Canada Promotes Private Sector Development in Asia
Canada is committed to helping developing countries in Asia move from poverty to prosperity
Vancouver, British Columbia – Foreign Affairs, Trade and Development Canada
Yesterday, at an event hosted by the Asia Pacific Foundation of Canada (APFC), the Honourable Christian Paradis, Minister of International Development and La Francophonie, highlighted the connection between development and trade that leverages benefits in developing countries by fostering sustainable economic growth while providing significant opportunities for the Canadian private sector.
“Together, trade and investment brings jobs, opportunities and growth both to Canada and to our development country partners. We are committed to helping countries transition from development recipients to trading partners,” said Minister Paradis. “Creating private sector-led, sustainable economic growth is the number one way to break the cycle of poverty. By addressing the underlying constraints to trade and investment – and creating investment opportunities for Canadian companies – we in turn create strong economies that provide meaningful employment and self-sufficient communities in which individuals and families can prosper.”
The Minister announced support to two projects in Vietnam and Indonesia, administered by the World Bank and the International Finance Corporation, that leverage the resources, know-how and innovation of private-sector partners in growing businesses and helping to create the conditions for greater trade and investment in emerging economies.
“Canada’s contribution to these projects will help to improve competitiveness, drive growth and reduce poverty in Vietnam, and will provide access to training, credit and global markets for smallholder farmers in Indonesia,” said Minister Paradis. “Through projects like these, Canada is engaged on the ground level to help alleviate poverty, promote growth and create opportunities, both at home and abroad.”
While in Vancouver, the Minister also hosted a round table with members of British Columbia’s Filipino community. Canada has been a leader in responding to last year’s devastating typhoon Haiyan, and on June 27, the Philippines was added as a country of focus for the Government of Canada’s bilateral international development efforts. Discussions focused on how to strengthen future cooperation between the two countries and enhance the fight against poverty in the Philippines.
- On May 8, 2014, Minister Christian Paradis was appointed as Chair of the World Economic Forum–Organisation for Economic Co-operation and Development’s Redesigning Development Finance Steering Committee, and charged with promoting a more systematic approach to testing and scaling up financial innovations and blending capital in order to accelerate progress toward development objectives.
- The APFC is an independent, not-for-profit think tank focused on Canada’s relations with Asia. The APFC brings together people and knowledge to provide the most current and comprehensive research, analysis and information on Canada’s trans-Pacific relations.
There are approximately 662,600 people of Filipino descent in Canada. The Philippines has recently become one of the largest source countries of immigrants to Canada.