After announcing a couple of deals in South Korea this week and meeting with Canada’s ambassador to that country, MPP Vic Fedeli and his overseas trade mission has moved on to Japan.

Ontario’s Economic Development, Job Creation and Trade Minister met with Canada’s ambassador to Japan today.

He tweeted that they discussed how the province’s open for business and open for jobs approach will help grow Japan and Ontario’s current $13.4 billion trade relationship.

In South Korea, it was announced that DAYLI Partners, a bio-healthcare venture capital firm headquartered in Seoul, has partnered with Toronto Innovation Acceleration Partners (TIAP) to create a new US$20 million venture fund.

Officials say this first-of-its-kind global healthcare fund between Ontario and South Korea will support Ontario Artificial Intelligence (AI), digital health and medical science companies.

It will increase investment attraction and business growth in Ontario by stimulating life science start-ups, support local businesses and provide commercialization assistance to help innovations and technologies get to market.

Fedeli also signed a Memorandum of Understanding (MOU) between Ontario and the Korea Importers Association (KOIMA) that will strengthen economic relations and promote co-operation between Ontario and South Korean businesses.

The MOU seeks to leverage agreements like the Canada-Korea Free Trade Agreement with tangible action and metrics to provide Ontario exporters with a competitive advantage in this strategic market.

“Our government’s top priority is to make Ontario open for business and that means opening up global markets for Ontario exporters,” said Minister Fedeli. “This agreement between Ontario and the Korea Importers Association is an important step towards growing our $7.2 billion-dollar trade relationship and increasing export opportunities for our businesses to one of the largest economies in the world.”

Photos courtesy @VictorFedeli

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