KOTRA Supports Canadian Electric Vehicle and Battery Business... Accelerating 'Export Plus' Efforts

Toronto to Host 'Korea-Canada EV and Battery Partnership Forum' on 15-16
Canada Emerges as a Key Global Player in Electric Vehicle Materials... "Strengthening Battery Cooperation"

Participants of the '2022 Korea-Canada EV/Battery Partnership Forum,' hosted by KOTRA in Toronto, Canada, over two days starting from the 15th (local time), pose for a commemorative photo.

From the left: Choi Young-ho, Team Leader of the Battery Industry Association; Lee Kwang-ho, Head of KOTRA Toronto Trade Center; Omar Alghabra, Canadian Federal Minister of Transport; Kim Deuk-hwan, Consul General of the Republic of Korea in Toronto; Warren Ali, Vice President of the Automotive Parts Manufacturers' Association (APMA) of Canada. (Photo by KOTRA)

[Asia Economy Reporter Moon Chaeseok] KOTRA recently announced on the 18th that it held a Korea-Canada joint partnership forum to support Korean electric vehicle companies entering Canada, which is emerging as a key country for materials.

KOTRA, together with the Korea Battery Industry Association, held the "2022 Korea-Canada EV & Battery Partnership Forum" for two days starting on the 15th (local time) in Toronto, Canada. About 130 key companies and personnel from both countries attended the forum.

The forum was planned to strengthen cooperation between companies of the two countries in the electric vehicle and battery sectors and to support the early entry of competitive Korean companies into the global electric vehicle supply chain. Canada is a member of the USMCA (United States-Mexico-Canada Agreement) and a beneficiary of the Inflation Reduction Act (IRA) recently announced by the United States. Thanks to this, it is emerging as a key country in the global electric vehicle supply chain. Accordingly, there was high interest from the industries of both countries in the forum.

Canada's eastern region is traditionally recognized as a place where the global complete vehicle manufacturers and first-tier vendors are concentrated, establishing a solid automotive industry ecosystem. It is noted as an optimal location for localizing global electric vehicle production processes due to its abundant deposits of key minerals essential for electric vehicle battery manufacturing, such as lithium and nickel. For this reason, investments by our companies are continuing. Following LG Energy Solution's announcement to build a battery manufacturing plant worth 5 trillion won in the Windsor area of Ontario, POSCO Chemical is also planning to establish a cathode material production facility, a key battery material, in Quebec.

The scene at the '2022 Korea-Canada EV/Battery Partnership Forum' held by KOTRA over two days starting on the 15th (local time) in Toronto, Canada. (Photo by KOTRA)

The forum was organized as a comprehensive event reflecting the cooperation demands of the electric vehicle and battery industries of both countries, including ▲ seminars on Canadian mineral projects and industry trends ▲ forums on Canada's investment environment, cases of Korean companies entering the market, and introductions of promising domestic companies' technologies ▲ and 1:1 business consultations among interested companies.

From the Canadian side, a total of 40 companies participated, including 17 leading automotive buyers such as Magna and Martinrea, 4 battery recycling companies, and 7 mining companies. Omar Alghabra, Federal Minister of Transport, along with 20 key officials from the federal and provincial governments, visited the forum venue and showed great interest in cooperation with Korean companies. On the Korean side, 11 small and medium-sized enterprises and mid-sized companies with capabilities in electric vehicles and battery materials and equipment, including companies interested in direct investment, participated to explore market entry opportunities.

Soeren Striepe, Senior Manager of Magna's Research and Development Department, who participated as a speaker at the forum, said, "We are internally establishing various business strategies in preparation for the transformation period of the automotive industry. Through participating in the forum, we were able to confirm the competitiveness of Korean companies, and it will be a good opportunity to build strategic cooperative relationships in the future."

Park Seongho, Head of KOTRA's North America Regional Headquarters, said, "Recently, Canada is emerging as a key hub for global battery cooperation centered on the United States and is accelerating the establishment of the electric vehicle supply chain. Through the forum, we were able to confirm the high demand for cooperation with the Korean battery industry, and we will make further efforts to support cooperation between companies of the two countries through various follow-up projects."

This content was produced with the assistance of AI translation services.