Ontario Opens Trade and Investment Office in Singapore

New office will unlock opportunities for Ontario in the ASEAN Market

November 25, 2024

Economic Development, Job Creation and Trade

TORONTO — The Ontario government has concluded a successful mission to Singapore to showcase the province’s growing life sciences, technology, and automotive sectors, while strengthening the economic partnership between both jurisdictions. The mission, led by Vic Fedeli, Minister of Economic Development, Job Creation and Trade, also marked the official opening of Ontario’s first Trade and Investment Office (TIO) in the ASEAN, or Association of Southeast Asian Nations, region.

“As one of the world’s strongest and most diversified economies, Singapore is an important location for Ontario to establish a Trade and Investment Office,” said Minister Fedeli. “By forging new partnerships between Ontario businesses and the growing ASEAN market, our government is championing our industry leaders and positioning the province as one of the best jurisdictions for investment.”

First announced in 2023, the Singapore TIO will facilitate trade between Ontario and a union of 10 states in Southeast Asia, including Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. Ontario’s representative designate has already begun engaging with clients and is expected to be fully in-market by Spring 2025.

With a population of over 600 million people, Southeast Asia is a key global market for Ontario to advance shared economic objectives and explore new commercial relations and investment opportunities. The new office will be a valuable addition to Ontario’s existing global network of international investment offices located in England, Germany, China, India, Mexico, Korea, Japan, France and five U.S. cities.

Since 2018, Ontario’s international network of Trade and Investment Offices has attracted nearly $9.5 billion in new investments and facilitated market access for over 1,500 Ontario companies from various industry sectors.

While in Singapore, Minister Fedeli met with senior executives across key sectors such as biomanufacturing, life sciences, and technology to highlight Ontario’s world-class workforce, cutting-edge research and development and robust manufacturing sector, reinforcing the province’s position as a competitive destination for investment and economic growth.

Quick Facts

In 2023, two-way trade between Ontario and Singapore was valued at almost $1.4 billion, up from $1.2 billion in 2022.
Ontario’s existing 13 international Trade and Investment Offices around the world work to raise the commercial profile of Ontario with in-market representatives facilitating investment deals and support for the province’s small and medium-sized enterprises to expand their export capacity in global markets.
The signatory countries to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership represent more than 518 million people with a combined gross domestic product of $16 trillion – nearly 11.5 percent of global GDP. It eliminates tariffs on almost all of Ontario’s key exports, including agricultural and agri-food products, industrial goods, vehicles and automotive parts, and metals and minerals.
Ontario is the largest life sciences jurisdiction in Canada and has seen over $5 billion in new investments over the last six years, including from leading global companies like Sanofi, Roche, and AstraZeneca.
As part of Ontario’s 2024 Fall Economic Statement, the government announced an additional $100 million for the Invest Ontario Fund, making it up to $700 million to help attract investments where Ontario has strategic strengths.

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Invest Ontario

Ontario Opens Trade and Investment Office in Singapore

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