TORONTO, (Reuters) – Victor Dodig (CEO Canadian Imperial Bank of Commerce) called on policy makers on Thursday to place more importance on generating revenues through investment in growth and less on taxation.

Dodig’s prepared remarks are made at the bank’s annual shareholder meetings. Justin Trudeau’s Liberal government, widely anticipated to discuss details of its plan to tax profits from banks in its annual budget.

Dodig’s tax was not specifically mentioned by him, however, when the tax was proposed for the first time in August, Dodig stressed the importance of growing the economy and attracting foreign direct investments.

In prepared remarks to the shareholders meeting, he stated that governments must generate revenue as interest rates rise and there are national debts which need servicing.

He said, “You have two options: tax or grow. You can either create a productive economy and generate more wealth for all. Our view is that investment in economic growth will be the best path forward. It is important that we choose quickly our paths.

Brian Porter, Bank of Nova Scotia CEO on Tuesday, referred to the bank tax “kneejerk reaction”

Dodig called upon Canada to become a global leader not just in technological areas such as artificial intelligence and cybersecurity but also in the sector of energy.