Prime Minister advances trade ties, investment, and innovation with Singapore

SINGAPORE, Sept. 8, 2023 /CNW/ - Prime Minister's Office

As Canada kicks off a new chapter as an Association of Southeast Asian Nations (ASEAN) strategic partner, we are further deepening ties with the Indo-Pacific region. Canada and Singapore have a long-standing and close relationship in trade, investment, and business development, as well as shared priorities, including a commitment to the rules-based international order and making life better for our people.

The Prime Minister, Justin Trudeau, today met with the Prime Minister of Singapore, Lee Hsien Loong, to continue strengthening ties between our two countries during a bilateral visit. During their meeting, the leaders agreed to expand trade and investment ties.

The Prime Minister took the bilateral visit as an opportunity to meet with some of the country's most prominent business leaders to build dynamic economic partnerships, attract investments, and create good jobs for both our countries. He promoted Canada as an attractive, reliable destination for investment from Singapore. He also highlighted our competitive advantages like our robust supply chains and Canadian technology like artificial intelligence, clean technology, and engineering. The leaders discussed strategies for building more reliable, responsible, and resilient supply chains and helping Canadian companies do business in Singapore.

Strong partnerships are key to protecting global cybersecurity. In Singapore, the Prime Minister announced the upcoming renewal of the Canada-Singapore Cybersecurity Memorandum of Understanding (MoU) that commits both nations to increasing our co-operation on information sharing, skills development, and innovation and capacity building in our cybersecurity systems. This agreement will help us coordinate internationally to combat ongoing threats to security, including in the Indo-Pacific region. The two leaders also agreed to begin negotiating a General Security of Information Agreement that would facilitate deeper defence cooperation and help Canadian industries participate in classified defence contracts and programmes with Singapore.

Prime Minister Trudeau and Prime Minister Lee announced their intention to establish a Canada-Singapore Youth Mobility Arrangement, which will make it easier for our youth and young professionals to work and travel in each other's countries. This agreement will help our youth build language, life, and leadership skills, increase employment opportunities, and strengthen the Canada-Singapore relationship.

As part of the Indo-Pacific Strategy, Canada is working to deepen our science, technology, and innovation partnerships in the region. During their meeting, Prime Ministers Trudeau and Lee welcomed discussions to advance bilateral cooperation in this area. Both countries look forward to sharing knowledge and resources, building innovative businesses, and creating highly skilled jobs, while deepening our economic relationship.

As we expand our partnership, Canada will continue to work with Singapore to innovate, to add value to the global economy, to protect and uphold international peace and security, and to create opportunities for all our peoples.

Quote

"Canada and Singapore are on the same page about key issues that matter to both our countries . Our strong partnership is helping both us build resiliency, foster innovation, and grow our economies, and the discussions we've had here in Singapore make it clear that we're on track to expand a relationship that benefits both our countries."

—The Rt. Hon. Justin Trudeau, Prime Minister of Canada

Quick Facts

• In 2022, Singapore was Canada's largest destination in Southeast Asia for Canadian direct investment abroad ($28 billion) and Canada's second-largest source of foreign direct investment ($1.9 billion) from Southeast Asia.
• In 2022, bilateral merchandise trade between Canada and Singapore was valued at nearly $2.9 billion, an increase of 28 per cent compared to 2021. Canada's merchandise exports were $1.52 billion, and Canadian merchandise imports from Singapore totalled $1.34 billion in 2022.
• The first Canada-Singapore Cybersecurity Memorandum of Understanding was signed in 2018.
• Canada's Indo-Pacific Strategy committed funding of $65.1 million over five years, and $13.8 million ongoing, under the Canadian International Innovation Program (CIIP) to strengthen co-innovation partnerships with key economies in the region and increase and enable new co-innovation activities for Canadian small and medium enterprises 
• Canada currently has youth mobility arrangements with over 35 countries across Europe, East Asia, Oceania, and the Americas. The arrangement with Singapore would be the first between Canada and an ASEAN country, expanding opportunities for Canadians to gain experience in this increasingly important region.

Associated Links

• Canada-Singapore relations
• Canada and the Association of Southeast Asian Nations (ASEAN)
• Prime Minister visits Indonesia, welcomes a new chapter in the Canada-ASEAN relationship
• Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

This document is also available at https://pm.gc.ca

SOURCE Prime Minister's Office

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