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Federal and provincial programmes promote Vancouver as maritime hub

THE Canadian and British Columbian governments have been working with the International Ship-Owners Alliance of Canada (ISAC) to re-establish the Vancouver International Maritime Centre (VIMC) to promote the west coast Canadian city to the international shipping industry as a preferred maritime hub.

Federal and provincial programmes promote Vancouver as maritime hub
04 September 2015 - 05:57
Federal and provincial programmes promote Vancouver as maritime hub

THE Canadian and British Columbian governments have been working with the International Ship-Owners Alliance of Canada (ISAC) to re-establish the Vancouver International Maritime Centre (VIMC) to promote the west coast Canadian city to the international shipping industry as a preferred maritime hub.

The provincial government is contributing C$1 million (US$754,000) to re-vitalise the VIMC and diversify British Columbia's economy. It has also committed to an additional C$2 million over the next two years for the development and execution of an investment attraction strategy aimed at strengthening the province's shipping industry.

The federal government has committed C$3 million over three years to match the funding from the province and ISAC will provide an additional C$300,000.

"Our government has pursued the most ambitious trade agenda in Canada's history," said Canadian Revenue Minister Kerry-Lynne Findlay. "Our investment will help the Vancouver International Maritime Centre position itself as a global hub for worldwide international shipowners."

The initiative to attract international shipping head offices to Vancouver capitalises on Canada's opportunities as a Pacific gateway and as a maritime province to create high-value knowledge jobs associated with global trade.

Meanwhile, legislative changes to Canada's Income Tax Act made on December 16, 2014, have expanded the application of Canada's shipping tax legislation making the nation a competitive location for the international shipping community.

"Canada's clearly defined and newly affirmed international shipping tax rules, coupled with Canada's stable economic and political environment, provide fiscal certainty for shipowners," said PwC international tax partner Mike Shields.

Canada has been ranked the best country in the G-20 to do business, has the second highest standard of living in the G-20 and leads all G-7 countries in economic growth, according to the World Bank. 

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