Kathleen Wynne announces over $800 million in new agreements with China

Two-way trade in science and technology between Ontario and China in 2016 was 42 percent of the regions’ bilateral trade and amounted reportedly to about $18 billion.

During the present Ontario-China meeting, 25 agreements were signed by both Ontario and Chinese businesses and institutions. 

Ontario's OTT Financial Group and China's Tencent Cloud are working together to build a Business Accelerator Centre in Toronto, to foster entrepreneurship as well as introduce applications of internet technologies, and provide funding, technology and administrative support to start-up businesses.

Development of Tencent Cloud markets in Canada are also being planned.

Wynne was quoted by the media as saying, "China and Ontario have a long history of collaboration, especially in the science and technology sector. Countless Ontario businesses have already forged strong relationships in China, and the agreements signed today signal that our relationship continues to grow. By connecting more of our businesses, scientists, engineers and experts around the globe, we can fuel innovation, create good jobs and ensure Ontario’s businesses remain competitive in a fast-paced global economy."

Together, the projects are valued at $15 million.

Queen Financial Group signed a cooperation agreement with China's Taihe Group and Funding Investment Management, valued at $500 million, to co-sponsor the establishment of the Haichuang Fund, a high-tech talent innovation venture equity investment fund.

Western University signed an agreement with the China Automotive Battery Research Institute (CABRI), valued at $3.35 million, to establish a joint laboratory to develop next-generation all solid-state batteries for electric vehicles. An announcement was also made that CABRI had registered a new Canadian-based R&D company.

Wynne also discussed business with Diane Wang, CEO of DH Gate, a leading business-to-business e-commerce provider that offers a platform for small and medium enterprises and Em Roblin, founder and managing director of Circles2, on her way to promote women's participation in entrepreneurship and women's economic empowerment.

Later she met Wan Gang, China's Minister of Science and Technology, where she re-signed a Memorandum of Understanding (MoU) that was originally signed in 2008.

This further strengthened Ontario and China's joint commitment to research and innovation collaboration and facilitated a revenue of over $30 million in joint funding for collaborative industry and academic research projects.

More than $14 billion is spent each year reportedly on Research & Develpment (R&D) on globally recognized technology and R&D companies in Ontario like Apple, Google, IBM and Amazon.

Ontario is also planing to boost the number of graduates in science, technology, engineering and mathematics (STEM) by 25 percent.

Wynne is likely to discuss plans with Feihe International to build their first infant milk formula production facility outside the mainland, which would cost over $225 million.

If an agreement is reached, it will reportedly create around 277 jobs in Kingston.

The Premier said that Ontario would support the project with a $24.1 million investment through the Jobs and Prosperity Fund, which facilitates businesses, business associations and entrepreneurs to get funding for projects to enhance productivity and help them compete in the global marketplace.

Michael Chan, Ontario's Minister of International Trade, was quoted by the media as saying, "Through Ontario’s Global Trade Strategy, the province has committed to help businesses diversify their exports and make valuable connections by expanding their global footprint. Today’s signings in Beijing signal a strong start to the China mission and are a testament to the strength and diversity of Ontario’s economy."

(Reporting by Asha Bajaj)

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