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Canada and Sweden Forge Raw Materials and Tech Alliance, a New Era of Cooperation

Canada and Sweden Forge Raw Materials and Tech Alliance, a New Era of Cooperation

Canada and Sweden are collaborating to leverage their strategic assets and promote innovation, research, and the deployment of cleaner technologies. This partnership is crucial given the current global challenges, including geopolitical tensions and the impacts of climate change. Both countries are committed to deepening their engagement to address these challenges and encourage the adoption of advanced technologies for a sustainable future.

In a joint statement, The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry of Canada, and Ebba Busch, Minister for Energy, Business and Industry and Deputy Prime Minister of Sweden, emphasized their commitment to working together and leveraging their strategic assets to lead in the green and digital future. They identified critical minerals, clean energy, and talent as key resources to foster economic growth, well-paying jobs, and achieve ambitious climate goals.

The two countries recognize their complementary industries and knowledge centers, which include leading innovative companies. They have agreed to further develop their bilateral cooperation to promote innovation, research, and the deployment of cleaner technologies, such as Small Modular Reactors (SMRs) and their supply chains. This collaboration is expected to result in increased business collaboration and opportunities to foster the development of strong ecosystems with innovative companies from both countries.

The importance of enhancing the partnership between Canada and Sweden has been emphasized in light of the current global challenges. The geopolitical tensions following Russia’s war against Ukraine and the increasing impacts of climate change have fundamentally altered the global energy landscape. Collaboration between like-minded and trusted partners is now more crucial than ever.

Both Canada and Sweden are global leaders and pioneers in decarbonizing steel production, critical raw materials, EV batteries, and nuclear technologies like SMRs. They recognize their responsibility to encourage the global adoption of advanced technologies that will contribute to building a strong and clean future.

Trade and investment relations between the two countries have been rapidly growing, with significant commitments from Swedish companies to do more in Canada. For example, Ericsson announced a $470 million expansion in Canada in partnership with the Government of Canada, and Northvolt is partnering with Canadian firms and pension funds to build the world’s greenest electric vehicle batteries in Canada. The Centre for Commercialization of Regenerative Medicine (CCRM) also recently launched its Nordic Hub in Sweden, further strengthening the collaboration between the two countries.

Canada and Sweden are committed to exploring closer cooperation to diversify and strengthen the resilience of their respective economies, minimizing dependencies that can undermine self-determination. They also reaffirm their commitment to collaboration with other like-minded states around the world to accelerate the creation and deployment of innovative technologies that will create jobs, promote growth, and help achieve shared goals of a thriving net-zero future.

In conclusion, the collaboration between Canada and Sweden in leveraging their strategic assets and promoting innovation and cleaner technologies is crucial for addressing global challenges and building a sustainable future. Their partnership not only fosters economic growth and well-paying jobs but also encourages the adoption of advanced technologies worldwide. With their complementary industries and knowledge centers, both countries are well-positioned to lead in the green and digital future.

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Akash Osta