Ontario highlighted in China’s high-level overseas investment forum

Updated: 2015-01-22 05:51

By Wang Ru(China Daily Canada)

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Ontario highlighted in China’s high-level overseas investment forum

Song Yijun, counselor of the Ontario office of the Canadian embassy, delivered a speech boosting Ontario, during the 2nd China Overseas Investment New Year Forum on Jan 15 in Beijing. Wang Ru / China Daily

The investment opportunity in Ontario, Canada, was center stage during the 2ndChina Overseas Investment New Year Forum held from January 15 to 16 at the Great Hall of the People in Beijing.

Song Yijun, the counselor of the Ontario office of the Canadian embassy, was in attendance and spoke on trans-national operations, investment and financing as it pertains to Ontario.

Organized by the Investment Association of China and China International Cultural Communication Center, this year's forum focused on China's overseas investment strategies such as the Silk Road Economic Belt and the Asian Infrastructure Investment Bank.

In his speech Song played up Ontario as the financial and manufacturing center of Canada and an important trade partner of China.

By presenting successful investment cases from China to Ontario, where 64 percent of Canada's total foreign companies are based, Song said China and Ontario have a huge potential for cooperation opportunities in different industries such as mining, agriculture and information technology.

In November 2014, Huawei Technology Co Ltd announced a major expansion of its Ontario operations, valued at $210 million, which would create 325 jobs including approximately 250 positions for engineers and researchers and at least 75 new marketing, sales and support positions.

According to the latest statistics from the Ontario Ministry of Finance, China in 2013 was Ontario's second largest international import suppliers after the US and third-largest export market.

With 650,000 Chinese immigrants and 12,000 Chinese students, Ontario has been a vibrant destination for Chinese and proven attractive for investment from China.

China plays a key role in Ontario's "going global" strategy. In 2014 the Ontario premier's trade mission to China attracted nearly $1 billion to Ontario in new deals, creating more than 1,800 new jobs. The government signed 26 agreements.

In the 2014 Ontario Economic Outlook and Fiscal Review, Ontario supported and joined to fulfill the agreement reached between the federal government and Bank of Canada with the government and central bank of China, relating to the designation of a renminbi (RMB), the official currency of China, trading hub in Canada.

The review also said that a Canadian RMB trading hub, once implemented, would facilitate increased investment and trade by allowing the Canadian financial sector to quickly and efficiently clear and settle transactions in Canada.