Prime Minister Mark Carney arrived in Singapore on Tuesday as part of his first official trip to Asia, aiming to attract international investment and position Canada as a stable, high-value destination for global capital amid ongoing trade tensions with the United States.
Following a two-day visit to Malaysia, where he addressed business leaders at the ASEAN summit, Carney is using his stop in Singapore — one of the world’s financial hubs — to promote opportunities in clean technology, artificial intelligence, critical minerals, and infrastructure.
“Canada has learned over the last year that we need to build at scale at home,” Carney told Malaysian business leaders on Sunday, emphasizing that nearly half a trillion dollars in new investment is required to accelerate growth in key strategic sectors.
In Singapore, Carney met privately with executives from the Government of Singapore Investment Corporation (GIC) — one of the world’s largest sovereign wealth funds with existing holdings in Canada — as well as with the leadership of PSA International, a major port operator with terminals in British Columbia and Halifax. His office said discussions focused on encouraging partners “to capitalize on Canada’s upcoming nation-building projects.”
Carney’s Asia tour, originally scheduled to include Japan, was reshaped after the collapse of Tokyo’s coalition government earlier this month. He is now expected to meet Japan’s new Prime Minister Sanae Takaichi at the APEC summit in South Korea later this week.
The trip builds on Canada’s Indo-Pacific Strategy, launched three years ago, which pledged deeper engagement with the Association of Southeast Asian Nations (ASEAN). Despite being declared a strategic partner in 2023, Canada has struggled to secure a comprehensive role in ASEAN’s defence and policy forums.
According to Stéphanie Martel, an expert on Southeast Asia at Queen’s University, Carney’s focus on trade and investment is pragmatic given U.S. tariffs and shifting global alliances — but she cautioned that Ottawa must also project itself as a “reliable and constructive partner” on security and climate issues.
“ASEAN countries probably need Canada less than we need them,” Martel said. “We must demonstrate our added value, not just in trade, but in helping preserve predictability and common rules in a volatile global order.”
The ASEAN bloc, home to some of the world’s fastest-growing economies, continues to navigate the U.S.-China rivalry. Experts say Canada has an opening to position itself as a trustworthy middle power — one committed to free trade, environmental sustainability, and geopolitical stability.
While progress on a Canada-ASEAN trade agreement has been slower than expected — with talks delayed to next year — Carney’s government has advanced bilateral initiatives, including a new trade deal with Indonesia and plans to fast-track negotiations with the Philippines.
In Malaysia, Prime Minister Anwar Ibrahim signaled support for a deeper partnership with Canada, encompassing research, education, and investment.
Carney’s diplomatic outreach underscores his broader goal: expanding Canada’s economic footprint in Asia at a time when Western markets remain uncertain. Later this week, he is expected to meet Chinese President Xi Jinping at the APEC summit in Korea — a meeting that could further define Canada’s evolving role in the Indo-Pacific region.