Canada government’s ambitious new mission is to double its non-U.S. exports in the next decade. Prime Minister Mark Carney concluded his visit to Singapore on Wednesday, Oct. 29 as part of his first official visit to the Indo-Pacific region, aiming to attract international investment and position Canada as a stable, high-value destination for global capital amid ongoing trade tensions with the United States.
Carney has been pitching Canada as a reliable trading partner as he works to expand exports to non-U.S. markets, and also as an attractive place for investment.
During his visit, the prime minister met with senior business leaders and major investors to explore opportunities for increased investment in Canadian businesses. Singapore is Canada’s largest source of foreign direct investment from Southeast Asia, with $7.8bn invested in 2024.
In 2024, services trade between Canada and Singapore totalled $4.6bn and bilateral merchandise trade totalled $3.7bn.
Carney also toured the facilities of port operator PSA International, one of the world’s busiest trading hubs and a major investor in Canadian terminals.
He met with port leadership to discuss the potential for new partnerships to grow Canadian export capacity.
In a statement on Oct. 29, the Singapore ministry of foreign affairs (MFA) said PM Lawrence Wong hosted Carney to breakfast at the Istana.
“They reaffirmed the long-standing friendship between Singapore and Canada as both countries commemorate 60 years of diplomatic relations this year,” MFA said.
The two leaders discussed ways to strengthen economic and investment links, and also spoke about opportunities for further bilateral collaboration such as in science, technology and innovation, energy, and cybersecurity.
MFA added that the two countries have common ground on the free flow of trade and investments, as well as commitment to multilateralism and international law.
The leaders discussed progress to finalise a Canada-ASEAN free trade agreement in 2026, which will unlock new markets and opportunities for Canadian workers and businesses across the Indo-Pacific region.
“A core mission of Budget 2025 is to catalyse unprecedented investments in Canada over the next five years. To do that, we’re working relentlessly to create the right conditions to build at home and strengthen our international partnerships abroad,” said Carney. “Singapore is a rapidly growing, dynamic economy with strong ties to Canada. There are huge opportunities for our workers and businesses here and across the Indo-Pacific region, and we’re going to seize them.”
Last week, Carney concluded his visit to Kuala Lumpur, Malaysia, where he attended the Association of Southeast Asian Nations (ASEAN) Summit and met with world leaders and investors to strengthen trade, technology, and energy partnerships.
Canada’s prime minister’s office said Carney met with the chief executive officer of PETRONAS, Tengku Muhammad Taufik. PETRONAS is one of the world’s largest energy companies and a major investor in LNG Canada Phase 1 – the liquified natural gas facility in Kitimat, British Columbia.
With Phase 2 of this project now referred to the Major Projects Office, the government said that it is exploring new opportunities to expand its partnership and strengthen Canada’s role as a reliable energy supplier.
