Signing Ceremony for KORITE and its strategic alliance and distribution agreement with Guangzhou Mahashida Group. See names below.
Ammolite gemstone supplier KORITE signed an agreement Monday to introduce its colourful gemstones and quality jewelry to Chinese consumers as the Calgary company helped kick off Alberta’s largest trade and investment attraction mission to China.
The strategic alliance and distribution agreement with Mahasida Jewelry was signed at a ceremony in the southern city of Guangzhou during the first official day of a week-long trip to key Chinese cities by more than 70 Alberta companies.
“We are as excited as we are proud to introduce KORITE products to the Chinese market. The potential for our business is massive,” said Martin Bunting, Chief Executive Officer for KORITE. “It means we'll be able to double or triple our production to meet consumers’ demands, broaden our consumer audience, and expand our production selection. This can lead to future partnerships similar to this agreement in other Asian countries."
The Alberta delegation – which is led by Deron Bilous, Minister of Economic Development and Trade – will also travel to Shanghai and Yantai for a series of meetings intended to deepen the economic ties between the jurisdictions.
The mission – organized in collaboration with Calgary Economic Development and Edmonton Economic Development – will promote companies working in areas including clean tech, oil and gas, forestry, agribusiness, tourism and emerging technologies. The goal is to connect Alberta companies with potential Chinese buyers and investors.
“Asia is a priority market for Alberta,” Bilous said.
The trade mission in China follows a stop last week in Japan. China and Japan are Alberta's second- and third-largest trading partners with two-way trade totaling more than $7.8 billion in 2015.
“With the downturn in our economy in the last two years we’ve encouraged companies to look to new markets," said Mary Moran, President and Chief Executive Officer for Calgary Economic Development. "Countries in Asia offer tremendous potential for Alberta companies to expand into a very dynamic market.”
KORITE cited support from Calgary Economic Development and the governments of Alberta and Canada in helping it get established in China. The agreement helps broaden its network of jewellery designers, local and international, and expand its product selection to meet new consumer demands.
KORITE is the only commercial producer Ammolite, a colorful gemstone only found in southern Alberta. As part of Canada’s 150th birthday in 2017, the federal government licensed KORITE as the official jewelery supplier of symbolic Ammolite keepsakes for the milestone.
Photo (from left to right); Jason Krips, Deputy Minister of Alberta Economic Development and Trade, Rachael Bedlington, Counsel General of Canada in Guangzhou; Zhang Hua, Dep. Director General of Guangdong China Council for Promotion of International Trade; Yang Jun, Dep. Director General of Guangdong Department of Science & Technology; Martin Bunting, Chief Executive Officer, KORITE; Lincoln Hai Yang Xi, Chairman, Guangzhou Mahashida Group; Ma Hua, Dep. Director General of Guangdong Department of Commerce; Deron Bilous, Alberta Minister of Economic Development and Trade; Barbara Yang Wan Qing, President, Mahashida; Wilson Yip, Co-Founder and Executive Vice President of the Asia Pacific Basin, KORITE.