Ont. working on new trade deals with mission to South Korea and Japan

PHOTO: Maersk Line, via Flickr

TORONTO — The Ontario government says they have concluded a successful business mission to South Korea and Japan to strengthen relationships with economic partners and attract new investments in key sectors, including the life sciences and automotive sectors. As part of the mission, LSK Investment, a private South Korean life sciences and health care investment company, announced its plans to create a new $100 million venture capital fund for life sciences companies in Ontario and South Korea.

“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.”

While in South Korea, Ontario joined LSK Investment to announce their intention to create the LSK South Korea-Canada Healthcare Fund. This new $100 million venture capital fund will support early-stage life sciences companies in Ontario and South Korea, with a focus on companies that are developing new therapeutics. LSK Investment also announced plans to open their North American headquarters in Toronto – their first overseas office worldwide – later this year. These investments will strengthen Ontario’s growing life sciences sector and help more South Korean companies enter the Canadian market and Ontario companies expand to South Korea.

The Ontario delegation also met with leading automotive and tech companies, including LG Energy Solutions (LGES), Sumitomo Corporation, Honda, Toyota, KDDI Corporation and Kyoto Fusioneering. During the meeting with LGES, Ontario shared that a new auto pact had been established between Canada and Ontario to help build a stronger auto sector and secure the Stellantis-LGES project, a joint venture that will create thousands of good-paying jobs. Two of the companies Ontario met with also recently announced major investments in the province: KDDI Corporation, a global telecommunications company, is investing $1.35 billion to acquire three data centres in Toronto; and Kyoto Fusioneering, a Japanese technology start-up, is partnering with Canadian Nuclear Laboratories on a joint venture that will create between 30 to 50 jobs over the next three years.

“Our government is taking bold and innovative action to make it more convenient for Ontarians to connect to health care, closer to home. These new investments in Ontario’s life science sector are critical to building a stronger health care system and improving the delivery of more connected, community-based care that is better for both patients and care providers,” said Sylvia Jones, Deputy Premier and Minister of Health.