Canada's new Minister of Small Business and Export Promotion, Mary Ng, expressed her support for opportunities in China as Canadian Firms plans to expand their Asian Market. Canada was reported to boost their exports to mainland China and Hong Kong as it navigates with uncertainty with its trading partnership with the United States.
After being appointed in Prime Minister Justin Trudeau's cabinet in July, Ng plans to meet with possible business partners in Beijing, Tianjin, Shenzhen and Hong Kong on her first international trip. It was reported that the minister met Secretary for Innovation and Technology Nicholas Yang Wei-Hsiung along with business leaders and investor on Fridays. It was reported that one of the business leaders present included the billionaire tycoon Li Ka-Shing's son Victor Li Tzar-kuoi who was rumored to take over the reins of their family business.
The minister was born in Hong Kong but her family migrated to Canada where they stayed for about 42 years. She said that her role was to help Canadian Businesses look for opportunities in other countries especially in Asia. She added that there are many Asian customers that she thinks will want Canadian goods and services and collaborations and it further increases their interest in helping Canadian companies grow in the Asian markets.
Canada and the United States are still debating on their revisions on the North American Free Trade Agreement. The agreement dated back 24 years ago that it has given leeway to agreeable trade relations between the two countries and Mexico. The agreement was shaken after US president Donald Trump claimed that the deal wiped out American factory jobs and he after promised to push for a better one.
Ng said that it is now time for Canada to globally intensify its export markets. She said that they are hopeful that the negotiations on the North American Free Trade Agreement produce a good conclusion but she added that the current instability of the talks gives Canada an opportunity and it is the reason of her travel.
It was reported Hong Kong is currently Canada's third largest export market for services and it is the latter's 13th largest for merchandise. It is also one of Canada's most important sources of foreign direct investment which added C$12.4 billion into the country's economy. 200 Canadian companies are Hong Kong base and it is home to about 300,000 Canadian citizens which is one of the largest Canadian commodities abroad.
