September 12, 2022
Province continues to attract investments and forge new partnerships
The Ontario government has concluded a successful trade mission to South Korea and Japan to strengthen economic partnerships and forge new alliances. The mission, led by Vic Fedeli, Minister of Economic Development, Job Creation and Trade, focused on attracting new investments and showcasing Ontario as the innovation and manufacturing gateway to North America.
“This mission has been all about re-engaging with our trusted partners and friends in South Korea and Japan and building upon our strong relationships and long history of collaboration,” said Minister Fedeli. “Companies around the globe are looking to Ontario for their future and our government is proud to champion and support our industry leaders and innovators, as we continue to attract new investments.”
From September 2 to 10, Ontario’s delegation met with large multinationals in both countries to promote the province’s strengths in automotive, aerospace and other key emerging sectors. This included a meeting with business leaders at LG Energy Solution to thank them for their record-breaking $5 billion investment in Ontario. With the support of Ontario and the federal government, LG Energy Solution and Stellantis have joined forces to build the province’s first large-scale electric vehicle battery manufacturing plant. The project is part of the government’s plan to build Ontario and become the North American hub for developing and building the cars of the future.
Additional highlights of the mission included meetings with Honda, Toyota, Panasonic, Samsung and Mitsubishi Heavy Industries, as well as some of the world’s leading technology companies such as NAVER and Megazone Cloud.
The province is building on $16 billion in investments that have been made over the last 21 months by automakers and EV battery manufacturers. With a talented workforce, state-of-the-art research and development facilities, award-winning manufacturing and access to an abundance of critical materials, the province is well-positioned to build the cars of the future. Companies around the globe, including those in South Korea and Japan, are looking to Ontario for their future.
Ontario continues to adopt innovative and forward-thinking approaches to attract investment and be a leading destination to do business.
- •Ontario is currently the only place in North America where five major automakers, Honda, Toyota, Ford, General Motors and Stellantis, build vehicles. Ontario’s auto supply chain is comprised of more than 700 parts firms and more than 500 tool, die and mold makers.
- •In 2021, two-way trade between Ontario and South Korea totalled $8.3 billion and Korean foreign direct investment in Canada was $3.07 billion. There are 28 Korean companies operating in Ontario.
- •Ontario and South Korea benefit from close ties between governments, businesses and post secondary institutions. In 2019, the province entered into a memorandum of understanding with the Korea Importers Association that aims to strengthen economic relations and promote co-operation between Ontario and South Korean businesses.
- •In 2021, two-way trade between Ontario and Japan totalled $12.5 billion and Japanese foreign direct investment was $8.7 billion. There are 226 Japanese companies operating in Ontario. Japan is a key export market, and a top source country for foreign direct investment, notably in the auto sector where companies such as Honda and Toyota employ thousands of Ontarians.
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