Minister Ng to represent Canada at World Economic Forum in China

Four-city tour also includes meetings with foreign dignitaries and visits to technology hubs and accelerators

OTTAWA, Sept. 14, 2018 /CNW/ - Trade with Asia-Pacific countries represents one of Canada's greatest opportunities for economic growth, and China is one of the region's largest and fastest growing economies. Building on our trade relationships with China is key to growing Canada's export opportunities in the Asia-Pacific region and to creating well?paying middle?class jobs.

The Honourable Mary Ng, Minister of Small Business and Export Promotion, will be visiting China and the Hong Kong Special Administrative Region (SAR) from September 17 to 23 to participate in the World Economic Forum's 12th Annual Meeting of the New Champions and develop export opportunities for Canadian businesses.

Minister Ng will begin her visit in Beijing, where she will hold discussions on establishing greater ties between Chinese and Canadian entrepreneurs with the Canada China Business Council and the Mulan Club.

In Tianjin, Minister Ng will visit the Sino-Canadian Eco-District, a $2.5-billion urban development project showcasing Canadian wood construction and energy-efficient building technologies.

At the World Economic Forum, Minister Ng will lead a workshop on gender parity and the future of work and participate in a panel on fostering female entrepreneurship.

Minister Ng will also hold meetings in Shenzhen and Hong Kong to explore innovation, investment and trade opportunities with a number of organizations, including Canadian start-ups in the region, accelerators, venture capital firms and leading technology companies.

Quotes

"It is an honour to represent Canada at the World Economic Forum and to meet with successful technology accelerators, investors and Canadian entrepreneurs in China and Hong Kong. Developing global export opportunities for Canadian businesses is crucial for the growth of Canada's small and medium-sized enterprises."   
? The Honourable Mary Ng, Minister of Small Business and Export Promotion

"Growing trade and investment in the Asia-Pacific region, including in China and Hong Kong, is essential to supporting more access for more Canadians to one of the world's fastest growing markets. It presents enormous opportunities to diversify markets, thereby creating more jobs for the middle class.
? The Honourable Jim Carr, Minister of International Trade Diversification

Quick facts

• Exporting companies pay on average 14 percent higher wages than similar firms that do not export.
• The Government of Canada committed $75 million in Budget 2018 to build a stronger diplomatic and trade support presence in China and Asia.
• Launched in 2016, CanExport is a five-year, $50-million program that provides direct financial assistance to eligible Canadian SMEs that are seeking to develop new export opportunities and markets, especially high-growth emerging markets.
• China is Canada's second-largest single-nation trading partner. Two-way merchandise trade totalled more than $94.5 billion in 2017.
• The value of Canadian wood product exports to China increased to $1.7 billion in 2017, an amount that is 29 times higher than in 2002.
• In 2017, Hong Kong ranked as Canada's thirteenth largest market for merchandise exports, with Canada exporting $2.2 billion in merchandise to Hong Kong. Hong Kong currently ranks eighth as a global destination for Canadian exports of services, which totalled $2.1 billion in 2017. In 2017, two-way investment was worth around $25 billion.
• Hong Kong and Canada both enjoy the common law system, which values the rule of law and transparency.
• Hong Kong also has one of the largest Canadian communities abroad, including an estimated 300,000 Canadian citizens, approximately 175,000 graduates of Canadian institutions and 28 active Canadian university alumni associations.
• Approximately 1.8 million Canadians have Chinese heritage. Mandarin and Cantonese are Canada's third and fourth most widely spoken languages.
• In 2016, Prime Minister Trudeau and Premier Li Keqiang committed to doubling two-way trade by 2025.
• In China in September 2016, Prime Minister Trudeau and Premier Li announced the 2018 Canada-China Year of Tourism, an opportunity for Canada and China to deepen their strong people-to-people ties.

Associated links

• The Canadian Trade Commissioner Service
• Women Entrepreneurship Strategy
• Innovation and Skills Plan
• CanExport
• Accelerated Growth Service
• Industrial Research Assistance Program (IRAP)
• Innovative Solutions Canada
• Venture Capital Catalyst Initiative

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SOURCE Innovation, Science and Economic Development Canada