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May 15, 2006
$50 million contracts demonstrate business benefits of Toronto-Chongqing partnership
  
In celebration of the 20-year partnership between Chongqing and Toronto, Mayor Wang Hongju of Chongqing, China accompanied by five senior members of his government and a 10-person business delegation, is conducting a four-day official visit to Toronto which will conclude tomorrow.

Toronto and Chongqing associations have been working together on a wide range of cultural and educational opportunities since 1986. For example, York University created a Chongqing-Toronto association; a Canadian studies centre is flourishing at Sichuan International Studies University in Chongqing; Osgoode Hall Law School is twinned with Southwestern University of Political Science and Diplomacy; and the Toronto and Chongqing zoos launched a formal partnership with the 1985 Chongqing Giant Pandas display in Toronto.

In addition to high level meetings between the mayors of the two cities, the official visit signaled several major business partnerships. Contracts estimated at $50 million (Cdn) were signed between three Chongqing and three Toronto companies, each leaders in their respective fields.

Chongqing Boao Industrial Company, which deals in mobile parts, machinery manufacturing and real estate, is joining with Canadian Meridian Company, a world leader in the magnesium industry specializing in design, R&D and manufacturing of magnesium alloy die-casting in establishing a joint venture for magnesium alloy die-casting to be located in New North Zone, Chongqing. The venture represents an investment of $17 million.

Toronto’s Export and Import Trade Center of Canada and USA Ltd., focused on fiberglass and chemical products, will sign a $16 million fiberglass sales contract with Chongqing Polycomp International Corp (CPIC) which produces fiberglass widely utilized in automobiles, architecture and electronics.

Canada Nortel Networks Corp. a Fortune 500 company specializing in telecommunications network equipment and Chongqing Unicom, a new telecom operator will sign a $17 million letter of intent to collaborate on mobile phones.

Deputy Mayor Sandra Bussin, who represented the City of Toronto at the Asia Pacific Summit in Chongqing last October and met with Mayor Wang, said, “This investment is a highly rewarding example of the joint ventures which can be developed through Partner City relationships. The signing of these contracts underscores the tangible business advantages resulting from this long-standing relationship.”


Media contact:

Connie Fusillo
Investment Advisor
Economic Development
416 392-3398


 

 

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