Ontario Concludes Successful Business Mission to China
$220 Million in New Investments Expected to Create High Value Jobs
Ontario concluded a successful business mission to China today which will bring $220 million worth of investments to the province, as well as jobs in agri-food, clean technology, restaurant services and commercial property development.
During the 11-day mission, Deputy Premier Deb Matthews and Minister of Citizenship, Immigration and International Trade Michael Chan participated in meetings and signings to promote investment and job creation in Ontario. Highlights of the mission include:
- The signing of a significant memorandum of understanding between Ontario and China National Cereals, Oils and Foodstuffs Corporation (COFCO) to build new trade and investment opportunities with this leading supplier of agri-products, diversified foodstuffs and food services.
- A renewal of the Ontario-Henan Friendship Agreement to strengthen ties between the two provinces and encourage economic cooperation, investment and trade.
- A demonstration of auto emissions reduction technology developed by the Enerhancer Motor Group Inc and the University of Toronto. Two Chinese companies have expressed interest in signing a commercialization for this innovative clean technology.
- A demonstration of innovative technologies in fluid milk processing by HuaHauNiu Milk Industry Inc. The company expressed interest in collaborative opportunities with Ontario dairy farmers.
- An expression of interest by Chinese company AutoBio Inc. to partner with Ontario-based companies to share its research and development, production and distribution of clinical diagnostic products.
- A visit to the Free Trade Zone in Zhengzhou to learn how these Zones deliver unique and lower-risk opportunities for Ontario exporters to enter the Chinese market.
- An expression of interest by the Chinese Federation of Overseas Entrepreneurs to bring a delegation of 80 entrepreneurs to Ontario to discuss possible trade opportunities.
- A tour of Wanfeng headquarters, the parent company of Meridian, to learn about its investments in Ontario and potential plans for expansion. Meridian operates a facility in the London, Ontario area that produces magnesium and aluminum cast products for the global transportation industry, and also operates a flight school in southwestern Ontario.
The Ministers also held a series of Invest in Ontario Roundtables where over 100 attendees across three cities heard why Ontario is a leading investment jurisdiction. The Ministers promoted the Toronto Business Investment Forum, which will be held in 2017 as part of the Ontario 150 celebrations to further advance the province as a premier business destination.
While in Hong Kong the Ministers concluded the mission by attending a reception for veterans of the Battle of Hong Kong and other theatres of war at the Official Residence of the Consul General in remembering Canada's contribution to defend Hong Kong in 1941.
Attracting new investment and helping the province's businesses compete globally is part of the government's economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part plan includes investing in talent and skills, including helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest investment in public infrastructure in Ontario's history and investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement.
- According to the Conference Board of Canada, every $100 million increase in exports creates approximately 1,000 new jobs.
- China is a priority market for Ontario and is one of the province’s key Asian markets. In 2014, Ontario’s total agri-food sales to China, including exports to Hong Kong, reached $832 million, representing Ontario’s second-largest export market for agri-food products.
“Business missions are about attracting new investment and opening doors for Ontario businesses to expand internationally. These doors create new or enhance existing opportunities that may translate into future agreements or partnerships. Ontario’s position as one of the top economies in the world is reinforced by the approximately $220 million in agreements that were signed during this mission to China. We will leverage these results to continue to support long-term growth and job creation across our province.”
“On this mission, we found incredible opportunities to build on the strong relationships we have with China and create new ones. We renewed our friendship agreement with Henan Province and signed a significant new agri-food agreement with COFCO. These important partnerships have the potential to bring jobs and economic growth to Ontario and reinforce that Ontario is one of the best places in the world for business to invest.”