SOURCE: Ontario Technology Corridor

November 19, 2008 04:00 ET

Ontario Technology Corridor Myth Busters Brief UK Economic Advisors on Why Ontario Is North America's Innovation Gateway

R&D Tax Credits Up to 70%, Best Educated Workforce in North America Among Reasons to Choose Ontario

OTTAWA--(Marketwire - November 19, 2008) - When UK companies consider expansion to North America, the typical choices are Boston, Washington and Silicon Valley. A delegation from the Ontario Technology Corridor cities of Toronto, Ottawa and Waterloo, Canada -- along with Government of Ontario representatives -- is working to change that perception this week with "advise the advisors" tour that takes Ontario's technology opportunity message to English economic and technology advisory councils including Think London, St. John's Innovation Centre (University of Cambridge), UK Trade & Investment, Government Office for the East of England and the Cambridge Network.

Canada's Ontario Technology Corridor hugs the Great Lakes alongside the U.S. border and includes the municipal regions of Toronto, Ottawa, Waterloo, London and Niagara, and employs nearly 256,000 people in 5,900 technology companies spanning the software, photonics, wireless, cleantech, digital media, life sciences, and microelectronics sectors.

"The Ontario Technology Corridor offers a spectacular, and previously unknown value proposition to UK companies seeking to expand in North America," says Michael Darch, Executive Director, OCRI Global Marketing (Ottawa). The Ontario Technology Corridor Delegation's economic development message includes the following facts:

--  Technology and research-driven companies including Google, IBM, RIM,
    Adobe, Cisco, Microsoft, Toyota, GlaxoSmithKline, Nortel and Xerox take
    advantage of a highly educated  workforce. 55% of Ontario residents aged 25
    to 64 have advanced education certificates, diplomas or degrees -- compared
    to 51% for Canada as a whole and 39% for the U.S.
    
--  Through the North American Free Trade Agreement (NAFTA), Ontario-based
    technology companies have long-term access to the North America's $16.9
    trillion (GDP) economy.
    
--  Federal and Ontario provincial research and development tax credits
    combine to offer Canada the most favourable tax treatment among G-8
    countries -- giving technology companies the ability to cut R&D
    expenditures by up to 70%.
    
--  Ontario is the financial centre of Canada, and the Geneva-based World
    Economic Forum recently declared that Canada's banking system ranks as the
    soundest in the world.
    
--  The Ontario's Technology Corridor's talent engine is fueled by 22
    universities and colleges with extensive R&D facilities -- many offering
    extensive internship and co-op education programs highly responsive to
    technology industry needs.
    
--  Ontario's academic research labs are further bolstered by access to
    Federal R&D and Provincial Centres of Excellence facilities spread across
    the province.
    
--  The Ontario Technology Corridor leads Canada on immigration, and
    surpasses U.S. cities such as Miami, Los Angeles and New York. Close to
    100,000 immigrants come to the region every year and 75% of those over age
    15 have a post-secondary certificate or degree.
    
--  Canadian immigration policy is more worker-friendly than in the U.S.
    It's far easier to staff technology companies with imported talent, and
    spouses of imported workers can receive automatic work visas.
    
--  For bandwidth-enabled virtual travel, the province's telecom
    infrastructure is 100% digital and features the largest "free calling" area
    in North America. For non-virtual business travel, there are non-stop
    flights to 110 cities in 44 countries by 65 international airlines.
    
--  Ontario Technology Corridor residents benefit from the province's
    affordable, safe, culturally diverse cities, and access to natural beauty,
    abundant lakes and rivers, and stable urban infrastructure.
    

About the Ontario Technology Corridor:

Employing nearly 256,000 people among 5,900 companies in the Greater Toronto Area, Ottawa Region, Waterloo Region, City of London and Niagara Region, the Ontario Technology Corridor offers a highly educated workforce, excellent growth opportunities, a low-risk business environment, and generous R&D tax credits that are the envy of other G-8 countries.

Contact Information

  • UK and Canada contacts:

    UK contact:
    Blair Patacairk
    Senior Consultant, Investment
    Ontario Technology Corridor
    Cell numbers for UK journalists: +1-519-574-3322 or +1-416-843-8692 (ask
    for Blair Patacairk)
    Email Contact

    Canada contact:
    Jennifer James
    Communications Strategist
    market2world communications inc.
    Office: +1 613-256-3939
    Email Contact