Today, Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade, met with Mr. Kwang-
“Our government’s top priority is to make Ontario open for business and that means opening up the world markets for Ontario exporters,” said Fedeli. “This agreement between Ontario and the Korea Importers Association is an important step towards increasing lucrative export opportunities for our businesses to one of the fastest-growing economies in the world.”
The Memorandum of Understanding seeks to strengthen economic relations and promote co-operation between Ontario and South Korean businesses. Through the Memorandum of Understanding, both Ontario and KOIMA have committed to:
strengthen Ontario’s Exports with Korea Importers Association
The ongoing exchange of data and business information
• Support activities that promote trade and investment between the two jurisdictions, like business events, fairs, missions and conferences
• Share valuable information and expertise through training programs
• Encourage KOIMA members to form strategic business partnerships with Ontario companies
• Use business programs with an aim to increase mutually beneficial trade and investment
The Memorandum of Understanding seeks to deepen Ontario’s economic relationship with South Korea and leverage key agreements like the Canada-Korea Free Trade Agreement to provide Ontario with a competitive advantage in this strategic market. Diversifying Ontario’s trade potential and partnerships are critical for job creation and sustaining long-term economic growth for the province.
• The Korea Importers Association is an organization dedicated to facilitating imports into Korea.
• In 2018, South Korea imported over $535 billion dollars' worth of goods and services from around the world.
• Two-way trade between Ontario and South Korea generated over $7.2 billion dollars in 2018, with about 30 South Korean companies operating in Ontario.
• South Korea ranks as 5thon the World Bank’s Ease of Doing Business Index.