Canada - Innovation Nation

If in the last 13 years, Canada had turned around from a debt-ridden and bankrupt nation to an economic powerhouse, then in the next decade or so, the North American state would become the largest producer of oil, surpassing Gulf, and develop strong competency in software and technology innovation.

Already, the Canadian government was spending millions of dollars to improve the perception of the world on its people who were known to be honest, trustworthy, good and reliable friends. This was a far cry from the situation of mid 70s 'when we were perceived to lack entrepreneurial spirit due to strong labour unions and an unfavourable climate for business,' said Leonard J Brody, a leading entrepreneur and venture capitalist from Canada.

He was delivering a lecture on 'Canada: The Technology Powerhouse and its Global Role,' at a special meet yesterday organised by The Southern India Chamber of Commerce and Industry (SICCI) and the Canadian Consulate.

'In the last eight years, Canada is running a surplus budget and is fastest growing economy among the OECD (Organisation for Economic Cooperation and Development) nations. The country is sitting on the largest oil reserves and by 2015, there will be production of at least 3 million barrels a days, excluding all offshore drilling,' Brody explained. Canada was expected to surpass the oil production of Saudi Arabia by 2010. US, India and China could look up to Canada as a reliable supplier of oil, instead of depending on OPEC cartel, he declared.