|The Ontario government has concluded a trade mission to Germany and Austria aimed at strengthening existing relationships with economic partners and attracting new investments in key sectors such as automotive and manufacturing and life sciences. |
The mission, led by Vic Fedeli, Minister of Economic Development, Job Creation and Trade, culminated in the renewal of Ontario’s long-standing partnership with the German state of Baden-Württemberg to support economic growth and prosperity in both jurisdictions.
“As part of our plan to build Ontario, our government is enhancing our partnerships with Germany and Austria to support new opportunities for people and businesses in Ontario,” said Minister Fedeli.
A key outcome from the trade mission was the renewal of Ontario’s Memorandum of Understanding (MOU) with Baden-Württemberg. The new MOU will foster continued collaboration on key initiatives across a wide range of sectors, including automotive and electric vehicles.
There are more than one hundred Baden-Württemberg companies investing in Ontario and many Ontario companies investing in Baden-Württemberg. The renewal will help both jurisdictions continue to grow. With a GDP of $750 billion, Baden-Württemberg is the third-largest economy in Germany and is home to many well-known multinational enterprises, such as SAP, Daimler, and Porsche.
Ontario’s delegation also met with large multinationals in both countries between October 8 to 14 to showcase the province’s strengths as the innovation and manufacturing gateway to North America.
Additional highlights included meetings with BMW Group, Mercedes-Benz, Volkswagen, Magna Stevr, Kapsch and ElringKlinger. The Ontario delegation also attended the Moving On Congress in Austria, which brought together 300 companies that have been working at the forefront of innovation in the mobility industry.
|Over the last two years, Ontario has attracted $16 billion in investments by global automakers and EV battery manufacturers. Ontario is currently the only place in North America where five major automakers, Honda, Toyota, Ford, General Motors and Stellantis, build vehicles. Ontario’s auto supply chain is comprised of more than seven hundred parts firms and more than five hundred tool, die and mold makers.|
In 2021, two-way trade between Ontario and Austria was valued at more than $1.1 billion and Austrian foreign direct investment was $589 million. There are 32 Austrian companies operating in Ontario.
In 2021, two-way trade between Ontario and Germany totalled $12.7 billion and German foreign direct investment in Canada was $18.2 billion. There are 260 German companies operating in Ontario.