Week of March 23rd Slider

Ontario government, businesses net $220 million in latest trade mission to China

TORONTO—The agri-food and cleantech sectors have emerged as the biggest winners in the Ontario government’s latest trade mission to China.

As the province concludes the 11-day business junket, it has announced the mission will bring $220 million in investments to the province, following up on a trade mission to China last November that is expected to bring $2.5 billion to Ontario.

“Business missions are about attracting new investment and opening doors for Ontario businesses to expand internationally,” Michael Chan, Ontario’s minister of Citizenship, Immigration and International Trade, said. “These doors create new or enhance existing opportunities that may translate into future agreements or partnerships.”

Toronto-based geothermal firm Menergy Corp. stuck the largest deal of the mission, signing a $100 million agreement with four Chinese firms to establish a green energy incubator in the GTA. The Green Energy Innovation Centre will help innovative Canadian startups get on their feet as well as help create a market for clean Canadian products in China.

Ontario’s food industry also reached a pair of agreements. The province signed a memorandum of understanding with China National Cereals, Oils and Foodstuffs Corp. to work toward building new trade and investment opportunities, while Wing On New Group Canada Inc. and Americo International Commodity E-Commerce Warehouse signed a two year $30 million deal that will see Ontario food products reach Chinese consumers.

An $80 million commitment to build a commercial development in York Region and a $5 million agreement to help Ontario ice wine reach the Asian market are among several other deals reached over the 11-day trip.

A complete list of the agreements reached can be found here.

News source: http://www.canadianmanufacturing.com/procurement/ontario-government-businesses-net-220-million-in-latest-trade-mission-to-china-167485/