Canada to send largest trade mission to PH, eyes more investments

Canada is sending its largest trade delegation to the Philippines in December to explore investment opportunities and partnerships in defense, agriculture, mining, energy, and infrastructure, diplomats said Thursday.

Mary Ng, Minister of Export Promotion, International Trade and Economic Development, will lead a “powerhouse” Team Canada Trade Mission to Manila from December 4 to 6, Canadian officials said. She will be joined by at least 300 business leaders from over 180 organizations from 17 different sectors, said Guy Boileau, Senior Trade Commissioner at the Canadian Embassy.

Boileau said the initiative supports Canada’s Indo-Pacific Strategy, which aims to strengthen relations and invest in trade, security, and people-to-people ties between Canada and the Indo-Pacific region, including the Philippines.

“One of the objectives of the team is to provide a platform to expand and diversify our international business portfolios and reach into growing markets,” Boileau told a group of journalists in a briefing.

Canadian businesses, he said, have expressed a high level of interest in the Philippines due to “significant economic reforms” in recent years on taxation and liberalization in key sectors, including renewable energy, sending “positive signals” to potential investors.

“At the end of the day, we are looking for a stable and predictable business environment. And what we have seen over the past few years is that the Philippines is indeed going in that direction, so that's quite interesting and promising for partnerships in collaboration,” Boilaeu said.

Canada sees even greater potential in the Philippine market, citing gross domestic product (GDP) growth projections of 6% to 6.5% in 2025 to 2026.

“This is a great country that is seen increasingly as a hub. Companies are looking at using the Philippines as a hub in terms of servicing other countries in the region. This is the country that is English-speaking, so it makes things much easier, but you also have a very young, very tech-savvy population. That resonates when we talk to our companies,” he said.

The Team Canada model has proven to be effective at generating economic impact for Canada, officials said, citing a recent trade mission to Japan that led to at least 70 new contracts with an overall value estimated at close to CAD30 million.

Canada believes that trade missions would help Canadian and Filipino businesses open doors in dynamic markets, unlock new opportunities, and connect with government and industry leaders.

Canada, Boileau said, supports and advances inclusive trade, which contributes to more competitive, innovative, and successful businesses.

“We want to make sure that we have the broadest possible representation that really reflects the composition of what Canada is, and so what we are talking about here is that our delegation includes business leaders, business owners from our indigenous peoples, and visible minorities. Women and young entrepreneurs, as well as the LGBTQ business owners. This is very important for us when we talk about trade collaboration,” he said.

Boileau said that it is “very, very important” that Canada’s priority sectors in the Philippines—agriculture, clean energy, green mining, infrastructure, information and communications technology, nuclear technologies, defense, and education—align with the objectives and the strategies of the Marcos administration.

As a country that relies heavily on global commerce, Boileau said one out of every 5 or 6 jobs in Canada and 65% to 70% of its GDP are directly linked to international trade.

“International trade is very important to the Canadian economy when we talk about growth in the Canadian economy,” Boileau said. “That includes the importance of trade diversification.”

“We do know that overconcentration may not always be a good thing, so we do try to provide the platform and the rules so that our companies can tap into as many global markets as possible, and frankly, there's no better place than working with the Philippines in that regard.”  — VBL, GMA Integrated News