South Korean Company Comes to Ontario Following Successful Business Mission
KEPCO Engineering & Construction Company Opens Office in Port Elgin
TORONTO — Today, Korea Electric Power Corporation Engineering & Construction Company (KEPCO E&C), the largest energy solution company in South Korea specializing in power plant design and technology, opened its new Canadian office in Port Elgin, Ontario following Ontario's business mission to South Korea this month.
During the mission, Vic Fedeli, Minister of Economic Development, Job Creation and Trade met with KEPCO E&C's President and CEO Bae-Soo Lee and other key Korean business leaders to promote Ontario's open for business and open for jobs agenda and support for partnerships that will help increase trade and investment in the province. Fedeli's meeting with KEPCO E&C marked the successful conclusion of nearly year-long discussions between Ontario and the Korean company.
"By leading missions like the one to South Korea and Japan, we can bring new investments to Ontario, opening up new markets and bringing more jobs to Ontario," said Fedeli. "Ontario welcomes companies like KEPCO and we look forward to continuing to build these important relationships with our trading partners all around the world."
KEPCO E&C's Canadian office in Port Elgin will provide engineering, procurement and technical support services for the Bruce Nuclear Generating Station.
"The Life-Extension Program underway at Bruce Power continues to be a driving force in our local community. Nuclear energy is the backbone of our electricity system and the work being done at Bruce Power is drawing companies like KEPCO to the region, creating good jobs, new investment and ensuring Bruce-Grey-Owen Sound and our province are open for business," said Associate Energy Minister Bill Walker.
"I am thrilled for the positive economic ripple of the refurbishment project. Bruce Power and the nuclear industry is Ontario's energy advantage," said Lisa Thompson, MPP for Huron Bruce. "Across Bruce County and in my riding, over 50 nuclear supplier companies set up shop, providing a major boost to our local economy, and we are happy to welcome KEPCO as part of that group. This is great news for Huron-Bruce and nuclear energy across the province."
Diversifying Ontario's investment and trade partnerships is critical for job creation and sustaining long-term economic growth for the province.
- 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.
- KEPCO, the parent of KEPCO E&C, is the largest electric utility in South Korea responsible for the generation, transmission and distribution of electricity and the development of electric power projects including those in nuclear power, wind power and coal. KEPCO is responsible for 93 per cent of Korea's electricity generation.
- During Ontario’s mission to South Korea and Japan earlier this month, Ontario signed a Memorandum of Understanding between Ontario and the Korea Importers Association (KOIMA) that will strengthen economic relations and promote co-operation between Ontario and South Korean businesses. Minister Fedeli also announced that DAYLI Partners, based in Seoul, has partnered with Toronto Innovation Acceleration Partners (TIAP) to create a first-of-its-kind US$20 million global healthcare venture fund.