The Pathways to Prosperity event, hosted by the Toronto Region Board of Trade’s World Trade Centre – Toronto underscored critical opportunities for the Toronto region. showcased the strategic importance of the Canada-Taiwan relationship. This summit explored how both partners can collaborate to advance key sectors, including semiconductors, electric vehicles (EVs), and smart healthcare technology, while emphasizing the critical role of artificial intelligence (AI) in shaping the future of global industries.
Yung Wu, Chair of the Toronto Region Board of Trade's Board of Directors, highlighted Taiwan as one of Canada's most valued trading partners in Asia. He noted that despite global supply chain disruptions, Canada's trade with Taiwan grew by 24.5% in 2022-23, showcasing the resilience of this crucial partnership. Wu stated, "Taiwan has been a valued trading partner for decades and an important market for Canadian goods. Strengthening ties with the world's largest chip manufacturer just makes sense." He emphasized the complementary strengths of in areas like AI and quantum computing, positioning Canada and Taiwan as ideal partners in the global technology landscape.
Michael Chong, MP and Shadow Minister for Foreign Affairs, showcased Canada's new Indo-Pacific strategy, which prioritizes exporting clean energy to the region. Chong pointed out that natural gas could serve as a transitional clean energy source, noting, "the lowest hanging fruit to reduce emissions is to replace coal-fired electricity with natural gas-fired electricity plants." He underscored Canada's potential role in providing cleaner energy solutions during the transition to a non-emitting future, emphasizing the environmental and economic benefits of this partnership.
At the provincial level, Vic Fedeli, Ontario's Minister of Economic Development, Job Creation, and Trade discussed Ontario's pivotal moment in securing over $50 billion in investments, particularly in the electric vehicle (EV) and battery sectors. "As we expand our capabilities in emerging industries we must continue to strengthen our international partnerships, including with Taiwan, to drive sustainable economic growth and innovation." Fedeli highlighted how Ontario's advancements in technology and manufacturing can complement Taiwan's strengths in semiconductors and AI, "Together, we can create a robust supply chain that not only benefits our economies but also contributes to global sustainability efforts."
The “Powering the Future” panel focused on how Canada and Taiwan are driving innovation in the areas of semiconductors and AI. Members of the panel included:
- Melissa Chee, Board Member, Vector Institute for Artificial Intelligence and Asia Pacific Foundation of Canada
- Richard Thurston, Chairman & CEO, Hudson Valley Fast Fab
- Hamid Arabzadeh, Chairman, President & CEO, Ranovus
- Gordon Harling, President & CEO, CMC Microsystems
During the panel, Hamid Arabzadeh emphasized the critical role semiconductors play in powering innovation across various industries. Arabzadeh stated, "As we stand on the brink of an AI super-cycle, our ability to harness advanced semiconductor technologies will be pivotal in driving economic growth and technological advancement." Meanwhile, Richard Thurston focused on the importance of fostering partnerships that leverage both partners' expertise noting, "the next decade will be defined by our ability to innovate together.”
In addition to the "Powering the Future" panel, there was also a discussion focused on smart health technology. This panel included:
- Dr. Ming-Che Wang, International Affairs Officer and North American Representative, Industrial Technology Research Institute (ITRI)
- Peter Bak, Chief Technology Officer, Humber River Hospital
- William Sheu, Vice President of Strategy & Partnership, ASUS
Moderated by the Board’s Roselle Martino, EVP of Policy, Advocacy & Stakeholder Engagement, this panel explored how digital technologies, personalized medicine, and collaborative solutions are shaping the future of healthcare.
The event also emphasized the value of leveraging existing partnerships and networks when entering the Taiwanese market. Christine Nakamura, Vice President at the Asia Pacific Foundation of Canada, joined a fireside chat focused on Canada’s Indo-Pacific Strategy noting, "Building trusted partnerships is essential for navigating the complexities of international trade. Taiwan offers a wealth of opportunities for Canadian businesses, particularly in technology and innovation."
The event concluded with remarks from Dr. Harry Ho-jen Tseng, Representative of the Taipei Economic and Cultural Office in Canada. Dr. Tseng outlined the long-standing partnership between Taiwan and Canada and spoke about future collaboration in sectors like renewable energy and AI. He stated, "Our partnership is not just about trade; it’s about building a sustainable future together."
The event had a key takeaway: there’s immense potential for Canada and Taiwan to further enhance their already strong relationship! By leveraging each partner’s complementary strengths, this solid foundation can continue to grow. To foster this growth, the following strategies are being pursued:
- Collaborating with Taiwanese firms on joint projects or research and development initiatives to drive innovation and share expertise.
- Participating in trade missions and networking events organized by the Canadian government and industry associations to create valuable connections.
- Engaging with the Taiwanese diaspora community in Canada to gain insights and establish relationships that facilitate market entry.
For businesses across our region, the strengthening of the Canada-Taiwan partnership presents significant opportunities for growth and expansion. By capitalizing on these strategies, Canadian companies can tap into Taiwan's dynamic market, driving mutual prosperity and innovation.
Thank you to our partners who helped make this event possible:
