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For The Record

BRITISH COLUMBIA’S ASIA-PACIFIC INITIATIVE

Nov. 9, 2009
Ministry of Small Business, Technology and Economic Development
 

The Asia-Pacific Initiative is a key component in establishing British Columbia as Canada's Pacific Gateway and fostering increased trade and investment opportunities for B.C.-based companies and entrepreneurs in Asia.

The Asia-Pacific Initiative identifies five priority areas that are being aggressively pursued:

  • Establishing B.C.'s Asia-Pacific identity
  • Building a world-class transportation and infrastructure gateway
  • Expanding trade and investment relationships
  • Establishing B.C. as the Asia-Pacific Destination - a preferred destination for tourism, cultural exchange, business and financial services
  • Developing and attracting a labour force that has Pacific Century skills.

As Canada's Pacific Gateway, British Columbia is uniquely positioned to build and expand on new and existing trade and investment relationships - allowing more B.C. businesses and entrepreneurs to access Asia's growing economic opportunities.

  • The new Asia-Pacific Business Centre, located at Vancouver's Robson Square, is a first point of contact for B.C.-based businesses interested in pursuing overseas business opportunities. In addition, the business centre helps Asia-based investors connect with business and economic opportunities in British Columbia.
  • Six trade and investment representative offices have now been established in key Asian markets - Beijing, Guangzhou, Shanghai, Seoul and Tokyo and Bangalore. The Province also has trade and investment representatives in the European Union and one for the West Coast of the United States. 
  • The trade and investment representative offices promote B.C. as a destination for investment and trade, and showcase the province's products and resources.
  • Government launched the B.C. Alumni Initiative, a program of communication and engagement with B.C.'s expatriates and B.C. graduates living and working in the Asia-Pacific region. This program levers business and social connections to promote B.C.'s priorities.
  • www.CanadasPacificGateway.ca, a multilingual website - available in English, French, Mandarin, Cantonese, Japanese, Hindi, Punjabi, Korean, German and Spanish - showcases British Columbia internationally as a destination in which to live, work, visit, study and do business.
  • A Twinning Tool Kit was developed, in conjunction with the Union of British Columbia Municipalities, to support local governments in building ‘sister city' relationships.
  • Vancouver and Prince Rupert are Asia's closest ports of entry on the west coast of North America, up to 58 hours closer than the ports of Los Angeles and Long Beach.
  • Canada's Pacific Gateway is a commitment by government and industry to make British Columbia's ports the preferred gateway for Asia-Pacific trade, stimulating the economy and bringing jobs to B.C. communities , as well as products used at home every day.
  • This unique partnership oversees Pacific Gateway's $21-billion investment to expand port, rail, road and airport facilities.
  • The Province has invested $30 million towards the $170-million Prince Rupert Fairview Container Terminal Phase 1 expansion.
  • The Port of Prince Rupert is pursuing plans for a proposed $650-million Phase 2 expansion that would quadruple container capacity.

Economic and Employment Opportunities

  • The Asia-Pacific Initiative has the potential to drive B.C.'s economic prosperity for decades with $76 billion in additional annual trade with a total employment impact of up to 255,000 jobs by 2020.
  • British Columbia's gross domestic product exceeded $199 billion in 2008, an increase of nearly 3.5 per cent over 2007.
  • More than 363,000jobs have been added in British Columbia since December 2001, of which over 298,000 are full-time positions.
  • British Columbia has one of the best credit scores in the world and has received Triple-A ratings - the highest possible - from both Standard and Poor's and Moody's Investors Service. The ratings speak to the strength of British Columbia's economy and the Province's sound fiscal management.
  • B.C.'s taxpayer-supported debt to gross domestic product ratio - a key measure of debt affordability - has fallen from 20.6 per cent in 2001-02 to a projected 16.2 per cent in 2009-10.
  • Vancouver's overall rating in the latest City of London's Global Financial Centres Index, released in September, rose by 20 points - ranking the city ahead of Munich, Amsterdam, Seoul, Monaco, Milan, the British Virgin Islands and Montreal.

Trade with Asia

  • British Columbia is Canada's only Pacific province and provides the closest connection between North America and the Asia-Pacific region. As a result, British Columbia is strategically positioned as a global hub for trade between Asia and North America.
  • In the past 10 years, British Columbia's total exports to the Asia-Pacific, including India, have increased by 51 per cent to reach over $10.5 billion in 2008. 
  • China is B.C.'s second largest trading partner, and exports reached over $2 billion in 2008 - an increase of 247 per cent from 1999's total of $598 million.
  • Japan is British Columbia's second largest export market. China is third, South Korea fourth, Taiwan sixth, India 11th and Hong Kong 12th.
  • Exports to India and South Korea have more than doubled between 1999 and 2008.
  • In 2008, British Columbia imported more from Asia than from the United States.