Premier's Mission to South Korea Generates About $120 Million in New Agreements
New Agreements in Health Sciences and Education
Queen's Park - Last Thursday, 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 postsecondary 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.