The representatives of agri-food firms here today know that investment is critical for aggressive growth and that it is in their best interests to explore all the available options for financing, structuring and restructuring their companies. At the same time, I am confident that the more that members of the financial community learn about the sector, the more they will want to invest in it. The agriculture and food sector, with its diversity and size, offers real opportunities for every type of investor, big or small, bold or cautious. On that note, allow me to give you a brief overview of where the sector is at, and more importantly, where it is going. The agriculture and food sector is one of the largest in the country, accounting for almost one-tenth of our gross domestic product and employing almost 1.9 million people.
Agriculture is our second largest resource-based industry.
Food manufacturing also ranks second in terms of size and has shown a consistent return on investment over time, when compared to other manufacturing industries in Canada. These statistics are even more striking when you consider that the industry has undergone a period of dramatic adjustment over the last decade, adapting to more liberalized trade, less government support, changing consumer demands, and rapid advances in information and other technologies. The sector has adapted successfully and has continued to grow steadily throughout the transition period. Currently, Canadian farmers are dealing with cyclical downturns in prices for hogs, grains, and cattle. The market turmoil in Asia and Russia is adding to a worldwide problem of oversupply.