Canada seeks business opportunities in ASEAN

The Canada-ASEAN Business council (CABC) recently held a conference to help Canadian enterprises seek business opportunities in ASEAN.

The event attracted over 200 participants, including Canadian government officials, ASEAN diplomats, businesspeople and experts from both sides.

The conference focused on key issues affecting ASEAN and Canada, with a spotlight on trade and investment opportunities, policy updates, and practical steps to enhance bilateral cooperation.

Through knowledge-sharing sessions, experts discussed strategies to foster mutually beneficial business connections in such areas as green technology, clean technology, and energy transition.

TB Nguyen, CABC director for Montreal, highlighted the significance of the event in strengthening Canadian businesses’ engagement with ASEAN. With a substantial turnout of businesspeople, officials, and stakeholders, the conference created a valuable platform for networking and knowledge exchange, expected to catalyze stronger cooperation across multiple sectors.

Canada is proactively advancing its trade strategy in the Indo-Pacific, with an emphasis on securing free trade agreements (FTAs) with ASEAN as a bloc and with Indonesia individually.

These agreements, slated for completion by 2025, are anticipated to invigorate trade relations and complement the existing partnership framework under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in which four ASEAN countries participate. Upon completion, the FTA with ASEAN could boost Canada’s GDP by 2.5 billion USD and ASEAN’s by nearly 40 billion USD.

Jean Charest, former Canadian Deputy Prime Minister and former Premier of Quebec, noted that Canada’s experience post-Covid 19 and with evolving security concerns has underscored the need for trade diversification, particularly in Asia and ASEAN.

He emphasized the growth potential ASEAN offers in sectors like energy, environmental sustainability, and infrastructure, where Canada possesses both expertise and financial resources. To further support Canadian businesses in ASEAN, Canada is planning to establish a Canada-ASEAN Chamber of Commerce, complementing the CABC’s efforts.

Vietnam, in particular, stands out as a dynamic economy and an entry point for Canadian companies into ASEAN. With direct sea transport connectivity between Montreal and Hai Phong, Vietnam is strategically positioned to enhance logistics and supply chains between the regions.

CABC CEO Wayne Farmer remarked on Vietnam’s commitment to energy transition and decarbonization, areas where Canadian investors can contribute expertise and investment.

Farmer added that Vietnam’s role in the supply chain offers reciprocal benefits: Canadian companies gain access to Vietnamese production capabilities, while Vietnamese consumers gain access to Canadian products.

As an export-driven economy, with exports comprising 60% of its GDP, Canada is keen to reduce its dependence on the US market and diversify its trade. ASEAN, and Vietnam specifically, presents an attractive alternative, with increasing potential to become a primary destination for Canadian businesses.