ASIATODAY.ID, VANCOUVER – The Asia Pacific Foundation Canada Business Roundtable series of activities was held in Vancouver, on Tuesday, September 3 2024.
Apart from meeting with business people and educational institutions, the Coordinating Minister for the Indonesian Economy, Airlangga Hartarto met with Senator Yuen Pau Woo who also previously served as President and CEO of the Asia Pacific Foundation of Canada.
Airlangga expressed his hope that stronger cooperation between Indonesia and Canada can continue to be improved in various fields, including in the New Renewable Energy sector, clean technology, hydrogen, semiconductors, Artificial Intelligence (AI), electric vehicles, as well as increasing human resource capacity which will plays an important role in developing these various sectors.
Senator Yuen Pau Woo welcomed what was conveyed by Minister Airlangga and hoped that the Indonesia–Canada Comprehensive Economic Partnership Agreement (ICA–CEPA) could be completed soon so that it could become a catalyst for increasing trade and economic relations between the two countries.
Senator Yuen Pau Woo is a Canadian senator representing British Columbia since 2016. This state plays an important role in strengthening Canada’s national economy with a Gross Domestic Product of approximately CAD 350 billion in 2022, which is 13% of Canada’s total Gross Domestic Product. British Columbia’s exports total approximately CAD 50 billion, with key products such as wood, coal and clean technology. Meanwhile foreign direct investment (FDI) reached around CAD 15 billion.
British Columbia is also leading the way in clean technology development. Projects such as the Smart Hydrogen Energy District (SHED) and the CleanBC Roadmap aim to achieve net zero emissions by 2050. Vancouver-based companies such as Ballard Power Systems and Carbon Engineering are playing a key role in hydrogen innovation and carbon capture.
Furthermore, the state of British Columbia is a center for technological innovation, especially in the development of semiconductors and AI. The University of British Columbia and Simon Fraser University have strong research programs, creating an innovation ecosystem that supports these industries.
“Economic relations between Indonesia and Canada continue to develop rapidly, based on mutual respect and common goals. In 2023, bilateral trade will reach US$3.5 billion, experiencing a positive trend over the five year period 2019-2023 of 11.24%. “This growth shows great potential to strengthen economic cooperation, and later through ICA-CEPA we can double the value of two-way trade and investment between the two countries,” said Airlangga.
This discussion is in line with the results of the bilateral meeting between President Joko Widodo and Prime Minister Justin Trudeau on 20 May 2023 in Japan, including the completion of ICA-CEPA at the end of 2024, Canadian investment in the Indonesian capital, and green projects in Indonesia. (AT Network)
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