REGINA – It was a wide-ranging discussion last week at the SUMA breakfast event with federal finance minister François-Philippe Champagne in Regina.
Topics during the morning sit-down with SUMA President Randy Goulden included the familiar topics of infrastructure spending, trade, canola, defence spending, and technology. And of course, how it all tied in to the federal budget that Champagne delivered in Parliament and which passed last week.
Later that same day, Champagne met with Premier Scott Moe, provincial Finance Minister Jim Reiter, and Minister of Advanced Education Ken Cheveldayoff at the Legislature.
Moe posted about the meeting on social media, and in doing so reiterated the government's pledge to help in advancing nation-building projects:
“Saskatchewan remains committed to working with the federal government through the development of nation-building infrastructure and energy projects, so Canada may become a global energy superpower.”
Here are some highlights of what Champagne had to say Thursday in Regina on a number of important topics to Saskatchewan.
Trade
On the budget, Champagne said “we need to be in the moment. The frame that I often present is that we're facing some headwind. I mean, we feel it in the field here.
"I can think of our canola farmer. I can think of folks who are on the shop floor, [at] the family table. People understand there's some headwind.”
He said the “speed, scope, and scale of change is quite unprecedented. Some would go back to 1945. Some would say the fall of the Berlin Wall.
Champagne also pointed to the tariffs by President Donald Trump, saying there was “no doubt that our southern neighbour has taken a different path in different respects.”
“Now there's a cost to enter the market in the United States for every country in the world. And therefore, we see that sea of change.”
Champagne also pointed to remarks from the director general of the International Monetary Fund, who said there are “only two countries in the world which can, in this new world, really have a chance to succeed better than others.”
“And she mentioned Germany and Canada, which is about telling. So you have the fiscal capacity. We have the foundations to navigate that new world, as long as you make strategic investment.”
On investments in the budget
Champagne spoke of the budget being generational, and pointed to a similar plan put in place in Germany as an example.
“If you compare that, they put 500 billion Euros over 12 years. That would be roughly the equivalent of $800 billion Canadian. We're putting $450 billion cash over five years. So in my economy, the Canadian economy is about half of Germany.
“So when you look at that, we are really changing the course of the country in a way that I would say in the G7 today, we're probably the one which has the strong – well, certainly the clear vision to really build for the future, the strongest balance sheet, and the will to bring this country forward…
“So in a world which is uncertain – and I remember, I said to the team there in Washington, we cannot let uncertainty become the new certainty. We need to provide stability, predictability, the rule of law. And that's the kind of thing that will attract investment.”
He said Prime Minister Mark Carney and he “wanted to provide that kind of roadmap,” with more private investment, making Canada more competitive, contributing to fixing the housing issue, and building the infrastructure to export products to market, and strengthening the military.
Nuclear and mining industries
Champagne said as he was reflecting about the budget on his way to Regina. “If you're in Saskatchewan and Prairies and in Regina, what's in it for me?”
“And for me, I was really thinking of the infrastructure around the nuclear industry, the mining industry.”
He saw Canada as “a magnet for talent. And talent is key.” He said they put $1.7 billion in the budget to attract the best in the world who may want to move from the USA.
“If you have the best and brightest that have helped grow our country and our research centre, our colleges, and our business to innovation, we're in a good place.”
Critical minerals
Champagne spoke at length about Canada being a leader in AI and quantum and cyber.
“We're the first country in the world to have an AI national strategy, way before it was fashionable, and quantum. So Canada was like five, seven years ahead. Well, we need to continue to catch up.”
Champagne said critical minerals are going to be akin to oil in the 20th century, where those who are able to explore, extract, and refine are at the forefront.
“Because refining these minerals is going to be key because they are essential to our lives and even beyond, in the defence and all other sectors.”
On buying Canadian
Champagne said that for him the whole “buying Canadian policy” is essential.
“I mean, I remember when I started in Ottawa, it was called ‘Open by Default.’ I said, ‘why not Canadian by default?’ What is that? You know, the world is changing.
“We're going to boast a bit about Canada. We need to brag. I mean, it's not really in our DNA, but I look at our nuclear industry. There's a lot to be bragging about. And I keep saying, there's very few people waking up in the morning thinking about Canada. So each and every one of us needs to be there.”
On trade over-reliance on the USA and China
Champagne also spoke about the issue of over-reliance on certain markets such as the USA and China that have turned around and hit Canada with tariffs this year.
“I know that if you're a farmer today here, and you listen to that and say ‘what about the canola, the peas and all that?’, we've been over-reliant. And anyone in finance would say diversification is key. Whether it's our southern neighbour or some markets in Asia, I think this vision we have to double our overseas exports from 300 billion to 600 billion. It's going to make us more resilient. We need to move from reliance to resilience.
“And the world is craving for Canadian products. Like all of you people, we just need to make sure it's a bit more fluid.”
On agriculture
Champagne acknowledged “it's been tough for our farmers.”
“I hate to see that because those are very hardworking people. They've invested a lot in the farm and in their equipment and everything … It's not the first time, but they're often the ones who are impacted by geopolitics. And it must be very frustrating, because you're there, you wake up in the morning, you do everything you can, and somehow the geopolitics of the world for which you have little control is changing under your feet."
He said what the government is trying to do is two-fold.
“One is to support our farmers as much as we've done for our workers in these key industries to say, not by their fault, but the market has shifted under their feet in a way that we need to support them with AgriStability.” He also said they doubled with Farm Credit Canada the credit facility, because “what people need is liquidity, kind of the bridge to a better situation.”
But he added at the same time they were saying “okay, how can we open new markets?”
“So when the prime minister was with the president of Indonesia and other countries, we're talking to a large nation that would need and want our products so that we diversify. And then we just need to be, as much as we've been reliant on our southern neighbour for a lot of products, I think we have also been reliant on very few export markets for canola, for peas and lentils.
“And how do we diversify that in a way that we don't find ourselves at the mercy of geopolitics, which is shifting very rapidly and in ways that if you're in the prairies you have little control over. And therefore the best way to insulate ourselves from that is to have more market opportunities.”
Interprovincial Trade
Champagne had a number of thoughts throughout the morning event about the importance interprovincial trade.
“You know, interprovincial trade, one Canadian economy — I mean, if we don't do it now, when are we going to do it?” Champagne said.
“I know Scott (Moe) has been supportive of that. I saw B.C. yesterday signing an agreement. But one Canadian economy, becoming our own best customers, leveraging our expenses in defence to build this country — I think those are the kind of things we're going to need to lift. And that's the vision we have: is to grow our economy and give ourselves more than anyone can take away from us.”
He also said you “always try to see what's good from the period we live in. I think it's been kind of a wake-up call to become our own best customer, for example.”
Champagne concluded by saying people see today "better than ever" the nexus between energy security, economic security, national security, and food security.
"And I think when you blend that together, you realize what role Canada can play, and we can play in a very key position. There's going to be a headwind. Let's focus on what we can control. Let's seize the moment. Let's not look down, let's look up. You didn't win the Grey Cup because you were looking down. You won because you look up. We need to be as confident. No nation can be more confident than its leaders. I think everyone in this room is a leader. We need to seize the moment, be confident, and be ambitious. And I'm very convinced that together, we're going to make it.”
