Building on his recent first official visit to China, where more than 60 commercial deals were announced, the Prime Minister, Justin Trudeau, today welcomed an additional four commercial signings between Canadian and Chinese companies at a ceremony in Ottawa. The signing ceremony is part of the official visit by the Premier of the State Council of the People’s Republic of China, Li Keqiang, to Canada from September 22-23, 2016.
These agreements demonstrate the breadth of the commercial relationship and are further proof of the ever-growing ties between both countries in key sectors of our economy. They also signal solid growth in Canada-China economic relations, which had a year-over-year increase of more than 10 percent in 2015, reaching $85.8 billion in two-way merchandise trade.
These new business relationships will help create new jobs, strengthen Canada’s middle class, and bolster our shared prosperity.
Commercial signings in Ottawa:
- Canada Pension Plan Investment Board (CPPIB) and the National Development and Reform Commission of the People's Republic of China (NDRC) signed a Memorandum of Understanding to collaborate on joint research, training and seminars to address the challenges of China’s aging population, including pension reform and the promotion of investment in the domestic senior care industry from global investors.
- A commitment from Sinoenergy Corporation Ltd. to support operations of the Long Run Exploration Ltd. facility in Alberta, an intermediate oil and natural gas company focused on development and exploration in Western Canada, by the injection of an additional C$500 million over the next two years.
- SNC Lavalin/CANDU Energy Inc. signed an agreement in principle for a new Joint Venture with China National Nuclear Corporation (CNNC) and Shanghai Electric Group Company Ltd. to develop, market and build the Advanced Fuel CANDU Reactor AFCR™. That would be followed by the formation of two design centres — one in Canada and another in China — to complete the AFCR™ technology and enter into contracts for the engineering, procurement, construction and maintenance of new build reactors in China and around the world. New AFCR™ plants will be fueled by reprocessed, spent nuclear material, resulting in low carbon, clean electricity. This will reinforce Canadian stewardship of the environment not just at home, but abroad and support new jobs for research design centres in Canada and in China.
- Iovate Health Sciences International, Inc., a leading Oakville-based nutritional company with well-known international health brands, and Xiwang Food Stuffs Co. Ltd. signed a share purchase agreement worth C$962 million which will strengthen the leading position of Iovate in North America and utilize the strong growth momentum in China and Asia.