The Ontario government has concluded a business mission to South Korea and Japan to strengthen relationships with economic partners and attract new investments in key sectors, including automotive.
“Our government continues to attract investments from companies worldwide by promoting Ontario’s competitive advantages during business missions like this one to South Korea and Japan,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “We’re thrilled to welcome new investments from our partners in both countries as we grow our life sciences and automotive sectors.”
The Ontario delegation met with leading automotive and tech companies, including LG Energy Solutions (LGES), Sumitomo Corporation, Honda, Toyota, KDDI Corporation and Kyoto Fusioneering.
The federal and Ontario governments were recently successful in convincing LGES and Stellantis to continue construction on their joint venture to create a massive electric vehicle battery plant in Windsor.
Over the last two and a half years, Ontario has attracted more than $25 billion in automotive and electric vehicle battery-related investments. The province operates a network of 16 trade and investment offices globally including in Seoul and Tokyo.
Japan and South Korea are Ontario’s second- and fourth-largest export markets respectively in Asia.