Delegates taking part in Ontario’s recently concluded mission to China signed agreements valued at C$2.5 billion with Chinese partners, according to a Government of Ontario news release. The more than 100 agreements and MOUs signed by a delegation comprised of 83 Ontarian business leaders are anticipated to create 1,700 new jobs in Ontario.
The announced agreements include a C$100 million investment into building units for a larger, 200 hectare and C$1 billion attraction and residential development in Niagara Falls being led by GR Investments Co. Ltd., a China-based firm. This investment, by Hong Kong-based CITIC Capital, is CITIC’s first under their “Go Global” investment strategy, with the firm aiming to invest over C$2 billion overseas. Another notable investment occurred in the field of automation, where Shenzhen Bauzer Investment Group Co. Ltd. acquired an 80% share of Toronto-based EDI.
According to Statistics Canada, Ontario exported C$2.1 billion in goods to China in 2014, while importing C$34.1 billion from China the same year. The Ontario Government states that Ontario’s missions to China in 2014 and 2015 have resulted in C$3.8 billion in agreements.