HONG KONG, China (February 17, 2001) -Team Canada 2001 to Beijing, Shanghai and Hong Kong today wrapped up with a total of $5.7 billion in new deals for Canadian enterprises. In a signing ceremony in Hong Kong, the third and final stop of Team Canada 2001, Prime Minister Jean Chrétien witnessed the signing of 27 new business deals worth over $75 million to Canadian enterprises. The Prime Minister noted that an additional Team Canada signing worth $210 million in Canadian content also took place in Beijing today.
“Team Canada 2001 – the largest ever – illustrates the dramatic and exciting changes that have and continue to transform China since the first Team Canada in 1994. This time we visited three quite distinct markets and I’m delighted with the tremendous inroads Canadian enterprises have made,” said the Prime Minister. “Canadian firms-from small start-ups to major corporations-have shown ingenuity, resourcefulness and drive in landing a wide range of deals. The scope of the agreements, the range of companies and the dollar amounts all point to a promising future for Canadians in these important and dynamic markets.”
The deals signed today include 8 contracts worth a total of $51 million, 14 memoranda of understanding valued at $16 million, 3 letters of intent valued at $2 million, as well as 2 other forms of agreements valued at $6 million.
Hong Kong is a major financial and high technology hub and a key gateway for Canadian companies doing business in Asia. Hong Kong is already home to the largest Canadian business community in Asia.
The first Team Canada mission to Beijing and Shanghai in 1994 signaled a new Canadian interest in this major export market and Team Canada 2001 has clearly reinforced its long-term commitment to the region. China and Hong Kong combined represent Canada’s third largest trading partner with over $16 billion in annual trade.
Close to 600 business participants, eight provincial premiers and three territorial leaders participated in Team Canada 2001.
