British Columbia Premier David Eby says his trade mission to Asia is part of an effort to grow trade and reduce the risks that come with international uncertainties.
The premier and his delegation have not visited China, B.C.’s second largest trade partner, during the two-week trip but instead focused on Japan, South Korea and Singapore and have met, so far, with a range of businesses including a large Japanese rental housing company looking to break into the Canadian market.
“Right now we see the tensions caused by the war in Ukraine, and sanctions on Russia, the relationship between the US and China, Canada and China, and the volatility of international relationships,” Eby said on the phone from Singapore.
“And it’s very obvious to me and to many British Columbians that being dependent on one or two major trading partners disproportionately is going to really affect us if the worst happens.”
Tensions between China and Canada have been growing amid accusations of foreign interference and election meddling.
Last week, B.C. MP Jenny Kwan became the latest politician to report that Canada’s spy agency confirmed her long-held belief that she is being targeted by the Chinese government.
B.C. exports to mainland China totalled $8.48 billion last year, according to government statistics. That’s second only to the United States with more than $37 billion.
Japan and South Korea place third and fourth with about $6 billion and $4 billion respectively.
During the trip, Eby said he has met with dozens of companies including Mitsubishi about possible investment in a nickel project, and a number interested in hydrogen production.
In Tokyo, a meeting with one of Japan’s largest users of B.C. wood turned into a conversation about potentially breaking in to the province’s tough and expensive rental market.
Eby says the company, Daito, which already manages rentals in Tokyo, is proposing offering deals to B.C. landowners to build and run rental properties on their land and then lease that housing back from the landowner for a 30-year term, paying a set fee.
“In this way, that housing and the property stays with British Columbians, and the company facilitates investments in rental housing that wouldn’t otherwise happen, that people who own land would never think of building or running rental housing,” Eby said.
It’s a project the premier said he would support.
“We’re desperate for rental housing and if they can encourage landowners to use their land for rental housing by taking away a lot of the headaches that they would face in building and operating that housing, I think is a huge potential win for us,” he said.
“So those discussions will be carrying on as well.”
Eby is scheduled to be back in British Columbia June 7.
Ashley Joannou, The Canadian Press