Speech by Minister Grace Fu at Canada-in-Asia Conference 2025

Distinguished guests,

Ladies and gentlemen,

Introduction

1. It is my pleasure to join you once again at this year’s Canada-in-Asia Conference which Singapore is privileged to host for the third year running. I would like to congratulate the organisers – Asia Pacific Foundation of Canada (APF Canada) and Universities Canada for hosting a successful conference last year which encouraged important conversations on critical issues such as agrifood and climate change.

2. This year’s conference explores opportunities for collaboration in innovation, investments, supply chains, and artificial intelligence to achieve sustainability goals. These topics resonate with me as I get to see such interconnections in my work across the two ministries that I’m in. With my “trade relations” hat on, I would speak on two issues which tie these themes together. It will sound very similar to Minister Ng’s because it’s just how alike we think about issues like that.

   1. First, the importance of cooperation – between our two countries, the Governments, as well as the Governments in the region, to drive innovation, investment, and trade.

   2. Second, the potential to leverage Singapore’s connectivity in Asia and to the rest of the world for robust trade and supply chains.   

Cooperation to drive innovation, investment, and trade

3. This year, Singapore and Canada celebrate 60 years of warm diplomatic relations as like-minded partners that cooperate on multiple fronts.

   1. In May last year, our countries recognised the strategic role of collaboration in Science, Technology and Innovation, also known as ST&I, to strengthen both our economies and achieve sustainability goals.

   2. We released a Joint Statement to enhance bilateral cooperation in ST&I. This statement will facilitate partnerships between Canadian and Singaporean companies by supporting activities in research and development.

      1. Since the Joint Statement, Enterprise Singapore’s Global Innovation Alliance (GIA) and the Canadian National Research Council’s Industrial Research Assistance Program (NRC-IRAP) have been working together to launch a co-innovation programme, in the first half of this year. This collaboration will leverage our respective strengths in the development and commercialisation of cross-border R&D projects between Singaporean and Canadian companies. Both countries are very keen to increase the depth of our science and technology, innovation capabilities, at the same time helping to bring these technologies into the commercial world.

   3. In addition, Singapore and Canada have concluded a Framework for Green Economy Cooperation. Under this framework, both countries will explore areas of collaboration in a) Green and Low-Carbon Technologies; b) Carbon Pricing and Carbon Markets; c) Trade & Green Economy initiatives; and d) Green and Transition Financing. Both countries are currently working closely together to identify areas of mutual interest to advance under this framework.

   4. The Joint Statement and Framework are examples of how Singapore and Canada are actively pursuing new frontiers of cooperation. These platforms provide a broad range of opportunities for our countries to work together in promoting greater bilateral innovation and investment.

4. Beyond bilateral platforms, broader architectures are also crucial to helping us weather global shifts and seize new growth opportunities together. Doing so is pertinent in the face of an increasingly fragmented and unpredictable international operating environment. Therefore, it is heartening to see that Singapore and Canada remain committed to multilateral platforms like the WTO, and plurilateral groupings such as APEC and the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).

   1. As Chair of the CPTPP Commission in 2024, Canada hosted the 8th CPTPP meeting in Vancouver last November. Members reaffirmed their commitment to upholding transparent, predictable, rule-based trade to ensure that the Asia-Pacific region remains open, stable, and prosperous.

   2. As one of the largest regional trade agreements, the CPTPP is an example of how close cooperation among and between countries can have a far-reaching impact on trade.

      1. The CPTPP has delivered economic benefits to businesses, workers and consumers by increasing trade among CPTPP Members. Trade in goods is estimated to have increased from US$467 billion in 2019 to US$535 billion in 2021. This amounts to an almost 15% increase despite the COVID-19 pandemic as CPTPP Members collaborated during the pandemic to maintain the flow of essential goods and address supply chain vulnerabilities. 

      2. The Agreement sets a global benchmark for high-standard trade rules, including provisions on topical issues such as e-commerce and intellectual property protection. This creates a more predictable and transparent business environment across CPTPP economies. The ongoing CPTPP General Review further reinforces that the CPTPP continues to be a “living Agreement”, and one that is designed to adapt to new trade and economic challenges. Here, I would invite members to contribute to this process by giving your inputs to respective Governments, so that we can take in these inputs to make the agreement more relevant to you.

      3. The UK’s recent entry to the CPTPP underscores the Agreement’s growing economic heft and potential for the CPTPP to advance economic integration in Asia-Pacific and beyond. With the UK’s accession, the CPTPP is projected to represent 15% of global GDP. Beyond the UK, CPTPP Parties have already commenced the accession process for Costa Rica and have received 6 other accession requests. This is a strong reflection of the CPTPP’s continued appeal and its value in promoting trade and economic integration.

Leveraging Singapore’s connectivity in Asia and to the rest of the world

5. I have spoken on the importance of bilateral, plurilateral and multilateral cooperation in driving innovation, investment, and trade. A key enabler needed to reap the benefits of the various trade initiatives is our supply chain connectivity.

6. The COVID-19 pandemic, geopolitical tensions, and climate-related events have highlighted the vulnerabilities of global supply chains and the need to diversify these supply chains for greater resilience. Singapore’s strategic position in the heart of Asia positions us as a key node in regional supply chains.

   1. As more companies look to diversify their production base and supply chains, many firms – including Canadian ones – recognise Singapore’s value proposition as a gateway to the region.

   2. One such example is Bombardier, a leading Canadian aircraft original equipment manufacturer (OEM). In 2022, Bombardier expanded its business aviation maintenance, repair, and overhaul (MRO) operations in Singapore by quadrupling the size of its existing service centre. Its investment in Singapore has allowed it to capture growth opportunities by providing quicker aircraft turnarounds and convenience to their growing customer base in the Asia-Pacific region. This has allowed Bombardier to redefine its position as a leader in aftermarket services in Asia Pacific, enabling it, in turn, to further grow its global network.

7. Furthermore, Singapore’s advanced transportation and logistics infrastructure allows us to play a pivotal role in global supply chains, connecting markets across continents.

   1. Singapore is a global transshipment hub with connections to more than 600 ports worldwide. Our world-class port reached a new high of handling over 41 million TEUs (twenty-foot equivalent units) of shipping container throughput in 2024. When Tuas Port is fully operational in the 2040s, we will have a total handling capacity of 65 million TEUs annually.

   2. Additionally, Changi Airport, the largest air cargo hub in Southeast Asia linked to more than 150 cities worldwide, processed 1.99 million tonnes of international cargo throughput in 2024. With the upcoming Terminal 5, our air cargo handling capabilities will be expanded.

   3. These major investments in Changi Airport and Tuas Port will enable us to deepen our regional and global connectivity, further anchoring Singapore as a leading air and sea hub in the region. In the most recent Budget announcement that the Prime Minister has made, significant investments have been put aside to fund these investments, and it’s a very clear signal from the Government to signal we are resolute in furthering the expansion and make our connectivity, our infrastructure, relevant for the future.

8. Given Singapore’s strong connectivity, there is good potential for the trade and investment ties between Singapore and Canada to strengthen. 

   1. We welcome the opening of APF Canada’s new office in Singapore this year as a gateway into Asia. As Canada seeks to increase its engagement of the Indo-Pacific, Canadian businesses can tap Singapore’s connectivity and locality to facilitate their entry into the region.

   2. Likewise, Singapore companies can explore the opportunities for expansion into Canada. There are already some success stories. An example is ST Engineering, a global technology and engineering group, which has been active in Canada for many years, contributing its smart city expertise and solutions to various projects. Through its Urban Solutions business, ST Engineering set up an office in Toronto last year to support the delivery of its Platform Screen Door deployment for the new Ontario Line, a rapid transit line in Toronto. It has also deployed its smart lighting management solution in Montreal, helping to modernise the city’s street lighting infrastructure. ST Engineering’s longstanding presence in Canada underscores the country’s strong market appeal and potential. Once again, in the latest Budget, PM has also signalled investments and grants to help Singapore companies transform and globalise. So, for the Singapore companies here, please do make use of these grants and schemes that have been announced recently.

Conclusion

9. In closing, opportunities abound for further trade, investment, and economic collaboration between Asia and Canada. I hope that through this conference, the interaction between thought-leaders, policy-makers, business leaders, and investors from cross-cutting sectors will spark fresh and innovative ideas to drive sustainable solutions for our global economy today. Thank you.