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Prime Minister Carney..
October 29, 2025
Singapore, Republic of Singapore
The global trade landscape is rapidly changing. Canada’s new government is focused on transforming our economy – from one that is reliant on a single trade partner, to one that is stronger and more resilient to global shocks. To that end, the Prime Minister, Mark Carney, recently announced the government’s ambitious new mission to double our non-U.S. exports in the next decade.
Today, Prime Minister Carney concluded his visit to Singapore, where he met with Prime Minister Lawrence Wong to discuss opportunities to deepen partnerships in trade, energy, defence, and technology. The leaders discussed progress to finalise a Canada-ASEAN free trade agreement in 2026, which will unlock new markets and opportunities for Canadian workers and businesses across the Indo-Pacific region.
During his visit, the Prime Minister met with senior business leaders and major investors to explore opportunities for increased investment in Canadian businesses. Singapore is Canada’s largest source of foreign direct investment from Southeast Asia, with $7.8 billion invested in 2024.
The Prime Minister toured the facilities of port operator PSA International, one of the world’s busiest trading hubs and a major investor in Canadian terminals. He met with port leadership to discuss the potential for new partnerships to grow Canadian export capacity. In a world of rapid change, Canada’s new government is focused on what we can control: building a strong economy – powered by skilled Canadian workers, competitive industries, and diverse international trade partnerships.
Quote
“A core mission of Budget 2025 is to catalyse unprecedented investments in Canada over the next five years. To do that, we’re working relentlessly to create the right conditions to build at home and strengthen our international partnerships abroad. Singapore is a rapidly growing, dynamic economy with strong ties to Canada. There are huge opportunities for our workers and businesses here and across the Indo-Pacific region, and we’re going to seize them.”
— The Rt. Hon. Mark Carney, Prime Minister of Canada
Quick facts
- This was part of Prime Minister Carney’s first official visit to the Indo-Pacific region.
- In 2024, services trade between Canada and Singapore totalled $4.6 billion and bilateral merchandise trade totalled $3.7 billion.
- Canada’s top exports to Singapore include energy, electronics, aerospace, and advanced instruments, with emerging opportunities in nuclear, agri-food, and critical minerals.
- Singapore is Canada’s largest source of foreign direct investment in Southeast Asia – totalling $7.8 billion in 2024 alone.
- Our two countries are marking 60 years of bilateral relations this year.
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