Foreign Direct Investment

Asia Pacific Gateway

The sustained growth of Asia’s economies, and their increasing integration, is creating an economic engine rivaling those of North America and Europe.

BMO Financial Group announced that it has obtained the approval of the China Banking Regulatory Commission to formally prepare for incorporation of its wholly-owned subsidiary bank, with the proposed name of Bank of Montreal (China) Co. Ltd. Incorporation is expected to give BMO greater flexibility to expand product offering including the possibility of new initiatives in wealth management and retail banking.

Ottawa-based March Networks Corp., a provider of intelligent IP video and business analysis applications, announced that Australia Pacific Airports Melbourne Pty. Ltd. is expanding its existing March Networks CCTV system significantly and enhancing surveillance and monitoring capabilities with the company’s VideoSphere solution. Melbourne Airport staff are using the March Networks systems to monitor activities in real-time and quickly access archived video from a centralized control room.

Global remittance service provider, iRemit Inc. of the Philippines, announced that it has opened its fifth branch in Canada with a new outlet in Chinatown Hall in West Edmonton Mall. The new branch will cater to Chinese clients (with an agreement in place with the Bank of China Ltd.) and Filipino clients. The company, which has a presence in 26 countries, has offices in Vancouver, Calgary and two locations in Toronto.

Vancouver-based TAG Oil Ltd. and Trans-Orient Petroleum Ltd.

Toronto-based Patheon Inc., a global provider of drug development and manufacturing services to the international pharmaceutical industry, announced the establishment of a Japanese subsidiary based in Tokyo. Patheon K.K. will operate from a newly established business office located in the Nihonbashi district of central Tokyo and will support Patheon’s business requirements in the region. Patheon Inc. operates a network of 10 manufacturing and six development facilities in the US, Canada and Europe, serving a customer base of 270 pharmaceutical and biotechnology companies.

Marketwire, a Toronto-based full-service newswire and provider of communications workflow solutions, announced that it has opened a two Media Research Labs (MRL) to develop and maintain media contacts for its distribution platform in Asia. The Manila MRL in the Philippines is designed to expand Marketwire’s media data research capabilities for Asia Pacific and India. It will also build and maintain media data for MSA/Asia Release, Marketwire’s global news operation in North America, and Mediahub.

Anzen Motor Car Co. Ltd., a Tokyo-based company making lifts, test equipment, and other auto-related products, intends to set up a branch in Canada in July. The company has seven service centres in the US, but an office in Canada will help it maximize sales to Japanese automakers expanding in North America. Anzen is trying to make foreign sales a major part of its business.