The Globe and Mail reports in its Friday edition that governments across Canada must find a way to reduce the time it takes to get major projects such as pipelines approved and built, Brian Porter, chief executive officer of Bank of Nova Scotia, said on Thursday. The Globe's Jeffery Jones writes that such a strategy would attract foreign capital back to the oil and gas industry and allow the benefits to accrue across the country, Mr. Porter told a Calgary Chamber of Commerce audience. Besides lessening regulatory burdens, lower corporate tax rates would also help to bring investment back, he said.
"We have to get big projects done. There has to be expedited treatment for some of these things in a fair, transparent way where environmental, regulatory -- everything -- is done in a transparent fashion," Mr. Porter told reporters. "But we can't take 10 and 12 years to do some of these projects. It just doesn't work."
As Canada's oil sector has struggled, U.S. shale plays, such as the Permian basin in Texas and New Mexico, have had a rush of investment. Bank of Nova Scotia has more than national pride riding on the success of the oil patch. It has the largest exposure to the industry among Canadian banks, Mr. Porter said.
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