The head of the Asia Pacific Foundation of Canada (APF Canada) today commended the Chatham Kent business community for reaching out to Asia for investments and business opportunities. The foundation’s president and CEO, Stewart Beck, was speaking to local business people at a lunch at the CK John D. Bradley Convention Centre hosted by the Chatham-Kent Chamber of Commerce and the Municipality of Chatham-Kent.
APF Canada has been a leader in research and analysis on Canada’s relations with Asia for thirty years.
Beck’s address was called “Increasing Canada’s Trade with Asia”.
“I am pleased to be in Chatham-Kent to learn from Mayor Randy Hope, the Chamber of Commerce leaders and local business on how they are engaging in Asia,” said Beck. “As Asia’s importance to the global economy continues to grow, the region’s markets will increasingly offer dynamic opportunities for Canadian businesses. I commend Mayor Hope and the local business community, as we at the Asia Pacific Foundation of Canada believe more engagement with Asia is a critical component of building Canada’s long term growth and prosperity.”
“We were pleased to hear Stewart Beck’s presentation,” said Tony Hill, Chair of the Chatham-
Kent Chamber of Commerce. “As business people, we want to know how working with Asian investment and trade can benefit our own businesses and our local economy. There seem to be direct potential benefits in some sectors, as well as potential secondary benefits for the overall local economy.”
“Asia, particularly China, offers Chatham-Kent great opportunities,” said Mayor Hope. “Chinese investors and manufacturers want access to North American resources and markets. We want investment, manufacturing, jobs and spin-off business and new markets for Chatham-Kent companies. The potential is enormous and it is important to pursue these opportunities.”
“We have ten major ongoing negotiations in Asia,” said Director of Economic Development Michael Burton. “They are in chemical processing, food processing, heavy manufacturing, light manufacturing, manufacturing support services, and medical supply. If even a few of these negotiations succeed, the benefits for Chatham-Kent businesses and workers will substantial.”
“Foreign direct investment makes up about a fifth of our economic development activity,” added Burton, “while the rest of our effort is devoted to direct support and development of Chatham-
Kent businesses and jobs. Both activities are necessary. A vigorous local business community will be in a very good position to take advantage of the opportunities.”
The Canadian Chamber of Commerce recently reported that China has become has become Canada’s second largest and fastest growing trading partner, with exports growing over the past ten years from $5 billion to $20 billion and imports nearly tripling from $18.6 billion to $52 billion. In 2013, China surpassed the United States to become the world’s biggest trading nation, with imports and exports totalling $4 trillion.
