A senior economist whose organization oversees economic-development projects across Asia says Canada's Indo-Pacific strategy could help the region's huge infrastructure needs, but risks falling flat if Ottawa tries to wedge countries against China.
"It's great for Canada to develop closer ties with all of the countries in the region," said Albert Park, chief economist of the Asian Development Bank.Canada is a founding member of the ADB, which since 1966 has provided loans to businesses from Kazakhstan to Fiji, with much of the financing coming from Japan and the U.S.
"The region is more tightly connected with China than any other major power right now," said Park, who appropriated a metaphor often used to compare Canada and the U.S.His group tracks everything from official trade figures to mobility data, such as the fact Chinese subways now have roughly the same passenger traffic as before the pandemic.
Last November, Canada announced plans to seek closer ties with all of them through its Indo-Pacific strategy. "There's kind of a resistance to having politics affect the opportunities for shared growth and prosperity across countries in the region." "There's enough need, where I think Canada can try to focus on the things that are so consistent with their own agenda on climate, gender, other things that they care about," he said.He said the ABD is in touch with FinDev Canada, the Crown corporation overseeing the new infrastructure spend in Asia, about possibly co-financing projects and using the bank's network to target the funding.
Park said it will take years for economists to see whether this has a lasting impact. America and Europe have had a rise in mutual foreign direct investment and a decline in FDI with China, since 2019. Yet Park said a recent wave of trade delegations to Beijing could reverse a reluctance of companies to move jobs and factories to China during lockdowns.
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Indo-Pacific region wants to sidestep U.S.-China spat: Asian Development Bank headA senior economist whose organization oversees economic-development projects across Asia says Canada's Indo-Pacific strategy could help the region's huge infrastructure needs, but risks falling flat if Ottawa tries to wedge countries against China.
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