Premier's Mission Generates $87 Million in New Agreements
New Israeli Partnerships Expected to Generate Nearly 200 High-Tech Jobs in Ontario
Today Premier Kathleen Wynne met with Israeli business leaders at a plenary session in Tel Aviv, where new partnership agreements valued at $87 million were signed by Ontario and Israeli businesses and institutions.
Ontario delegates signed 18 new business agreements and partnerships in the science and technology and information and communications technology (ICT) sectors, including:
- The Centre for Commercialization of Regenerative Medicine and six Israel-based universities and medical research institutions signed a five-year agreement valued at $50 million to create a Centre for Regenerative Medicine in Israel. This project will generate an estimated 150 new high-tech jobs in Ontario and position the province as a leader in the global commercialization of regenerative medicine.
- Inkas and its Israel-based subsidiary, Mayotex-Philcar, will sign a joint agreement with Kazi Investment Group to build special-purpose vehicles for the U.S. Department of State. The agreement is valued at $25 million and is expected to generate 30 jobs.
- True Phantom Solutions signed a five-year agreement valued at $5 million with Israel-based Microtech Medical Technologies Ltd. to develop the first-ever thoracic phantom, which will create realistic mechanical representations of the rib cage, heart, lungs and spine. The device will enable better medical training and research.
- The Canadian Centre for Aging and Brain Health Innovation at Baycrest Health Sciences and the Office of the Chief Scientist in Israel signed an agreement valued at $4 million to collaborate on innovations and bring new programs in aging and brain health solutions for seniors.
- Ontario-based University Health Network signed an agreement valued at $3 million to use Israel-based Insightec's ultrasound technology for clinical research and development in Ontario.
Yesterday, the Premier met with Dr. Michael Hayden, President of Global Research and Development (R&D) and Chief Scientific Officer at Teva Pharmaceutical Industries Ltd., to discuss future business opportunities and promote Ontario's life sciences sector.
Today the Premier met with former Israeli President Shimon Peres to strengthen ties between the two regions and find ways to advance common priorities.
She also met with Dr. Piyush Patel, CEO and Medical Director at Inflamax Research. Ontario-based Inflamax signed an MOU with Israel-based AdoM to advance clinical research in both jurisdictions. The Premier also spoke at a business-to-business session for Ontario delegates and their Israeli counterparts to encourage new partnerships and investments in Ontario.
This afternoon, the Premier will visit Tel Aviv University, where she will receive the President's Award, which recognizes leaders who promote tolerance, inclusion and civil discourse.
Building new relationships and helping businesses compete globally are part of the government's economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part plan includes investing in talent and skills, including helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest investment in public infrastructure in Ontario's history and investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement.
- Canada has the second-lowest costs for clinical trials and the lowest cost for biotechnology R&D and pharmaceutical production among the G7.
- Many leading companies from Israel have already established operations in Ontario, including Teva Pharmaceutical Industries and Taro Pharmaceuticals.
- In June 2015, the Premier received the Words & Deeds Leadership Award, which is presented by the Centre for Israel and Jewish Affairs and the United Jewish Appeal Federation of Greater Toronto.
- An increasing number of Ontario companies are doing business with Israel because it invests four per cent of its GDP every year in R&D. For example, BlackBerry recently acquired the cybersecurity firm WatchDox, which led to BlackBerry opening its first R&D centre in Israel.
“This mission is an opportunity to leverage the strong economic and cultural ties between Ontario and Israel to develop new commercial partnerships that will lead to economic growth and job creation in Ontario. By collaborating and sharing knowledge in the life sciences and ICT sectors, we will be able to develop innovative solutions for real-world scientific and technological challenges faster and more efficiently.”
“This strong start to the mission reflects the longstanding track record of collaboration between Ontario and Israel. Our province has thriving life sciences and ICT sectors with a diverse range of institutions and companies that are globally competitive, and are adept at building robust international partnerships. These new agreements exemplify how both jurisdictions can work together to build stronger sectors for their citizens and economies.”
“Investing in innovative technologies is aligned with my ministry’s commitment to world-class market-ready health technologies. Funding innovative health projects will help transform our health care system and improve the patient experience, and this mission reflects the benefits of new partnerships and approaches.”