- China Invests 60 Million in Business Ventures in Ontario Canada
Carl Zehr, Mayor of the City of Kitchener, in Ontario welcomes Suzhou Xingya Investment Co. to Kitchener. Zehr, wrote to Xinhua correspondent, “On behalf of our City Council, I’d like to say we are pleased with the confidence they have shown in our community and their plan to create 80 new manufacturing jobs.”
This move came after Premier of Ontario Kathleen Wynne announced that Suzhou Xingya Investment Company will invest $20-million to build a nail factory in Kitchener. Simon Hem, CFO of United Enterprise, is involved with the nail factory build said “his company chose Ontario because of its proximity to the U.S. market, which will buy the nails, and the provincial government’s help in finding a spot for the factory.” We trust in the conditions in Ontario, they provide a lot of support,” he said. “We like the location of Ontario because we can cover both Canada and the U.S.”
Wynne is in Nanjing China on a week-long trade mission and Jiangsu, province on China’s east coast has been twinned with Ontario since 1985.
Another contract on the table is to build a medical isotope facility in Peterborough. The Jiangsu Huayi Technology Company, known in Peterborough as Apex Medical Solutions Inc has agreed to invest $40-million and employ 50 people. A large crowd gathered at Jinling Hotel in Nanjing applauded Ms. Wynne, as she broke the news. “Our province has so much to offer,” Particularly, our highly-skilled workforce.”
Malcolm Hunt, Director, of Planning and Development Services, City of Peterborough, explains “For the past 2 years Apex Medical Solutions Inc, have been in discussions that continue and the deal is not finalized as yet. Peterborough’s Mayor Bennett is heavily invested in this economic development opportunity. Apex Medical Solution is the first of what we hope will be many Chinese investments in Peterborough which have far reaching long term mutual benefits. Apex, is a perfect manufacturing fit with this key pillar of fiscal prosperity.
Kingston and Peterborough have easy access to Toronto by train and highway and these three cities benefit greatly by china’s investment strategies.
These Chinese business ventures brokered on Monday, 27th October, promoted Ontario’s high-tech capabilities and helped to diversify its U.S.-dominated export market. Ms. Wynne said. “China is the largest emerging market in the world, and is investing significantly in innovation.
As Canada and China have deepened its economic relationship in making Toronto a hub for the Yuan, deals of this nature may become easier to facilitate after all the due diligence’s have been observed and approved.
Written by Cristoph De Caermichael