TORONTO — The Ontario government has wrapped up a successful mission to South Korea, Vietnam and Singapore to help attract investments, establish and strengthen economic partnerships and raise Ontario’s profile in the region. The mission included meetings with companies from various sectors, including automotive, technology, life sciences and cleantech.
As part of the mission, the government also announced plans to open an Ontario Trade and Investment Office in Singapore in 2024. The office will be the province’s first office in the ASEAN, or Association of Southeast Asian Nations region, a union of 10 states in Southeast Asia with a population of over 600 million people.
“Singapore has one of the world’s strongest and most diversified economies and is an ideal location for Ontario to establish a presence in Southeast Asia,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Jurisdictions from around the world are looking to gain a foothold in the growing Southeast Asia market and establishing a Trade and Investment Office in Singapore will help unlock trade and investment opportunities for Ontario businesses.”
Terrific to meet with the High Commissioner for Canada in Singapore, @Jeandoieraci.
— Victor Fedeli (@VictorFedeli) October 13, 2023
Since 2018, Ontario’s international network of Trade and Investment Offices have helped to attract nearly $9.5 billion in new investments and facilitated market access for over 1,500 Ontario companies. The new Singapore location will help diversify trade and business partnerships for the province and will represent Ontario on the ground in the ASEAN region.
Last year, Ontario and Singapore did $1.2 billion in two-way trade, a number which is likely to increase with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership that provides preferential market access to Vietnam, Singapore and eight other countries.
With a world-class workforce, state-of-the-art research and development and a reputable manufacturing sector, Ontario is one of the most competitive places for businesses to invest and grow.
- The ASEAN, or Association of Southeast Asian Nations, has 10 members states: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
- In 2022, two-way trade between Ontario and South Korea was valued at nearly $10 billion; two-way trade between Ontario and Vietnam totaled $7.4 billion; and two-way trade between Ontario and Singapore reached $1.2 billion.
- The signatory countries to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership represent more than 514 million people with a combined gross domestic product of $15 trillion – a full 11.5 per cent of global GDP. It eliminates tariffs on almost all of Ontario’s key exports, including agricultural and agri-food products, industrial goods, vehicles and automotive parts, and metals and minerals.
SOURCE Province of Ontario