$25 billion over 8 years to improve B.C. overseas trade

Tuesday, April 03, 2012 – B.C. Premier Christy Clark released details of $25 billion public and private sector plan to expand trade with Asia by improving the province's transportation network.

Clark said that the spending is needed to increase trucking capacity on highways, rail capacity along existing rail corridors, air cargo movement, and both bulk and container terminal capacity at marine ports in Vancouver and Prince Rupert.

"We have a once-in-a-generation opportunity to take advantage of the fastest growing economy in history," Premier Clark said in a press release.

"Asia is right at our doorstep — our ports are closer than anywhere else in North America. Our government is making sure we can get our goods to market as efficiently and quickly as possible and this strategy is a huge part of that plan."

But the largest chunk of spending is targeted to the natural gas industry, with $18 billion planned to go towards private sector pipeline and plant investment.

Clark said that the new investment would create at least 17,000 additional jobs by 2020, and would serve the export markets' demand for coal, forest products, potash, grain, and minerals.

Clark said that since 2005 over $22 billion had been committed by the province and its "Pacific Gateway Alliance partners" to add capacity to B.C.'s international trade corridors.

She said that projects worth $12 billion have been completed, and $10 billion's worth of projects are still underway — including Highway 1 improvements between Kamloops and Alberta, Highway 1 and Port Mann Bridge improvements in the Lower Mainland, and the South Fraser Perimeter Road.

Source: CIFFA Website News