TORONTO, ONTARIO--(Marketwired - Feb. 3, 2017) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
The Government of Canada, the Government of Ontario, and several municipal governments announced today that they will be providing $19.5 million in funding to create a new agency that aims to increase global investments in the Toronto Region. Up to 500 well-paying, middle-class jobs are expected to be created by December 2018 as a result of these contributions.
The Government of Ontario will invest up to $7.5 million; the Government of Canada, through FedDev Ontario, will contribute $6 million from its Investing in Regional Diversification initiative; and the remaining $6 million will be provided by the cities of Toronto, Mississauga, Brampton, as well as the regional municipalities of Halton, York and Durham.
This investment will establish Toronto Global, an investment-attraction agency representing the entire Toronto Region. The agency will enable the region to remain competitive with other global cities. Toronto Global will promote the region to international investors, leveraging the unique attributes and skilled workforce of the different municipalities in the Toronto Region to attract global investments that drive innovation. This investment will help the Toronto Region continue to be a leader in developing the workforce and economy of the future.
The initiative was announced by the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario; the Honourable Brad Duguid, Ontario's Minister of Economic Development and Growth; John Tory, Mayor of Toronto; and Bonnie Crombie, Mayor of Mississauga.
The funding will allow new investment-attraction professionals responsible for marketing, outreach, business intelligence, research and investment to identify potential investors. These professionals will provide customized service to global companies interested in making Canada their investment destination of choice.
This initiative is part of the Government of Canada's Innovation Agenda, a plan to drive economic growth that leads to better skills, jobs and opportunities for all Canadians. It also aligns with a five-year, $218-million federal commitment to increase global investment as part of the Invest in Canada hub, a national investment-attraction agency.
This initiative also builds on the mission of the Government of Ontario's new Ontario Investment Office, a one-window concierge service to attract new investment to the province. The Ontario Investment Office will work with Toronto Global to coordinate local and international resources in order to grow an effective and efficient economic development organization.
"Now is the time for Canada to sharpen its competitive edge by creating global partnerships. Our government is prepared to do its share to encourage international companies to invest in Canada. These investments drive innovation and create more jobs, better opportunities and greater prosperity for the middle class. A new investment hub for the Toronto Region will allow a dedicated sales force to invite more global companies to expand into Canada."
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister Responsible for the Federal Economic Development Agency for Southern Ontario
"It is imperative for all levels of government to work together to make sure Ontario can compete in a tough global economy. I am excited about what our new Ontario Investment Office and Toronto Global will be able to achieve by working together, alongside municipal and federal partners. Our province has a great story to tell, and this is a terrific initiative to help showcase the incredible investing opportunities this world-class city has to offer to the global investment community."
- The Honourable Brad Duguid, Ontario Minister of Economic Development and Growth
"The Toronto Region is emerging as a global centre for investment, talent and innovation. Through the leadership and vision of Toronto Global we will send a clear signal to the world: the Toronto Region is open for business. With all three levels of government working together to drive investment and interest in our city and our region, we will open up new opportunities for our residents and our industries."
- John Tory, Mayor of Toronto
"Toronto Global will help municipalities press ahead with international business attraction and investment efforts. I am confident that with active and leading participation from local governments in Toronto Global, municipalities will generate new investment opportunities that will strengthen local economies."
- Bonnie Crombie, Mayor of Mississauga
- The Toronto Region is the economic engine of Canada. It generates 20 per cent of the country's GDP and is home to 40 per cent of Canada's business headquarters.
- Toronto is the fourth-largest city in North America. It is home to North America's second-largest financial centre, second-largest food and beverage sector, and third-largest technology cluster.
- Two existing organizations (Invest Toronto and the Greater Toronto Marketing Alliance) have been merged to create Toronto Global.
- One in eight jobs in Canada is linked to global investment.
- Global companies employed two million Canadians in 2013, accounting for 12 per cent of all Canadian jobs and 30 per cent of all manufacturing jobs.
Ontario Ministry of Economic Development and Growth
Investing in Regional Diversification Initiative