Last Friday, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, spoke at The Winnipeg Chamber of Commerce event about the work being done to increase Canadian business relationships in the Indo-Pacific region and how Manitoba businesses can leverage federal support. The 2023 Manitoba Business Outlook Survey findings underscored that Manitoba businesses are looking to grow internationally with 63% ranking it as very important to their growth. Although the survey results found that Europe and the USA we’re ranked as the top two new export markets, the Asia/Pacific region came in third.
Manitoba Chambers of Commerce staff attended the event and here are our top takeaways:
Canada’s Global Reputation
While Canada is well-known for its agricultural products, there’s much more to our nation’s offerings that the world is yet to discover. Canadians are often modest about their achievements, but there is a significant opportunity to be bolder to seize new business opportunities. Canada has a reputation that its businesses are honest, reliable, and are high quality partners. This reputation is a solid foundation for Manitoba businesses to leverage when looking to expand internationally.
Access to Growing Economies
Through various trade agreements, Canada has access to 65% of the world’s economy. This access provides Manitoba businesses with a vast market to explore and expand into, but the Indo-Pacific region is home to six of Canada’s top 13 trading partners and is expected to be a region of significant growth. By 2040, it is expected that this region will be home to 65% of the world’s population and make up half of world GDP demonstrating the scale of the opportunity in this region.
Team Canada Trade Missions 2024
In 2024, Team Canada Trade Missions will be visiting Malaysia, Vietnam, and South Korea, with additional trips planned to Indonesia, Philippines, and Ukraine. These missions aim to strengthen our trade relationships and explore new business opportunities. This is a great opportunity for Manitoba businesses looking to get more connected to these markets.
Manitoba’s Success in Pork Product Exports
An example of Canada’s agricultural expertise, Manitoba is a world leader in pork product exports with a large portion destined for the Indo-Pacific region. This sector contributes over $2.3 billion annually to Manitoba’s GDP and is an example of how Manitoban businesses contribute to the strong reputation of Canada on the international stage