Small and medium sized enterprises (SMEs) from Canada are urged to tap the growing trade and investment opportunities in the Philippines, which is deemed by the Canadian government as one of the “most dynamic and fastest-growing countries in Asia.”
According to Canada’s Department of Foreign Affairs, Trade and Development, a trade mission to be led by Canadian Minister of International Trade Ed Fast will be in Manila and Cebu from May 24 to 28 to explore prospects in local agriculture and processed foods; defense and security; information and communications technologies (ICT); infrastructure; and sustainable technologies.
“The Government of Canada is committed to supporting companies as they seek to boost their exports, creating jobs and economic growth for all Canadians. Trade missions are just one of the tools under Canada’s Global Markets Action Plan (GMAP), the government’s blueprint for creating jobs and economic growth through exports, to help Canadian businesses succeed in foreign markets,” the agency said.
The upcoming trade mission was an offshoot of Fast’s visit to the Philippines in March 2015, as part of a trade mission to boost Canada’s exports and investment partnerships with Association of Southeast Asian Nations and Asia-Pacific Economic Cooperation (Apec) members.
While in Manila, Fast met with Trade Secretary Gregory L. Domingo to discuss the potential for enhanced bilateral trade relations.
Data from the Canadian government showed that bilateral merchandise trade between Canada and the Philippines rose by 2.5 percent to nearly C$1.8 billion in 2014.
Canadian merchandise exports to the Philippines, which stood at C$569.5 million last year, included mineral ore, wood and meat.
Canadian merchandise imports meanwhile reached C$1.24 billion, mainly covering electrical machinery and equipment, machinery and rubber.