China and Canada’s Ontario sign 25 agreements
November 28, 2017 Category China News Round-up, Weekly
China and Canada’s Ontario province have inked 25 deals worth almost CAD600 million, mainly in the technology, e-commerce, finance and healthcare sectors.
Highlights of the signed deals included Tencent’s cooperation with Ontario’s OTT Financial Group to build a business accelerator center in Toronto and to develop the tech company’s cloud market, as well as China CITIC Bank’s agreement to provide education services to Ontario’s U Education Group. “Partnerships with international leaders like China are critical to Ontario’s economic success,” said Kathleen Wynne, Premier of Ontario, Canada’s largest province by population and economy. “Ontario’s diverse and innovative economy makes it one of the best, most competitive places in the world to invest, and we encourage Chinese businesses to take advantage of what Ontario has to offer,” she said. In 2016, China was Canada’s second largest trading partner and its second largest source of imported merchandise.
Ontario’s trade with China has surged by nearly 40% over the past five years, totaling CAD42 billion in 2016. Science and technology are two priority areas of cooperation. In these sectors, bilateral trade between China and Ontario accounted for 42% of the total, according to the Ontario government. Lepu Medical Technology Co signed an agreement with Ontario’s Communication & Power Industries, valued at CAD2.85 million, under which the latter would supply Lepu with a high-voltage generator product – a key component in angiography and cardiovascular X-ray systems for medical applications. Ontario spends about CAD50-55 billion every year to strengthen the medical sector, the China Daily reports.
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