Minister Champagne concludes business visit to Japan

New partnership opportunities explored during week-long visit

TOKYO, July 8, 2022 /CNW/ - Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, concluded a visit to Japan, where he met with top business leaders in key sectors to continue promoting Canada as a reliable, stable and attractive investment destination.

Minister Champagne visited Tokyo, Nagoya and Osaka. He met with industry leaders in the automotive, manufacturing and technology sectors, including the President of Subaru, the Chairman of Honda, and senior executives at Toyota and Nissan. The Minister also met with the CEO of Panasonic Energy, the CEO of Hitachi Energy and the Chairman of Mitsubishi Heavy Industries, among others. This was an opportunity for Minister Champagne to highlight Canada as a green supplier of choice, particularly for businesses looking to secure and green their supply chains in the current geopolitical and economic context.

While in Tokyo, Minister Champagne also met with his Japanese counterpart, the Minister of Economy, Trade and Industry, Hagiuda Koichi. They discussed bilateral and multilateral cooperation opportunities to ensure that new technologies continue to drive innovation and help meet the world's climate goals. Minister Champagne also reiterated Canada's commitment to work with Japan to promote a rules-based economic order in the Indo-Pacific region.

The Minister concluded his week-long visit by participating in a roundtable with members of Keidanren, Japan's Business Federation. He took this opportunity to talk about Canada's goal of achieving net-zero greenhouse gas emissions by 2050, including the establishment of a Canadian electric vehicle battery supply chain. He also spoke about new business opportunities in the context of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which gives Japanese companies access to the North American market through Canada.

"This visit to Japan was a great opportunity to continue to make the case for Canada as one of the best places in the world to do business and invest. Canada looks forward to deepening strategic ties in science and research, and exploring new partnerships that will help achieve a greener economy and provide new market opportunities for Canadian and Japanese businesses. I will continue to work with my international counterparts and industry to attract more investments to Canada that will create well-paying jobs and spur economic growth."
? The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

• The Government of Canada is committed to attracting private sector investment and working with industries and businesses to help them innovate, grow, create jobs and be competitive in the changing global economy.
• Japan is Canada's fourth-largest trading partner and largest source of foreign direct investment from Asia, with 600 Japanese subsidiaries and affiliate companies active in Canada.
• The Organisation for Economic Co-operation and Development (OECD) recently reported that foreign direct investment (FDI) in Canada was up 158% in 2021 (from 2020) and up 162% since 2017, ranking it third as an FDI destination behind the United States and China.

• OECD's FDI in Figures publication (April 2022)
• Global Partnership on Artificial Intelligence (GPAI)
• Readout: Minister Champagne meets with his Japanese counterpart in Tokyo

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SOURCE Innovation, Science and Economic Development Canada