Premier’s Mission to South Korea Generates About $120 Million in New Agreements
New Agreements in Health Sciences and Education Will Drive Innovation
Today in Seoul, Premier Kathleen Wynne announced key agreements between Ontario and South Korea businesses and institutions. Valued at about $120 million, these partnerships will enhance Ontario’s research and academic ties with South Korea and create up to 256 new jobs in Ontario.
Ontario and South Korea businesses and institutions signed 13 new agreements as part of the Premier’s business mission:
– Korea Health Industry Development Institute (KHIDI) and Ontario’s MaRS Innovation signed a five-year partnership agreement to commercialize the latest advances in biomedical and health care innovations. Valued at $100 million and expected to create 50 jobs in Ontario, the agreement will combine Ontario and Korean resources to find technological solutions for today’s most urgent health care problems
– MEDIPOST signed an MOU with Ontario’s Centre for Commercialization of Regenerative Medicine (CCRM). MEDIPOST develops and commercializes stem cell therapy products and technology. CCRM accelerates the development of cell-based therapies by assembling critical academic, industry and investor networks around a team of commercialization experts supported by specialized funding and dedicated facilities. The MOU will enable MEDIPOST to expand its business in North America through potential partnerships with CCRM on clinical trials, regulatory approval, reimbursement and commercial manufacturing. The MOU is expected to create 25 jobs in Ontario
– McMaster University, Centennial College and Seneca College signed 11 agreements with South Korean post secondary institutions. Valued at more than $17.5 million, the agreements will generate an estimated 181 jobs in Ontario, including 150 at Centennial College.
Premier Wynne spoke to South Korean business and economic leaders about Ontario’s competitive advantages during a keynote address at an economic luncheon organized by the Canadian Embassy in partnership with the Canadian Chamber of Commerce in Korea. The Premier highlighted Ontario and South Korea’s productive economic and business partnerships, including in information and communications technology (ICT).
The Premier also announced that Ontario will open a new International Trade and Investment Office in Seoul in 2017–18. The new office will help Ontario companies do business in South Korea and increase exports to the region.
At Seoul’s Yonsei University, the Premier participated in a roundtable discussion with students who have ties to Ontario and Canada. South Korea is Canada’s third-largest source of international students — in 2015, Ontario hosted over 40 per cent of the 14,500 international students from South Korea studying in Canada.
Increasing Ontario’s global economic presence and helping our businesses thrive are part of our plan to create jobs, grow our economy and help people in their everyday lives.
“Our mission is opening up doors and creating opportunities for Ontario businesses to grow internationally and improve health care solutions for people around the world. The agreements signed today demonstrate the value of increasing Ontario’s international presence and I look forward to seeing the results of our delegates’ work with businesses in South Korea.”
— Kathleen Wynne, Premier of Ontario
“Ontario’s leadership position in key sectors such as auto, information and communications technology (ICT) and manufacturing makes it an ideal partner for global firms looking to invest in North America. As part of our comprehensive economic development strategy, our government will continue to invest in innovation, research and development, and, most importantly, our talented workforce.”
— Brad Duguid, Minister of Economic Development and Growth
§ South Korea is Asia’s fourth-largest economy and a priority market for Ontario. The 2015 Canada-Korea Free Trade Agreement provides new opportunities for exporters in Ontario.
§ Ontario is home to Canada’s largest South Korean community — more than 82,000 people of Korean descent — creating a natural link betweenthe regions.
§ South Korean companies are already taking advantage of Ontario’s competitive business environment, especially in the motor vehicle parts, industrial rental, banking, advertising, and clothing manufacturing sectors.
§ Between 2006–2015, South Korean companies invested approximately US$453 million in greenfield investments in Ontario.