Report Cover IM 2023

Investment Monitor 2023: Canada-Asia Pacific Investment Trends

The Asia Pacific Foundation of Canada’s first Investment Monitor report of 2023 reviews two-way investment flows between Canada and Asia at the national and sub-national levels that occurred in 2022.


APF Canada is grateful for the sponsorship and support it has received from Export Development Canada for the Investment Monitor project.


The key findings of our latest Investment Monitor report are:  


Two-way foreign direct investment between Canada and Asia Pacific economies dropped sharply in 2022.

China-Canada investment continued its four‑year decline, dropping to its lowest value since 2003.

Australia, Singapore, and India were Canada’s top three Asia Pacific investment partners.


Most Asia Pacific investment went to Ontario, although Toronto’s share of Ontario’s investment dropped in 2022.

New Delhi (India) and Tasmania (Australia) were among the top five destinations for Canadian investment for the first time


For five years and counting, the Canadian mining sector has continued to be the most attractive for Asia Pacific investors.

The software and computer services sector, which attracted the most Canadian investment in the Asia Pacific in 2022, has ranked among the top 10 sectors for the past five years.

Top Performers

Pension funds were among top five Canadian investors in the Asia Pacific.

The most significant investments by Asia Pacific firms were in Canadian real estate, critical minerals, and electronic vehicle (EV) battery manufacturing.

Looking Ahead to 2023

Two-way investment flows between Canada and the Asia Pacific are expected to remain low in 2023.

Some sectors will benefit from government policies encouraging FDI, while restrictive investment policies on both sides of the Pacific will hamper others.

We anticipate that Canada’s diversification of investment partners will help Canadian firms to expand their footprint in the Asia Pacific.


Explore other reports in this series:

Investment Monitor 2022: Critical Minerals: How Prominent is Asia Pacific Foreign Direct Investment in Canada’s Critical Minerals Sector?

Investment Monitor 2022: Lagging Foreign Direct Investment in Research and Development: Past Trends, Current Relations, and Potential Collaboration Between Canada and the Asia Pacific

Investment Monitor 2022: Post-Pandemic Recovery and Canada-Asia FDI: Is the Rebound Sustainable?

Investment Monitor 2021: Report on Post-COVID Recovery and Foreign Direct Investment Between Canada and the Asia Pacific 

Investment Monitor 2020: Trade Agreements and Foreign Investment in the Asia Pacific

Investment Monitor 2019: Tracking Canada-Asia Investments at the City Level

Investment Monitor 2018: Report on Foreign Direct Investment from Canada into the Asia Pacific

Investment Monitor 2017: Report on Foreign Direct Investment from Asia Pacific into Canada