- Vancouver Tech Journal
- 🏙️What Canada's Indo-Pacific strategy means for Vancouver tech
🏙️What Canada's Indo-Pacific strategy means for Vancouver tech
Plus, nine other stories you may have missed.
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Canada may share a border with the world’s largest economy — just last week I wrote about how local founders flock to the U.S. for investment — but the recent launch of the Canadian government’s inaugural Indo-Pacific strategy demonstrates a clear interest in marking national presence elsewhere.
This move comes as the region grows in importance, both economically and strategically. By 2040, the Indo-Pacific, comprised of 40 countries across Asia and Oceania, is expected to make up half of the global economy. By 2030, it’s projected to be home to two-thirds of the world’s middle class. Here’s what the government’s strategy document lays out for local tech.
Cleantech representation in the Indo-PacificCanada hopes to establish itself as a reliable supplier of clean energy for the region. The strategy aims to boost commercial demonstration of cleantech, and financial support for small and medium-sized businesses to break into the area.
What it means for Vancouver tech:For local hydrogen, mining, ocean, and agtech companies, this plan offers help to enter Indo-Pacific markets. Specifically outlined is an interest in strengthening critical minerals and clean energy sources to meet the growing demands of Japan and Korea, and embarking on trade missions to India.
Permanent physical presenceCanada will establish two key hubs in the Indo-Pacific, including the first agriculture and agri-food office in the region, and a Canadian Trade Gateway in Southeast Asia. This will be accompanied by Canadian trade missions, which invites private sector leaders and provincial governments to showcase their products and attract long-term investment.
What it means for Vancouver tech:Any tech company with solutions that meet the demands of the Indo-Pacific should expect a better ecosystem of support, including government-facilitated relationships with local investment networks.
Supply chain resilienceThe report names investments in the ports of Vancouver and Prince Rupert alongside upgrades to other transportation infrastructure. Canada is also negotiating free trade partnerships with ASEAN, including an agreement with Singapore and New Zealand to boost business in the digital economy.
What it means for Vancouver tech:Tech for exports such as natural resources and agriculture will benefit from better transportation into the Indo-Pacific market. Digital tech, such as ecommerce and Web3, can expect improved regulation and growth in the region.
P.S. A reminder: Last month, we happened across an interesting document from the BC Tech Association. In it, the organization detailed – and busted – several key myths about the local tech industry. Just for you, Vancouver Tech Journal will be releasing one myth – and the truth behind it – right here in your members’ exclusive email. Make sure to check your inbox every Tuesday through Friday for all eight, so you’re not caught out repeating any misconceptions!
Now, onto your daily briefing.
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