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THE already strong ties between Singapore and Canada are expanding, with economic and personal links continuing to grow, said Trade and Industry Minister Lim Hng Kiang yesterday.
Mr Lim said during a lunch for Mr Stockwell Day, Canada's Minister of International Trade and Minister for the Asia-Pacific Gateway, that more Canadian companies are setting up shop here.
The number more than doubled between 2003 and 2007 to about 400 firms, with total investments reaching $3 billion. Total trade flows between Canada and Singapore shot up from $2.8 billion in 2006 to $4.4 billion last year, an increase of almost 60 per cent, added Mr Lim.
Canadian companies such as Research in Motion, best known for its BlackBerry smart phone, and Manulife, Canada's largest life insurer, are two of the more prominent firms that have set up operations here.
Mr Lim cited Singapore's strong governance, transparent rules and well- planned infrastructure as the reasons for its ranking as the most competitive Asian country and the world's easiest place to do business.
He said Singapore is keen to partner Canada to bring its capability for technological innovation and expertise in emerging sectors such as clean energy to Asia.
Mr Day said at the gathering that the global crisis has proved that some basic economic fundamentals, if followed, will lead to greater economic stability.
He cited aspects of the Canadian economy - such as asset requirements for lending and borrowing, a stable banking and regulatory system and skilled workforce - as foundations for economic stability.
Mr Day also highlighted recent investments of $2.3 billion in Canada's Asia-Pacific Gateway, an infrastructure development project to extend shipping routes between Asia and North America via an integrated port, road and rail network.
He sees synergy between Singaporean and Canadian companies, adding: 'The future between our countries and people is very positive.'
SMITA KRISHNASWAMY
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