Minister Ng strengthens trade relations with Republic of Korea

Seoul – Mary Ng, Minister of Export Promotion, International Trade and Economic Development, has concluded her visit to Seoul after leading a Team Canada Trade Mission to South Korea. As a key initiative under Canada’s Indo-Pacific Strategy, these missions provide opportunities for Canadian and local companies to establish valuable connections with important players.

In Seoul, Minister Ng welcomed more than 240 people representing over 160 Canadian organizations from various priority sectors, including:

• agriculture and processed foods (including fish and seafood)
• clean energy and clean technologies
• creative industries (audio-visual and interactive and digital media subsectors)
• information and communications technologies
• life sciences

Since the Canada-Korea Free Trade Agreement (CKFTA) entered into force in 2015, the trade relationship between Canada and the Republic of Korea has grown significantly.

While in Seoul, she witnessed the signing of three Memorandums of Understanding (MOUs), which exemplify the successful efforts of Team Canada in promoting international trade and business connections in the Indo-Pacific region.

The first MOU involved Calgary-based cleantech company TRIUM Environmental and South Korean artificial intelligence company BizData. Their innovative collaboration aims to address environmental challenges through cutting-edge technologies.  The second MOU was between Toronto-based Blimey VR Studios and South Korea’s XrisP, a multi-platform digital entertainment powerhouse. This partnership signifies the fusion of creativity and technology, opening up new avenues for both companies.  Finally, Minister Ng witnessed the signing of the MOU between Calgary-based Kanata Clean Power & Climate Technologies and Korean company GS Engineering & Construction Corporation (GS E&C) to co-invest in Kanata Clean’s Blue Ammonia project in Alberta. This project highlights Canada and Korea working together for a brighter, more sustainable future.

Minister Ng noted the importance of Canada’s energy resources and expertise in supporting the Republic of Korea’s energy transition goals. For example, LG Energy Solution (LGES), recently invested $5 billion in Canada through the establishment of an electric vehicle battery-cell manufacturing plant in Windsor, Ontario.  The plant is expected to create 2500 full-time jobs. She visited the Samsung Innovation Museum and met with Samsung Electronics senior executives to advance discussions on future collaboration. Minister Ng also visited Krafton, a South Korean gaming company that has made a substantial investment in Canada. She took that opportunity to emphasize Canada’s commitment to fostering more partnerships and investment opportunities in the creative industries sector.

Canada’s reputation as a reliable supplier of high-quality and sustainable products also supports the Republic of Korea’s food security goals. Minister Ng participated in a dynamic culinary showcase that promoted high-grade ingredients from Canadian companies supplying South Korean consumers with delicious food, including fruit, grains, pulses, meat, fish and other seafood products.

Partnership with business organizations is key to connecting Canadian businesses with South Korean partners and strengthening collaboration between the 2 countries. Minister Ng helped to make these connections at networking events, including with the Business Council of Canada, the Federation of Korean Industries and the Canadian Chamber of Commerce in Korea. At these events, Minister Ng encouraged Canadian and South Korean companies to work together, share their experiences and make meaningful connections to provide further economic benefits for Canadians and South Koreans alike.

While participating in the CKFTA Joint Commission meeting, Minister Ng invited Inkyo Cheong the Republic of Korea’s Minister for Trade, to Canada to co-chair the next meeting of the Joint Commission in 2025. Minister Ng also held separate bilateral meetings with Minister Cheong and Dukgeun Ahn, Minister of Trade, Industry and Energy, where they discussed implementing the Canada-Korea Comprehensive Strategic Partnership and deepening the 2 countries’ close commercial and investment ties.

Minister Ng also announced the dates for the next Team Canada Trade Mission. The mission to the Philippines and Indonesia will take place from December 1-6, 2024 and will build on the success of the previous Team Canada Trade Missions. This will give Canadian companies an opportunity to expand their presence in these dynamic markets and strengthen Canada’s position in global supply chains.