Ontario Secures New Chinese Investment to Create Green Jobs
Province Renews Friendship Agreement with Henan Province
This past week Deputy Premier Matthews and Minister Chan participated in a successful investment roundtable discussion and the renewal of a long-time friendship agreement between Ontario and Henan Province, China, while also securing an investment in green energy innovation.
In Zhengzhou, the provincial capital of Henan Province, the Ministers hosted an investment roundtable and delivered a compelling business case for Ontario as a choice destination for 25 Chinese investors considering North American expansion opportunities. Following the roundtable, HauHauNiu Milk Industry Inc. and the Henan Medical Devices Association expressed interest in visiting Ontario to learn more about Ontario's dairy and medical devices sectors respectively.
Also in Zhengzhou, Deputy Premier Matthews renewed a friendship agreement with Henan Province that was first signed in 2007. The agreement will encourage economic cooperation and trade between the two provinces, as well as advance their exchanges in the fields of education, tourism and culture.
While in Shanghai, the Ministers witnessed the signing of a green energy agreement that will see Menergy Corporation of Ontario collaborate with four Chinese partners to establish a Green Energy Innovation Centre in the Greater Toronto Area. This investment in Ontario will help to showcase green energy solutions, act as an incubator for green energy companies and create market access for Canadian products in China. The project is expected to create 125 green jobs by 2021.
Finally in Shaoxing, the Ministers toured the headquarters of Wanfeng, the parent company of Meridian, to learn about their 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 a flight school in southwestern Ontario.
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.
- Menergy Corporation signed an agreement with Taichu Capital Inc., Hunan Zhongchengguotai Technology & Trading Corp. Ltd., Jiangsu New Century Investment and Development Group Ltd., and Beijing Yu He Chen Investment Co., Ltd.
- 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.
“China is an important and long-term partner for Ontario in trade development and investment. This week we reached a new milestone with a long-time friend, Henan Province, and we have made a tremendous investment in our economy, our labour market and our environment. I am so pleased by the outcome of this deal between Menergy Corporation and their Chinese partners.”
“This past week was a great success for the Province of Ontario, Henan Province in China and for the advancement of green energy innovation. The agreement signed between Menergy Corporation and their Chinese partners will help to bolster Ontario’s growing green-energy sector.”