Premier to Explore New Economic Opportunities in China and Vietnam
Premier Kathleen Wynne's mission to China and Vietnam will open up new markets and create more opportunities for Ontario businesses and workers. Expanding global trade, investment and innovation partnerships makes the province more competitive and creates new opportunities and good jobs at home in Ontario.
The Premier's third mission to China and first to Vietnam will strengthen existing trade and economic partnerships between Ontario and China, identify new opportunities for collaboration with Vietnam and promote Ontario as an ideal business partner.
Premier Wynne will meet with business and political leaders to build on Ontario's existing relationships, while continuing to develop partnerships in areas including medical technologies, agri-food, higher education, science and technology, and financial services.
Ontario and China
This mission will build on a strong foundation. China is Ontario's second-largest global trading partner, with two-way trade growing by nearly 40 per cent over the last five years, totalling $42 billion. China has an estimated population of 1.4 billion and an estimated GDP of $14.8 trillion.
Premier Wynne's past two trade missions to China have attracted an estimated $3.8 billion in new investments for Ontario, creating more than 3,000 jobs in the province.
Ontario and China share a commitment to developing strong science and technology sectors. China is investing significantly in medical technologies -- one of Ontario's areas of strength. The field of health technology represents a tremendous opportunity for Ontario businesses and institutions to share their expertise with China and fuel growth in the sector.
Over the past two decades, Ontario and China have forged strong business partnerships that have benefited people and businesses in both regions, and more than 30 companies from China have recognized the advantages of doing business in Ontario.
Ontario and Vietnam
The first Ontario Premier's mission to Vietnam will open doors for Ontario businesses to create partnerships and build a strong foundation between the province and one of the world's fastest-growing economies -- Vietnam's GDP per capita grew by more than six per cent in 2016.
The mission supports the province's government-wide efforts to help Ontario businesses be more active in international trade, as well as increase and diversify their exports through Ontario's Global Trade Strategy.
Two-way trade between Ontario and Vietnam has tripled since 2012, reaching over $3 billion in 2016.
Over the past decade, Ontario and Vietnam have laid the groundwork to create strong business partnerships. Ontario has welcomed representatives from Vietnam to explore collaboration in key sectors, including health care, infrastructure, aerospace and education.
Vietnam is an emerging market for postsecondary education as well as science and technology, cleantech innovation and ICT, with significant potential for international cooperation.
Expanding trade and innovation partnerships between Ontario and Vietnam will create new opportunities that benefit workers and businesses in both regions.
About the Delegation
Premier Wynne will lead a delegation of more than 100 experts from various sectors to explore strategic partnerships with key organizations and institutions in China and Vietnam.
Michael Chan, Minister of International Trade, is joining the Premier on the mission.
Mayor Sandra Easton of the Town of Lincoln is joining the delegation to explore potential partnerships in agricultural research and tourism.
Representatives for the City of Vaughan are joining the delegation to explore potential business investment opportunities.
Mayor Stephen Molnar of Tillsonburg will be joining the delegation to explore opportunities for the South Central Ontario Region Economic Development Corporation to expand to international markets.