Premier's China Mission Generates $2.5 Billion in Agreements
$750 Million in Agreements Signed in Beijing
Premier Kathleen Wynne concluded her second mission to China today in Beijing, where 38 new agreements valued at $750 million were signed by delegates. This brings the estimated total value of agreements from the mission to $2.5 billion. The agreements are expected to create 1,700 jobs in Ontario.
At a signing ceremony in Beijing, Wing On New Group Canada Inc. signed three agreements totalling $230 million, including:
- A $100-million agreement with JD.com to purchase Canadian produce and provide business services to Canadian enterprises in the Chinese e-commerce market.
- An $80-million agreement with China Telecom Group Best Tone Information Co. Ltd. to import food and Canadian nutritional products to China. The Chinese company will also provide financial services to Wing On and jointly develop a Chinese e-commerce market with Wing On and JD.com.
- An agreement with Cross-border City Americo Wholesale to purchase $50 million in Canadian produce over the next three years, and open 30 new stores in 2016, with an Ontario Produce Exhibition Booth in every new store.
Hydrogenics signed four certified integrator agreements to supply fuel cell technology for integration into zero-emission public transport buses. In aggregate, the company anticipates a market opportunity of up to $100 million in revenue over a 3 to 5 year period, with approximately $10 million in the first year.
Also in Beijing, Xincheng Real Estate Fund announced a $100 million investment towards Paradise, a new attraction and residential development in Niagara Falls. The development is led by China-based GR Investment Group, which has purchased 484 acres of property located west of Marineland and adjacent to Thundering Waters Golf Club.
The Premier also announced that the Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA) has hired a new agri-food trade advisor in Shanghai to assist Ontario food exporters. The advisor will increase food export sales by providing international market information and identifying suitable business opportunities and strategic alliances for Ontario food and beverage suppliers. OMAFRA already has trade advisors in India, the United Kingdom and the United States.
During the mission, the City of Wuxi, in Jiangsu Province, and the Region of Durham signed a Friendship Agreement, creating a sister city relationship to promote economic co-operation, trade and collaboration in education and tourism. Also in Wuxi, Trent University entered into a Partnership High School Memorandum of Understanding (MOU) with Wuxi No. 1 High School and Wuxi Foreign Language School.
Investments also formalized include Shenzhen Bauzer Investment Group Co. Ltd., which acquired an 80% share of EDI, a Toronto-based leader in the field of robotics automation. With this acquisition, Shenzhen Bauzer intends to create an additional 200 jobs in Ontario.
Attracting new investments and helping the province's businesses compete globally is part of the government's plan to build Ontario up by 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.
- On the final day of the mission, Ontario delegates signed 38 agreements, which are valued at $750 million.
- Ontario delegates signed more than 100 agreements and MOUs during the mission, with an estimated total value of $2.5 billion.
- Over the last two years, Premier Wynne’s 2014 and 2015 missions to China have generated agreements worth an estimated $3.8 billion — including agreements signed by delegates during and after the missions.
“Trade is essential for Ontario’s economic growth and international competitiveness. This mission has strengthened Ontario’s political and economic ties with China. By signing new trade agreements valued at $2.5 billion and further developing our relationships with political leaders, Ontario has made a significant impact throughout this mission.”
“The tremendous success of the mission is further evidence of the enduring relationship between China and Ontario and the compelling business case our province offers for global investment. Our government will continue working collaboratively with the private sector and research community to build an innovative, dynamic economy that supports long-term growth and job creation.”
“China is an important and long-term partner for Ontario in trade development, investment attraction, and science and technology collaboration. Our diversity and our highly skilled workforce are advantages that allow Ontario to create products and services for the global marketplace. The successful signings from this mission reinforce Ontario’s position as a top trading economy and will help create more jobs and economic opportunities across our province.”