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Business encouraged to look overseas for prospects

Published by Steve Coleman on September 23, 2011

Canada's top banker offered more encouragement Sept. 21 for Maritime provinces to look overseas for business prospects.

During a speech to New Brunswick business leaders on Wednesday, Bank of Canada Governor Mark Carney encouraged companies to look to new markets like Asia to continue doing business.

"Emerging Asia is rapidly urbanizing, China and India are housing the equivalent of the entire population of Canada, every year and a half," Carney told a Saint John audience Wednesday, as reported by Global News. "In parallel, a massive new middle class is being formed, growing by 70 million people per year."

It's expected 20 per cent or more of Canadian exports will go to emerging countries by 2016. The levels could be 30 per cent higher by 2030.

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