An Atlantic Opportunity in Asia

With ongoing economic and political uncertainty in the United States and the European Union, Atlantic Canada must look beyond traditional markets for economic opportunity. This is a challenge not just for business and government leaders, but particularly for young Atlantic Canadians who will need the knowledge and skills to be effective in a more Asia-centric world.

At a recent speech at the Saint John Board of Trade, Mark Carney, the Governor of the Bank of Canada highlighted the need for Canada to urgently expand its horizons and build ties with emerging growth markets, in particular China and India. It seems most Atlantic Canadians would agree.

A recent Asia Pacific Foundation of Canada national opinion poll of Canadian views on Asia found 83% in Atlantic Canada agreed that the Canadian government should diversify its trade to decrease dependency on the United States. Most Atlantic Canadians were open to Asian investment to Canada with 57% agreeing that Canada would benefit from more Asian investment in the country. Interestingly, Atlantic Canadians were least opposed to ownership of major Canadian companies by the governments of China compared with the rest of the country.

In some respects, the shift to Asia is already starting to take place in Atlantic Canada. For the third consecutive year China remained the number one customer for the Halifax Port Authority. Annually, over 40 percent of trade that goes through the Port Halifax is with Asian countries. It is estimated that close to 50% of the Port of Halifax’s containerized cargo exports are with Asian countries.

Another example is in the field of international education. Atlantic Canada has 15 offshore schools in Asia. Nova Scotia currently has nine in China with others planned or in the works; PEI has one in Japan; and New Brunswick has five in China. These schools are provincially accredited and offer K-12 curriculum that caters to a local (not expatriate) population overseas.

While Atlantic Canadians are keen to take advantage of opportunities in Asia, there is ambivalence about the power shifts taking place on the world stage. The opinion poll found that Atlantic Canadians are least likely to believe in the rise of China and India as global powers. For example, Atlantic Canadians are least likely to agree among all provinces that the influence of China or India will surpass that of the US in 10 years; and when asked if they saw Canada as part of the Asia-Pacific region, only 22 % of Atlantic Canadians agreed, compared with 50% in BC.

There is a need for sustained focus on capacity building for Atlantic Canadians to have the knowledge, skills, and experience to be successful in building stronger ties with Asian countries.

Tomorrow a meeting hosted jointly by St. Mary’s University and APF Canada will discuss ways to engage young people more deeply in links with Asia. As part of a National Conversation on Asia, this event will feature David Emerson, Former Minister of Foreign Affairs; Stewart Beck, High Commission of Canada to India; and Colin Dodds, President of Saint Mary’s University, among others.

The following day, thought leaders will convene at the 4Front Atlantic Conference to discuss the challenges and opportunities for Atlantic Canada in the changing world economy.

There are no short-cuts to global competitiveness, but any long-term strategy will require a focus on the next generation and the support of government, educators, and the private sector.

Atlantic Canada has a long tradition of internationalism and a wealth of institutions and businesses that thrive in the global arena. It is time to harness these assets to better position the region in a world that will increasingly be led by emerging markets, especially in Asia.

Yuen Pau Woo is President and CEO of the Asia Pacific Foundation of Canada. Karen Oldfield is President and CEO of the Halifax Port Authority, also Founding Supporter of the National Conversation on Asia.

A version of this piece was first published in The Chronicle Herald on October 5, 2011.