Trip Will Expand Connections and Create New Opportunities for Investment
Premier Kathleen Wynne will lead a business delegation to Israel in spring 2016 to build on Ontario's existing relationships, create new partnerships and promote investment in the province.
The Premier announced the mission during her remarks at the June 22 Words & Deeds Leadership Award Dinner in Toronto. The Premier is the 2015 recipient of the Words & Deeds Leadership Award, which is presented by the Centre for Israel and Jewish Affairs and the United Jewish Appeal Federation of Greater Toronto to leaders who promote tolerance, inclusion and civil discourse.
Ontario and Israel already have a successful Memorandum of Understanding (MOU) on Industrial and Technological Research and Development Cooperation, which was renewed in May. The agreement, first signed 10 years ago, supports collaborative research and development projects between Israel- and Ontario-based companies. It includes projects that help create jobs, advance the commercialization of new products and improve existing products and services in Ontario and Israel.
Ontario is also in the process of situating an International Economic Development Representative (IEDR) in Israel. The IEDR's responsibilities would include investment lead generation, export promotion, innovation collaboration and helping to explore areas of opportunity for Ontario.
During the mission, Premier Wynne is expected to visit centres, including Tel Aviv and Jerusalem, to meet with Israeli business and government leaders to discuss areas for future collaboration.
Providing more opportunities for Ontario companies to compete internationally is part of the government's economic plan. The four-part plan is building Ontario up by investing in people's talents and skills, making the largest investment in public infrastructure in the province's history, creating a dynamic, innovative environment where business thrives, and building a secure retirement savings plan.
Quick Facts
- With the leadership of the late Joseph Rotman, Ontario committed $115 million to the Ontario Brain Institute (OBI), which has cemented Ontario's reputation as a global neuroscience powerhouse, while increasing collaborative efforts in order to improve outcomes for patients in Ontario and around the world. Israel was one of the OBI’s first international partners.
- Companies project that technologies funded under the MOU will generate over $1 billion in revenues upon successful completion and commercialization.
- Israel invests 4 per cent of its GDP each year in research and development.
- Over 60 per cent of Canada’s Israel-born immigrants live in Ontario. The province is also home to about 200,000 people of Jewish faith.
“Ontario and Israel have worked together on research and development initiatives for many years. This mission will lead to more opportunities for us to strengthen that partnership and forge new ones. I am excited to share Ontario’s story on the world stage and build on our reputation as a leader in innovation.”- Premier Wynne