Prime Minister advances trade ties, investment, and innovation with Singapore
Prime Minister advances trade ties, investment, and innovation with ... Canada NewsWire
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Singapore, Sept. 8, 2023 /CNW/ – Prime Minister’s Office
As Canada kicks off a new chapter as an Association of Southeast Asian Nations (ASEAN) strategic partner, we are further deepening ties with the Indo-Pacific region. Canada and Singapore have a long-standing and close relationship in trade, investment, and business development, as well as shared priorities, including a commitment to the rules-based international order and making life better for our people.
Meeting Between Prime Ministers Trudeau and Lee
The Prime Minister, Justin Trudeau, today met with the Prime Minister of Singapore, Lee Hsien Loong, to continue strengthening ties between our two countries during a bilateral visit. During their meeting, the leaders agreed to expand trade and investment ties.
Promoting Economic Partnerships
The Prime Minister took the bilateral visit as an opportunity to meet with some of the country’s most prominent business leaders to build dynamic economic partnerships, attract investments, and create good jobs for both our countries. He promoted Canada as an attractive, reliable destination for investment from Singapore. He also highlighted our competitive advantages like our robust supply chains and Canadian technology like artificial intelligence, clean technology, and engineering. The leaders discussed strategies for building more reliable, responsible, and resilient supply chains and helping Canadian companies do business in Singapore.
Enhancing Cybersecurity Cooperation
Strong partnerships are key to protecting global cybersecurity. In Singapore, the Prime Minister announced the upcoming renewal of the Canada-Singapore Cybersecurity Memorandum of Understanding (MoU) that commits both nations to increasing our co-operation on information sharing, skills development, and innovation and capacity building in our cybersecurity systems. This agreement will help us coordinate internationally to combat ongoing threats to security, including in the Indo-Pacific region. The two leaders also agreed to begin negotiating a General Security of Information Agreement that would facilitate deeper defence cooperation and help Canadian industries participate in classified defence contracts and programmes with Singapore.
Canada-Singapore Youth Mobility Arrangement
Prime Minister Trudeau and Prime Minister Lee announced their intention to establish a Canada-Singapore Youth Mobility Arrangement, which will make it easier for our youth and young professionals to work and travel in each other’s countries. This agreement will help our youth build language, life, and leadership skills, increase employment opportunities, and strengthen the Canada-Singapore relationship.
Advancing Science, Technology, and Innovation Partnerships
As part of the Indo-Pacific Strategy, Canada is working to deepen our science, technology, and innovation partnerships in the region. During their meeting, Prime Ministers Trudeau and Lee welcomed discussions to advance bilateral cooperation in this area. Both countries look forward to sharing knowledge and resources, building innovative businesses, and creating highly skilled jobs, while deepening our economic relationship.
Conclusion
As we expand our partnership, Canada will continue to work with Singapore to innovate, to add value to the global economy, to protect and uphold international peace and security, and to create opportunities for all our peoples.
Quote
“Canada and Singapore are on the same page about key issues that matter to both our countries. Our strong partnership is helping both us build resiliency, foster innovation, and grow our economies, and the discussions we’ve had here in Singapore make it clear that we’re on track to expand a relationship that benefits both our countries.”
—The Rt. Hon. Justin Trudeau, Prime Minister of Canada
Quick Facts
- In 2022, Singapore was Canada’s largest destination in Southeast Asia for Canadian direct investment abroad ($28 billion) and Canada’s second-largest source of foreign direct investment ($1.9 billion) from Southeast Asia.
- In 2022, bilateral merchandise trade between Canada and Singapore was valued at nearly $2.9 billion, an increase of 28 per cent compared to 2021. Canada’s merchandise exports were $1.52 billion, and Canadian merchandise imports from Singapore totalled $1.34 billion in 2022.
- The first Canada-Singapore Cybersecurity Memorandum of Understanding was signed in 2018.
- Canada’s Indo-Pacific Strategy committed funding of $65.1 million over five years, and $13.8 million ongoing, under the Canadian International Innovation Program (CIIP) to strengthen co-innovation partnerships with key economies in the region and increase and enable new co-innovation activities for Canadian small and medium enterprises.
- Canada currently has youth mobility arrangements with over 35 countries across Europe, East Asia, Oceania, and the Americas. The arrangement with Singapore would be the first between Canada and an ASEAN country, expanding opportunities for Canadians to gain experience in this increasingly important region.
Associated Links
This document is also available at https://pm.gc.ca
SOURCE Prime Minister’s Office
For further information: PMO Media Relations: [email protected]
SDGs, Targets, and Indicators Analysis
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 8: Decent Work and Economic Growth
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 16: Peace, Justice, and Strong Institutions
- SDG 17: Partnerships for the Goals
The article discusses the deepening ties between Canada and Singapore in various areas such as trade, investment, business development, cybersecurity, defense cooperation, and youth mobility. These issues are connected to the Sustainable Development Goals mentioned above.
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries.
- SDG 9.3: Increase the access of small-scale industrial and other enterprises, particularly in developing countries, to financial services, including affordable credit, and their integration into value chains and markets.
- SDG 16.3: Promote the rule of law at the national and international levels and ensure equal access to justice for all.
- SDG 17.16: Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology, and financial resources.
Based on the article’s content, these specific targets can be identified as relevant to the issues discussed.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Gross domestic product (GDP) growth rate: The article mentions the expansion of trade and investment ties between Canada and Singapore, indicating potential economic growth.
- Access to financial services: The article highlights the intention to establish a Canada-Singapore Youth Mobility Arrangement, which can improve access to employment opportunities for youth and young professionals.
- Rule of law and access to justice: The article mentions the renewal of the Canada-Singapore Cybersecurity Memorandum of Understanding (MoU) and the negotiation of a General Security of Information Agreement, indicating efforts to enhance cooperation in security and defense.
- Partnerships and knowledge sharing: The article discusses the intention to deepen science, technology, and innovation partnerships between Canada and Singapore, indicating collaboration and knowledge exchange.
These indicators can be used to measure progress towards the identified targets.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries. | Gross domestic product (GDP) growth rate |
| SDG 9: Industry, Innovation, and Infrastructure | 9.3: Increase the access of small-scale industrial and other enterprises, particularly in developing countries, to financial services, including affordable credit, and their integration into value chains and markets. | Access to financial services |
| 9.5: Enhance scientific research, upgrade the technological capabilities of industrial sectors in all countries, in particular, developing countries, including, by 2030, encouraging innovation and substantially increasing the number of research and development workers per 1 million people and public and private research and development spending. | Partnerships and knowledge sharing | |
| SDG 16: Peace, Justice, and Strong Institutions | 16.3: Promote the rule of law at the national and international levels and ensure equal access to justice for all. | Rule of law and access to justice |
| SDG 17: Partnerships for the Goals | 17.16: Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology, and financial resources. | Partnerships and knowledge sharing |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: newswire.ca
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