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Doing Business & Investing in Korea

Thursday, May 26th, 2016, 11 am – 1 pm

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Canada – Korea Business News

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Canada, South Korea Conclude Negotiations on Science, Technology and Innovation Agreement

International Trade Minister Ed Fast announced the conclusion of negotiations on an agreement on science, technology and innovation (ST&I) between Canada and South Korea. The ST&I agreement will establish a formal framework for Canada’s collaboration on science, technology and innovation with South Korea. Before entering into force, the agreement needs to be signed by Canada and South Korea, tabled in Parliament, and ratified by both countries.

B.C. Pharma Company Enters South Korea Deal

A subsidiary of Vancouver, B.C.-based Cardiome Pharma Corp. has entered into an agreement with Chong Kun Dang Pharmaceuticals (CKD) to commercialize a cardiovascular drug in South Korea. Cardiome will receive an undisclosed upfront payment and is eligible to receive regulatory milestone payments.

CAE – Asiana Airlines

Asiana Airlines has ordered a flight simulator which will be installed at the airline’s training centre in South Korea. CAE provides modeling, simulation and training for civil aviation and defence.

Ontario’s PowerStream Signs Agreement with Korean Electric Power Corp.

PowerStream, an electricity provider co-owned by the Cities of Barrie, Markham and Vaughan in Ontario, has signed a Memorandum of Understanding  with the Korea Electric Power Corporation (KEPCO), a state-owned electric utility in South Korea. The agreement specifies that the two companies will collaborate on building and operating a distribution-level micro grid network in Ontario. The companies will also collaborate on developing micro grid service models and related smart system technologies as well as strategies for marketing newly-developed technologies in North America.

Magna Expands Partnership with Kia Motors

Magna International Inc. of Aurora, Ontario, has expanded its partnership with South Korea’s Kia Motors to supply its Dynamax all-wheel-drive coupling on a global basis to power the all-wheel-drive system of the new Kia Sorento. Dynamax is manufactured by the WIA-Magna powertrain joint venture in Asan, Chungcheongnam-do, South Korea. It is shipped to Kia’s Sorento assembly locations in South Korea and the United States.

Korean Ice Hockey to face Canada in the 2018 Winter Olympic Games

Korean men’s ice hockey team will face defending champion Canada, the Czech Republic and Switzerland in the 2018 PyeongChang Winter Olympic Games.

As the International Ice Hockey Federation, which seeds nations at the 2018 Games, announced its 2015 world rankings Monday, 23rd-ranked Korea was drawn in Group A with No. 1 ranked Canada, No. 6 Czech Republic and No. 7 Switzerland in its Olympic debut.

CPPIB invests in Korea

The Canada Pension Plan Investment Board (CPPIB) has entered into a couple of real estate joint ventures in South Korea and Germany.  CPPIB and Singapore sovereign wealth fund GIC have agreed to acquire the D-Cube Retail Mall in Seoul, South Korea from Daesung Industries for US$263 million.

ONEnergy & LG Chem Sign Distribution Agreement

ONEnergy Inc. announced a sales and distribution agreement with LG Chem Inc., whereby ONEnergy’s Sunwave Energy Efficiency division will distribute and market LG Chem’s lithium ion-based Energy Storage Systems. Sunwave will offer LG Chem’s ESS products throughout Canada, and in the states of New York, Connecticut, New Jersey, Massachusetts, Pennsylvania and Ohio.

Fengate Capital Management launches US $180M infrastructure fund mandate with Korean institutional investors – June 2015

Fengate Capital Management’s global pursuit continues through its recent collaboration with KB Asset Management, the investment arm of KB Financial Group, a leading financial institution in Korea. The US $180 million investment fund will target infrastructure assets such as roads, hospitals and renewable energy in Canada and the United States. The investors in this fund are Public Officials Benefits Association, Dongbu Insurance, Heungkuk Life Insurance, Hyundai Marine and Fire Insurance and Lotte Insurance.

Green Cross Begins Construction of Montreal Manufacturing Plant – June 2015

Green Cross Biotherapeutics (GCBT), the Canadian subsidiary of South Korean biopharmaceutical company Green Cross, has begun construction on a new manufacturing facility in Montreal. The C$315 million project will serve as the company’s North American headquarters and will produce and distribute plasma protein products for the Canadian market as well as export to countries such as the US and China. The company intends to employ 200 scientists, engineers, microbiologists, chemical engineers and other professionals at the facility, which has received C$25 million in support from Investissement Quebec. The Korean National Pension Service, a private equity fund based in Seoul, is also contributing a C$70 million equity investment.

June 2015 – The Banting & Best Diabetes Centre (BBDC) at University of Toronto and University Health Network have entered into a first-of-its kind partnership with the Kangbuk Samsung Medical Centre in Seoul, South Korea to help them become Asia’s top centre for diabetes treatment, research and education. The BBDC was selected from a pool of leading diabetes centres from around the world.