World Trade Center Saskatoon has signed a memorandum of understanding (MOU) with a new world trade center in Harbin, China.
The deal is aimed at growing agricultural trade between the two regions.
“It truly is limitless,” Don Atchison, with WTC Saskatoon, said Tuesday. “It could be in the billions of dollars.”
Harbin is a city of 10 million people and the capital of Heilongjiang, China’s sixth largest province and top agricultural producer. It will soon be the home of World Trade Center Harbin; a multi-billion dollar investment to become the central business district within Harbin and a key development in the China-Russia-Mongolia economic corridor.
“We will provide a global platform for the exchange of agricultural products,” Steven Lo, director of WTC Harbin, said.
Saskatchewan and Heilongjiang are in similar locations by latitude, making for similar conditions and environment, something WTC Harbin saw as an asset in the agreement.
“Saskatchewan is very rich in minerals, as well as agricultural reserves and resources,” Lo said. “We think we have a lot to learn from this area in terms of technology, management, marketing and exporting the product.”
WTC Harbin will now meet with their counterparts in Saskatoon to discuss specific projects and investments after meeting with several companies already in Saskatchewan.
“This is why you want to have a WTC in your community,” Atchison said. “Because it offers the potential of more partnerships.”
Atchison added he’s spoken with other organizations that are thinking of signing on with the group. He also hopes to bring a delegation of agriculture sector business to China to further explore new partnerships.
“It seems so difficult for us to do business interprovincially,” Atchison said. “Yet here that we are able to reach out with businesses that perhaps may not have that chance to become international will be given that opportunity to do so.”
While there is no exact economic impact at this point, Lo is confident in the many opportunities available in the province.
“When we were talking about possibilities in a potash mine, we think the opportunity on that project alone would be hundreds of millions of dollars in a year.” Lo said. Lo did say, however, that there has been nothing set in stone just yet when it came to potash mines in Saskatchewan.
Under the MOU, both world trade centers anticipate working with the Ministries of Economy and Agriculture, as well as the Saskatchewan Trade and Export Partnership along with the regional, economic and development authorities. Both centers also agreed in the importance of finding a sustainable agricultural solution to tackle issues like climate change while exploring new ways to grow.
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