Wynne mission to Israel generates $87 million in agreements

Ontario Premier Kathleen Wynne met with Israeli business leaders at a plenary session in Tel Aviv onMonday, where new partnership agreements valued at $87 million were signed by Ontario and Israeli businesses and institutions.

Ontario delegates signed 18 new business agreements and partnerships in the science and technology and information and communications technology (ICT) sectors, including:

    • The Centre for Commercialization of Regenerative Medicine and six Israel-based universities and medical research institutions signed a five-year agreement valued at $50 million to create a Centre for Regenerative Medicine in Israel. This project will generate an estimated 150 new high-tech jobs in Ontario and position the province as a leader in the global commercialization of regenerative medicine.
    • Inkas and its Israel-based subsidiary, Mayotex-Philcar, will sign a joint agreement with Kazi Investment Group to build special-purpose vehicles for the U.S. Department of State. The agreement is valued at $25 million and is expected to generate 30 jobs.

True Phantom Solutions  signed a five-year agreement valued at $5 million with Israel-based Microtech Medical Technologies Ltd. to develop the first-ever thoracic phantom, which will create realistic mechanical representations of the rib cage, heart, lungs and spine. The device will enable better medical training and research.

  • The Canadian Centre for Aging and Brain Health Innovation at Baycrest Health Sciences and the Office of the Chief Scientist in Israel signed an agreement valued at $4 million to collaborate on innovations and bring new programs in aging and brain health solutions for seniors.
  • Ontario-based University Health Network signed an agreement valued at $3 million to use Israel-based Insightec’s ultrasound technology for clinical research and development in Ontario.

On Sunday, the Premier met with Dr. Michael Hayden, President of Global Research and Development (R&D) and Chief Scientific Officer at Teva Pharmaceutical Industries Ltd., to discuss future business opportunities and promote Ontario’s life sciences sector.

On Monday, the Premier met with former Israeli President Shimon Peres to strengthen ties between the two regions and find ways to advance common priorities.

She also met with Dr. Piyush Patel, CEO and Medical Director at Inflamax Research. Ontario-based Inflamax signed an MOU with Israel-based AdoM to advance clinical research in both jurisdictions. The Premier also spoke at a business-to-business session for Ontario delegates and their Israeli counterparts to encourage new partnerships and investments in Ontario.

The Premier will visit Tel Aviv University, where she will receive the President’s Award, which recognizes leaders who promote tolerance, inclusion and civil discourse.

Building new relationships and helping businesses compete globally are part of the government’s economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. – CINEWS

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