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May 8, 2002
Toronto delegation sells Korean business on the City
  
SEOUL, KOREA --- A City of Toronto delegation has captured the attention of key
Korean business leaders during the first two days of its investment promotion
mission to Asia.

At a highly productive meeting with the delegation, the Korean International
Trade Association (KITA) decided to develop an agreement with the City of
Toronto to promote mutual business opportunities in Toronto and Korea.
Representing more than 90,000 Korean companies, KITA is Korea's largest and
most influential economic organization.

KITA made the commitment upon hearing the Toronto delegation's presentation.

"We were impressed by the diversity of Toronto's economy and the fact that it
has a strong presence in all the sectors of an advanced economy, such as
information technology, biotechnology and new media," said Young-Soo Han,
KITA's senior executive director.

The head of Toronto's mission said that KITA's decision shows that Toronto can
attract new investment and jobs by increasing its efforts to promote its
international economic profile.

"Our presentation scored important points with an audience of contacts who are
well-positioned to steer a lot of business Toronto's way," said Councillor
Michael Feldman, chair of Toronto Council's Economic Development and Parks
Committee. "It just goes to show, good things happen when we promote Toronto as
a cost-competitive gateway into North America for countries such as Korea."

The agreement with KITA will encourage business match-making, trade show
development and investment missions between Korea and Toronto.

At another presentation in Seoul, the delegation highlighted Toronto's economic
advantages to the Foreign Trading Agents of Korea (AFTAK), an association of
12,000 local sales agents. AFTAK members are seeking opportunities in North
America and as a result of the presentation learned about services of the
City's Economic Development Office that they can access in order to facilitate
trade with Canada.

The Toronto trade mission's goals for its tour of Asia are to identify trade
and investment opportunities, especially in information technology and
biotechnology; to encourage foreign investment in Toronto; and to determine how
the City can improve its programs to facilitate investment. The mission
concludes its schedule of meetings and presentations in Korea on Wednesday
morning, at which point it will travel to Hong Kong to focus on the film and
biomedical sectors.


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