Canada’s Prime Minister Mark Carney concluded his visit to Singapore on October 29, marking the final leg of his first official tour of the Indo-Pacific region.
The visit was part of the government’s broader mission to double non-U.S. exports within the next decade and attract greater international investment to Canada amid ongoing trade tensions with the United States.
Throughout his visit, Carney positioned Canada as a stable, high-value destination for global capital and a dependable trading partner. He held meetings with leading investors and business executives to explore opportunities for deeper investment in Canadian industries.
Singapore remains Canada’s largest source of foreign direct investment from Southeast Asia, with $7.8 billion invested in 2024 alone. The two countries’ services trade reached $4.6 billion, while bilateral merchandise trade stood at $3.7 billion during the same period.
Carney toured the facilities of PSA International, one of the world’s busiest port operators and a major investor in Canadian terminals, where he met with senior port officials to discuss expanding Canada’s export infrastructure and global shipping capacity.
According to a statement from Singapore’s Ministry of Foreign Affairs (MFA), Prime Minister Lawrence Wong hosted Carney for breakfast at the Istana, reaffirming 60 years of diplomatic relations between the two nations.
Both leaders agreed to enhance cooperation in economic development, investment, science, technology, innovation, energy, and cybersecurity. MFA noted that Singapore and Canada share common ground in their commitment to free trade, open investment, multilateralism, and respect for international law.
The discussions also included the ongoing progress toward finalizing a Canada–ASEAN Free Trade Agreement by 2026, expected to open new markets and create opportunities for Canadian businesses and workers across the Indo-Pacific region.
“A core mission of Budget 2025 is to catalyze unprecedented investments in Canada over the next five years,” said Carney. “To do that, we’re working relentlessly to create the right conditions to build at home and strengthen our international partnerships abroad.”
“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,” he added.
Carney’s Singapore stop followed his visit to Kuala Lumpur, Malaysia, where he attended the ASEAN Summit and met world leaders and investors to advance trade, energy, and technology partnerships.
During that visit, he held talks with PETRONAS CEO Tengku Muhammad Taufik. The Malaysian energy company is a key investor in LNG Canada Phase 1, a major liquefied natural gas facility in Kitimat, British Columbia.
With the project’s Phase 2 now referred to the Major Projects Office, Canada is exploring new opportunities to deepen collaboration with PETRONAS and reinforce its position as a reliable global energy supplier.
BUSINESS GENERAL | Pakistan, Iran Boost Trade Cooperation Toward $10 Billion Goal
