The Ontario government has signed an agreement with a consortium led by Samsung C&T Corporation and the Korea Electric Power Corporation (KEPCO) to generate 2,500 megawatts of wind and solar power in the province. According to the government, the $7 billion investment will lead to more than 16,000 new green energy jobs to build, install and operate the renewable generation projects and triple Ontario’s output from renewable wind and solar sources and provide clean electricity to more than 580,000 households.
A government media release identifies how the investment will benefit Ontario:
“The Korean consortium will also work with major partners to attract four manufacturing plants. This will lead to the creation of 1,440 manufacturing and related jobs building wind and solar technology for use in Ontario and export across North America.
The consortium fully intends to use Ontario-made steel in its renewable energy projects, such as constructing its wind turbine towers.
This is the single-largest investment in renewable energy in provincial history. The consortium chose Ontario because our Green Energy Act guarantees stable rates for renewable energy.”
Premier Dalton McGuinty states, “Thanks to today’s announcement, we will be delivering more green energy for Ontarians to use — and more green energy products for North America to buy. With this step, Ontario is becoming the place to be for green energy manufacturing in North America.”
Photo by JoshMcConnell
The Honourable Sandra Pupatello, Minister of International Trade and Investment for Ontario, received a warm response at the Ontario Economic Summit earlier this month as she shared her vision for Ontario’s venture into world markets. Minister Pupatello enthusiastically endorsed the notion of business and government working together to bring trade and investment to the province.
The minister reminded the audience that the Ontario government has opened ten new international marketing centers; the most recent in Paris. Ontario is also promoting the development of a new economic relationship between Canada and the European Union.
On the role of the business community in promoting growth in this province, Minister Pupatello appealed to the audience to call her personally with any leads on companies wishing to do business with Ontario. Providing her direct line to the delegates, Pupatello explained that she knows Ontario businesspeople are active ambassadors of the province, and already have connections in foreign markets that could assist Ontario.
Pupatello went on to discuss the untapped potential for Ontario in the international marketplace. As an example, she explained that in India average food consumption has increased from one to two meals a day. As a result, problems have arisen with transportation and the refrigeration of food. Ontario firms could help to solve these problems, adds Pupatello, providing both increased economic activity for Ontario, and welcome solutions for India.
The minister is not alone in her identification of global opportunities for Ontario. Tomorrow on VENTURES, a lead economist with the World Bank will reinforce this notion.
Recent Comments