Ontario Leads Trade and Investment Mission to South Korea and Japan
Agriculture, Auto and Aerospace Primed for Global Expansion
TORONTO — Ontario's government is expanding the province's global trade and the reach of Ontario businesses in fast growing markets around the world.
From October 12 to 24, Vic Fedeli, Minister of Economic Development, Job Creation and Trade, Ernie Hardeman, Minister of Agriculture, Food and Rural Affairs, and Raymond Sung Joon Cho, Minister of Seniors and Accessibility, will lead a trade mission to South Korea and Japan.
Minister Fedeli will focus on promoting Ontario as an attractive destination for business and investment, especially when it comes to automotive, aerospace and other key emerging sectors while Minister Hardeman will lead a delegation of Ontario agri-food leaders to help open new market access opportunities for sectors impacted by ongoing trade disruptions.
"Made in Ontario means a high standard of quality, safety and expertise in our goods and services that can meet growing international demand," said Fedeli. "Diversifying Ontario's trading partners and expanding the reach of our businesses is critical for the long-term economic growth of the province and key to Ontario's open for business, open for jobs strategy."
Ontario is one of North America's top auto-producing regions as the home of five global auto companies that include Fiat-Chrysler, Ford, General Motors, Honda, Toyota - as well as truck manufacturer Hino. Both South Korea and Japan have identified aerospace as a key sector for growth and expansion.
Minister Hardeman will facilitate meetings with importers, retailers, distributors and government representatives in Seoul, Osaka and Tokyo to promote the quality and availability of Canadian pork, beef, soybean and other agri-food products. He will be focused on strengthening ties between Ontario agri-food organizations and business representatives with potential partners and buyers in these rapidly growing markets.
"We're standing up for Ontario agri-businesses and farmers that have been impacted by recent trade disruptions to help them find alternative markets where they can sell their products," said Minister Hardeman. "Ontario produces some of the safest, highest quality food products in the world and I'm proud to be leading a delegation that will develop new markets for the incredible products we grow and produce right here in Ontario."
Minister Cho will work with Minister Fedeli and Minister Hardeman to promote Ontario in South Korea.
"Ontario values its trading relationships with both South Korea and Japan," said Minister Cho. "We hope this important mission will enhance our existing partnerships and lay the foundation for new opportunities in untapped markets that will benefit everyone."
- In 2018, two-way trade between Ontario and Japan was valued at over C$13.5 billion dollars, making it Ontario’s 8th largest export partner in the world with over 200 Japanese companies currently operating in Ontario.
- In 2018, two-way trade between Ontario and South Korea generated over C$7.2 billion dollars with about 30 South Korean companies currently operating in Ontario.
- This trade mission is funded in part through the Canadian Agricultural Partnership, a five-year $3 billion commitment by Canada’s federal-provincial and territorial governments that supports Canada’s agri-food and agri-products sectors.