British Columbia Moves to Diversify Trade to Rebalance Economy
By Han Wei
As geopolitical crosscurrents complicate Canada’s trade landscape, the Pacific province of British Columbia is diversifying its economic base and deepening ties with a broader array of global partners.
A growth engine for Canada and a gateway to the Asia-Pacific, British Columbia is facing trade friction on two fronts. On one hand, it suffers retaliatory Chinese tariffs on key exports like seafood. On the other, the Trump administration’s aggressive tariff assaults are disrupting long-established trade norms.
In an interview with Caixin, Diana Gibson, British Columbia’s Minister for Jobs, Economic Development and Innovation, outlined a multipronged strategy aimed at increasing the province’s resilience through innovation and diversification.
While Ottawa handles high-level trade diplomacy, Gibson said the province is advancing sector-specific growth and enabling local businesses to expand internationally.
“B.C. is really focused on diversifying our economy and our trade relationships to build economic resilience,” Gibson said on the sidelines of the Web Summit in Vancouver in late May.
Technology lies at the heart of this strategy. British Columbia is home to Canada’s fastest-growing life sciences sector and ranks among the top three technology growth markets in North America. The provincial government is building on this momentum by investing in research and talent development, including a new Phase One clinical trial facility. An artificial intelligence (AI) strategy is also underway to help integrate AI across key sectors.
This focus on high-growth industries forms a core part of the province’s broader trade diversification strategy, which aims to strengthen economic ties with partners across the Asia-Pacific, the European Union and Britain. At a grassroots level, the province supports local businesses — including many in the Chinese Canadian community —through programs like the Export Navigator and the Trade Accelerator Program.
Pressure from Canada’s traditional top trading partner, the United States, has underscored the urgency of diversification. The Trump administration’s imposition of tariffs on Canadian goods accelerated efforts that Gibson said were already in motion. She emphasized the government’s dual role: standing strong for British Columbia businesses as part of the Team Canada approach, while also working to unlock interprovincial trade making “an investment in B.C. an investment across Canada.”
Despite diplomatic strains between China and Canada — most notably over the 2018 detention in Vancouver of Meng Wanzhou, Huawei’s chief financial officer — British Columbia maintains longstanding and multifaceted connections with the Asian nation. About one in five residents is of Asian descent, and economic and cultural ties with China run deep.
“In my hometown of Victoria, we have the oldest Chinatown in North America,” Gibson said. “Our Chinese Canadian community and businesses have been, and remain, a vital part of what has built B.C.”
Gibson said these grassroots relationships continue to play an active role in maintaining cross-border business ties.
Despite the ongoing headwinds, Gibson expressed confidence in British Columbia’s appeal to global investors, particularly from China. “Vancouver has so much to offer,” she said. “We have the talent, research institutions, an innovative culture and a government that sits at the table with business. We’re the gateway to the Pacific. It has everything.”
Contact reporter Han Wei (weihan@caixin.com)
caixinglobal.com is the English-language online news portal of Chinese financial and business news media group Caixin. Global Neighbours is authorized to reprint this article.
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