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Ontario expanding trade and investment with South Korea

Christian Fernsby |
Vic Fedeli, Ontario's Minister of Economic Development, Job Creation and Trade, and Raymond Cho, Ontario's Minister for Seniors and Accessibility, announced two new agreements to help further Ontario's trade relationship with South Korea.

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edeli has spent the past two days meeting with key Korean business leaders as part of the government's trade mission in South Korea, promoting Ontario's strong open for business agenda and support for partnerships that will help increase trade and investment in the province.

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.

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.

Ontario is already home to some of the world's leading institutions in research and innovation and a business-friendly environment and has created an ideal climate for international partnerships and investment.

Minister 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.

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