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 the Toronto Yuan Hub becomes a reality, doing business in Canada at least for the Chinese just got infinitesimally better. Canada still has to prove it has any market strength at all. It wants the investment dollars and jobs but fails to deliver on many aspects of the real deal. As Many foreign investors are now watching Canada with a jaundiced eye. The heralding of the deal as often been followed by the grinding of gears and the over taxation of the project and the lack of the real structure to support the deal. Canada is well on its way to becoming a Post card country, weak in foreign investments, weak in Oil production and the country’s sags into geriatric old age with an untrained – or poorly trained markets. The savvy investor is on the boycott trail. But watch as Canada rally’s with its slogans and propaganda and not much else. One pundit pooped China’s investment policy, saying its a JUST A BUBBLE- I countered with – and Canada does not have the breath to blow the bubble.
By Cristoph De Caermichael