Finance Minister Strengthens Economic Ties with Chinese and Japanese Markets
Mission Highlights Ontario Investment and Trade Opportunities
Promoting Ontario as the best place in North America to invest and run a business is the focus of Minister of Finance Charles Sousa's eight-day trade mission to China and Japan.
During his trip, Minister Sousa is meeting with leaders of the financial services, banking and manufacturing sectors to promote Ontario's sound financial industry and burgeoning investment opportunities. This builds on Ontario's Going Global Trade Strategy to help businesses - especially small to medium-sized enterprises - tap into new markets. Fostering new partnerships in priority markets like China and Japan is essential to growing Ontario's economy and creating jobs in communities across the province.
Building on the successes of past trade missions to Asia, Minister Sousa is highlighting the province's strong financial and investment leadership, including it's ranking as the top destination for foreign direct investment in North America. He is also highlighting how existing partnerships with Chinese and Japanese companies such as Huawei, MUJI and Howa Textile Industry Co., are supporting innovation and job creation.
The minister is also showcasing Ontario's work on:
- Creating a common capital market regulator to better protect investors and enhance Canada's financial services sector.
- Establishing North America's only renminbi trading hub to allow businesses to convert Canadian dollars directly into Chinese currency.
- The successful launch of Ontario's Green Bonds to encourage investments in sustainable projects and attract new investors.
Promoting investment opportunities and strengthening global business ties is part of the government's economic plan to build Ontario up. The four-part plan includes investing in people's talents and skills, making the largest investment in public infrastructure in Ontario's history, creating a dynamic, innovative environment where business thrives and building a secure retirement savings plan.
- China is Ontario’s second-largest trading partner after the United States with imports and exports between them totalling $36.2 billion in 2014.
- Ontario attracted almost one billion dollars in new investment by Chinese companies and created 1,800 jobs as a result Premier Wynne’s 2014 trade mission to China. The Premier will lead a new delegation to Nanjing, Shanghai, Beijing and Hong Kong from November 5 to 14, 2015.
- Japan is one of Ontario’s most important and valued economic partners with $10.8 billion in trade between the jurisdictions in 2014.
- Japan is Ontario's largest foreign direct investment partner in Asia. In 2013, Japan-based companies made investments in Canada totalling $17.3 billion, while Canada-based companies made investments in Japan totalling $4.7 billion.
- Toronto is the headquarters of Canada’s financial services industry and ranks seventh on Banker magazine’s list of best financial centres in the world.
“Promoting investments and strengthening ties internationally reminds global markets that Ontario is open for business. Ontario’s economy is leading Canada and economists recognize Ontario’s vibrant and diversified economy as one that will continue to grow despite this period of global market volatility. This mission will help Ontario to further support investments and bolster economic growth.”