Foreign mining and energy companies registered the highest spending in Canada in almost two years, driving a significant increase in foreign direct investment in the country.
Foreign direct investment rose to $10.8 billion in the third quarter, reports Statistics Canada. That’s a big increase over the $7.7 billion reported in the same period last year. Net investment in mining and energy performed especially well, rising to $3.8 billion in the most recent quarter after a net divestment of $1.3 billion in the second quarter.
Over the first three quarters of this year direct investment came to $35.6 billion, the highest it’s been in three years, reports the Toronto Star.
Dennis Darby, president of Canadian Manufacturers and Exporters, was quoted telling BNN Bloomberg television that “Canada has some natural advantages and we will see more investment.”
Manufacturing investment was one soft spot, slowing to $1.8 billion in the third quarter, less than half of the $3.8 billion recorded in the same period of 2017.