Mission to China Will Generate Investments and Jobs in Ontario
Premier Kathleen Wynne's second mission to China will expand existing trade markets, open up new opportunities and generate jobs and investments in Ontario.
Purpose of the Mission
The 2015 China trade mission is part of Ontario's Going Global Trade Strategy to increase the province's international profile and support the government's economic plan.
Ontario is one of the best places to do business -- it has a strong financial sector, a talented and educated workforce, a vibrant culture of innovation, and competitive corporate tax rates. This mission will help more Ontario companies do business abroad, while encouraging new international companies to invest in Ontario. It will generate investment agreements, Memorandum of Understanding (MOUs), contracts and other opportunities to establish business connections.
Importance of the Chinese Market
To keep up with the world's changing economy and expand economic opportunities, Ontario needs to continue looking for new ways to expand its trade network. China is Ontario's second-largest trading partner after the United States -- trade between Ontario and China has more than doubled in the last decade, and is now valued at over $39 billion. Working together has generated jobs and economic growth for both regions.
Earlier this year, Ontario announced that it is launching the Americas' first trading hub for the Chinese currency, the Renminbi (RMB). This hub will enable businesses across Canada to convert Canadian dollars directly into Chinese currency, lowering overall business costs for Canadian businesses.
Ontario already has three Investment and Trade Offices in China, in Shanghai, Beijing and Chongqing, to promote the province's many investment and business opportunities.
About the Delegations
Premier Wynne is leading a cleantech delegation, a science and technology delegation and a business delegation. The 85 Ontario delegates on the mission will look for ways to build on Ontario's success by expanding relationships with Chinese scientists, researchers, institutions and businesses.
The cleantech delegation is seeking to make new connections and build on existing partnerships in the Chinese market. The delegation consists of experts and innovators from Ontario's thriving cleantech industry.
The science and technology delegation is looking to develop research and commercialization partnerships with Chinese companies and institutions. The delegation consists of companies, universities, research institutions and research hospitals.
The business delegation is seeking partnerships with Chinese businesses, academic institutions and governments. The delegation consists of experts from a variety of sectors, including finance, agri-food and education, as well as other levels of government.
The three delegations will travel with the Premier to Nanjing, Shanghai, Hong Kong and Beijing to promote Ontario as an ideal place to invest and meet with business and political leaders to strengthen economic ties.