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Should we lower our expectations? Or should we control our destiny by building on our strengths in the new global environment?

“Should we just wait out a decade-long deleveraging process in the crisis economies? Should we lower our expectations? Or should we control our destiny by building on our strengths in the new global environment?”

Mr. Carney said Canada’s resource sectors are in a unique position because they can take advantage of rising demand for commodities in Asia, which will keep commodity prices high due to rapid urbanization, a secular process that can be expected to continue for decades.

The trend is reflected in growing Canadian supplies. Oil has become Canada’s most important commodity by value, with its share of total Canadian commodity production rising from 18% to 46% in the past 15 years.

“I am not dictating to companies what they need to do,” he told reporters. “But no one should over-represent the investment performance in Canada. It’s been solid, but it hasn’t been spectacular. And we are in an environment where we have got a strong currency, imported manufacturing equipment is cheaper than it ever was, we have got fierce competition internationally, we have a productivity deficit versus virtually every other advanced economy — our productivity is 70% of the U.S., and we have massive opportunities.

“Many … are being developed and realized in the resource sector, so we would expect that there would be sustained business investment and a lot of the CEOs and senior management … are doing it and we are seeing it, but the facts are the fact, there is a lot of work to be done.”

Bruce March, CEO of Imperial Oil Ltd., said oil companies are doing their part — but noted capital spending takes a long time and some of it has to do with lengthy regulatory processes.

“Our projects that we typically build in the oil sands are seven to 12 years in the making, and they have ramp ups in spending and then peaks and then falling off,” he said on the sidelines of the event south of Calgary.

“We like the opportunities,” he added. “But also, our memories are quite good about what happened in 2008 and 2009.”