The Ontario government has concluded a successful trade mission to Germany and Austria to strengthen existing relationships with economic partners and attract new investments in key sectors, such as automotive, manufacturing and life sciences. This 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. “By working with our partners and friends around the world, we’re continuing to drive economic growth and job creation.”
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. With more than one hundred Baden-Württemberg companies investing in Ontario and many Ontario companies investing in Baden-Württemberg, this timely renewal will help both jurisdictions continue to grow.
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. This included a meeting with ITM Isotope Technology Munich (ITM), a German radiopharmaceutical company that leverages existing power reactors to produce medical isotopes. The attendees celebrated ITM’s partnership with Bruce Power, Isogen and the Saugeen Ojibway Nation to distribute an innovative, made-in-Ontario, potentially lifesaving medical isotope to treat certain cancers and tumours. Commercial production is expected to begin soon in Ontario.
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.
Ontario remains committed to adopting innovative and forward-thinking approaches to secure and grow the province’s advantages and position it as an attractive destination to invest and do business. With a talented workforce, state-of-the-art research and development facilities, award-winning manufacturing and access to an abundance of critical materials, the province continues to be one of the most competitive places for businesses to invest and grow.
***********
NEWS RELEASE
GOVERNMENT OF ONTARIO
***********