Toronto, Canada, March 15, 2009 --(PR.com
)-- Consolidated Forestry Industries CEO Ken Curtis appealed to the Canadian Government to co-operate more with its American counterparts in order to lift the region out of recession.
“If the old adage ‘when America sneezes the rest of the world catches a cold’ is true, then what will be the consequences now that our giant neighbor to the South has the economic equivalent of pneumonia?” asked Curtis. “It’s no good sitting around feeling smug because Canadian businesses are not experiencing the same level of downturn right now. Sooner or later, the fallout from the global recession will reach our country and when the severity of our impending contraction depends on how we prepare for it now.”
CFI’s chief executive pointed out that a significant amount of the $800 billion US stimulus package will be devoted to construction and infrastructure projects.
“Canada’s natural resources and technical expertise could be utilized for many of these projects,” claimed Curtis, “but you can’t expect America to lavish spending on Canadian businesses out of kindness. What we need is a partnership wherein both countries pool resources and contribute to helping each other weather the current crisis. The Canadian Government can’t afford to wait for an invitation from President Obama. It must seize the initiative and show make a detailed offer of cooperation, including a Canadian-financed stimulus package that allows contributions from America. At the same time, this would prove to the North American Free Trade Agreement doubters on both sides of the border that NAFTA really is good for all its members in good times and bad.”
Curtis expressed confidence CFI will achieve higher sales and profits by the end of the year, with supplies to US construction projects playing a major role in the company’s improved performance. In 2008, profits fell over 90% to C$16,855,150, compared to C$248,036,272 for the year before. The company has forecast profits of around C$70,000,000 for 2009.