TAFT COMPLETES TRADE TRIP TO TORONTO
American Chamber speech, meeting with Premier McGuinty highlight second day

FOR IMMEDIATE RELEASE
March 24, 2005

Columbus, OH -- Governor Bob Taft completed his second and final day in Toronto, visiting with Canadian businesses with an Ohio presence, giving a keynote speech to the American Chamber of Commerce in Canada and meeting with Ontario Premier Dalton McGuinty. Taft’s two-day trip was designed to strengthen Ohio ties with Canada, particularly in the areas of foreign direct investment and tourism.

“There is a proud history of strong ties between the United States and Canada, specifically between Ohio and Canada, as Canada is Ohio’s number one trade partner,” Taft told the more than 60 attendees of an American Chamber of Commerce in Canada Business Breakfast. “Ontario and Ohio share stewardship for one of the world’s greatest natural resources: our Great Lakes. And, like Ontario, Ohio has an excellent location to serve the North American marketplace.”

Taft’s speech to the chamber, which is made up of executives from U.S. and Canadian companies, focused on the relationship between Canada and Ohio, Ohio’s strengths, and efforts to improve Ohio’s business climate. Taft’s appearance was designed to encourage Canadian companies to consider additional investment in Ohio.

For a second day, Taft met with companies doing business in Ohio, thanking them for their investment in Ohio and encouraging them to consider Ohio for any potential future expansion projects. Today he met with Frank Stronach, founder and Chairman of Magna International Inc. and Magna Entertainment Corp. Canadian based Magna International Inc. is one of the world's largest manufacturers of automotive parts such as chassis, vehicle interiors, plastic exterior components. Magna has made several recent Ohio investments, including a $12.8 million, 200-employee investment by subsidiary Intier in Lordstown. Announced in 2004, the new facility will supply seating for the GM Cobalt vehicle. He also met with Magellan Aerospace Corporation, a manufacturer of civil and military aerospace components. Magellan employs 200 at its Aeronca Inc. facility in Middletown and is a supplier to the world's top aircraft and engine companies, including GE Aircraft Engines. Aeronca was presented with a Governor’s “E Award” in 2002, for their excellence in exporting.

Taft also met with Ontario Premier Dalton McGuinty. Taft and McGuinty discussed a number of cross-border and regional issues, including economic development, the environment, and the importance of the relationship between Ohio and Ontario. “Premier McGuinty and I are committed to ensuring that Ohio and Ontario continue a strong, mutually beneficial relationship,” said Taft.

Canada is Ohio’s largest export market and Ohio typically maintains a trade surplus with that nation. In 2004, $15.5 billion of Ohio’s $31.2 billion in exports were destined for Canada, while Ohio imported $13.9 billion in goods from its neighbor. Canada is Ohio’s third largest source of foreign direct investment with 120 Canadian establishments. Those establishments employ more than 11,400 Ohioans. Business relations with Canada are promoted through the Ohio Department of Development’s International Trade Office in Toronto.