As the world's fifth-largest economy and one of the fastest-growing regions, ASEAN continues to solidify its position as a global economic leader. In 2023, the region’s economy grew by 4.1%, with forecasts projecting growth to reach 4.7% in 2024. This rapid expansion underscores ASEAN’s emergence as Asia’s center of gravity.
Canada’s economic ties with ASEAN have also strengthened, with bilateral trade valued at approximately USD 50 billion since 2021. As Canada’s fourth-largest trading partner, ASEAN is increasingly vital to Canadian businesses seeking growth in a dynamic and rapidly evolving market. The Canada-ASEAN Business Council (CABC), as Canada’s first and only ASEAN-accredited entity, remains at the forefront of advancing trade and investment between the two regions.
This report, based on insights from the 2024 CABC Business Outlook Survey, offers a comprehensive overview of the current trade and investment environment in ASEAN. Key thematic areas such as digital transformation and energy transition are highlighted as promising sectors for Canadian and ASEAN businesses alike. With input from over 100 CABC members and companies, the report also presents in-depth interviews conducted from June to August 2024.