Cove Marina, Hardy Island, Eagle Island, Fox Island and an area near Saltery Bay. The influx of targeted investment comes on the heels of a large increase in BC exports to China over the last several years.
Last year, BC exported $6.8 billion to China, an increase of 14 per cent over 2012. "The province will benefit," said Scott Randolph, City of Powell River manager of economic development and Chair of the BC Economic Development Association. "Previously the economy was reliant upon trade with one large partner, which was the US. As a result, whenever the US suffered, we suffered."
Randolph added that by having stronger ties with Pacific Rim countries and strengthening the trade portfolio just makes sense in terms of diversifying and strengthening BC's position in the international marketplace. He explained how finding a balance of foreign investment versus domestic ownership will always be a challenge. "It's necessary to have those discussions to determine what that balance looks like."
British Columbia signed an historic agreement with China on April 14 to encourage trade, investment and cultural connections. Teresa Wat, BC minister of international trade, and Liu Fei, Consul-General of the People's Republic of China, signed a memorandum of understanding (MOU) in Vancouver.
Fei and Wat agreed to establish a formal negotiation to build on the existing foundation of community and business relations that exist between the province and China. Ministry spokesperson, Dan Gilmour, said it is a step that bodes well for Chinese investment in the province, especially in growing coastal communities.
The initial agreement will be good for three years. After that it will be given consideration for automatic renewal.
In 2014, BC Premier Christy Clark announced a decision to become the first foreign government to issue a bond in Chinese renminbi, the official currency of the People's Republic of China. It was a calculated move to strengthen ties and encourage Chinese investment throughout the province.
Low taxation rates, a stable labour pool, affordable operating costs and the presence of a highly skilled labour force makes the province and many of its coastal communities appealing to foreign investment.
In 2012, when the Canadian government's foreign trade initiative was in its infancy, organizers staged a rally against the Canada China Foreign Investment Promotion and Protection Agreement (FIPA). More than 60 local people attended the noontime rally that was held on October 30 in front of West Vancouver-Sunshine Coast-Sea to Sky Country MP John Weston's Powell River constituency office.
It was the second rally in seven days where people organized to protest the lack of public consultation before the agreement was signed and put into effect.
Nicholas Simons, MLA for Powell River-Sunshine Coast, spoke to the small crowd and voiced apprehension over the wide-reaching effects of the document, the federal government's secrecy around signing the agreement and the lack of public debate.
"It's about sovereignty," he said. "My concern is that there hasn't been enough public debate on the issue. Obviously, everyone is frustrated with a government which is not listening to the people. We have it provincially and federally."
A press release issued by the ministry of international trade confirmed that China is in fact British Columbia's second-largest trading partner. Advancing the relationship was identified as a priority market action in the BC Jobs Plan that was recently issued by the ministry. The release stated, "The government made a commitment to double British Columbia's international presence. The plan promotes new markets and trade opportunities and promotes British Columbia as a stable destination for investment, tourism and for international students."
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