CN's Claude Mongeau says Canada's trade agenda needs a market-based regulatory regime that encourages continued rail investment and innovation
14 May, 2015, 04:15 ET
VANCOUVER, May 14, 2015 /PRNewswire/ - Claude Mongeau, president and chief executive officer of CN (TSX: CNR) (NYSE: CNI), said today Canada's trade agenda requires a policy framework that encourages and rewards continued investment in supply-chain capacity and innovation.
Mongeau, speaking to the Vancouver Board of Trade, said: "The current review of the Canada Transportation Act affords the federal government a prime opportunity to affirm the commercial policies of the past 25 to 30 years that have produced a Canadian rail industry renowned internationally for efficiency, innovation and freight rates that are among the lowest in the world, based on a market framework and commercial principles.
"Canada enjoys the benefits of a world-class rail industry entirely owned by the private sector. CN, from its own resources, has invested close to C$10 billion in rail infrastructure, capacity additions and operational and service excellence initiatives across its North American network over the past five years – with C$1 billion of that being invested alone in British Columbia, which sees a full one-third of all CN traffic.
"B.C. is a key gateway for Canada's global trade, and we're proud that CN's strong focus on innovation and supply chain collaboration has contributed strongly to the economy of British Columbia. For example, over the past five years international container volumes moving over the ports of Vancouver and Prince Rupert combined more than doubled."
Mongeau concluded: "Railways are crucial to the prosperity of the Canadian economy and the nation's competitiveness in global markets. We need the right business agenda, supported by the right policy framework, to encourage railways to continue building for the future. In a market economy like Canada's, only a balanced commercial approach can help sustain the solid rail industry foundation built over the past 25 years."
CN is a true backbone of the economy, transporting more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries -- serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information on CN, visit the company's website at www.cn.ca.
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