Toronto Board of Trade

Toronto Board of Trade

November 02, 2006 12:59 ET

World Expo Bid - "A Failure To Launch"

Toronto Board of Trade ‘disappointed’ by withdrawal of city’s bid

Attention: Business/Financial Editor, City Editor, News Editor, Government/Political Affairs Editor TORONTO, ONTARIO--(CCNMatthews - Nov. 2, 2006) - The Toronto Board of Trade today said it was disappointed by the failure of the city, provincial and federal governments to agree on financial backing for a Toronto bid for the 2015 World Expo before today's deadline.

"The sad thing is that the reason that Toronto will miss this chance to stand on the world stage is not that our bid was not good enough, but simply that our governments could not find a way to work together," says Becky McKinnon, Chair of the Board of Trade. "It was not a failed bid, just a failure to launch."

McKinnon notes that a study by PriceWaterhouseCoopers forecast enormous benefits from hosting the event, including billions of dollars in economic activity, 215,000 jobs and 40 million tourist visits, not to mention an estimated $1.5 billion in new infrastructure centred on Toronto's under-developed waterfront.

"Hosting a World Expo held the potential for helping Toronto address our decline in tourism and our needs for economic activity, jobs and waterfront development. If the plan was as good as the organizers claimed this could have been a real boost for our economy and our civic pride. Instead, it will be remembered as a wasted opportunity."

McKinnon concludes that a valuable lesson can be drawn from the experience, "Maybe it is time for the city to bring together all of the stakeholders, including the provincial and federal governments, and the business and tourism community, and start working together now on choosing, designing and financing Toronto's next big event bid. If all the stakeholders are in on the ground floor, we can all cooperate for future success."

The Toronto Board of Trade is the champion of a competitive and vibrant Toronto with a mandate to serve, represent and unite the city's business community. Founded in 1845, Canada's largest chamber of commerce operates at four locations across Toronto. Further information about Board events, policies, advocacy and products is available on its website at www.bot.com. Commentary from Board executives can be found on the Board Blog at www.bot.com/blog.
/For further information: www.bot.com/media/ IN: ECONOMY, FINANCE, POLITICS

Contact Information

  • Glen Stone, Public Affairs Manager, Toronto Board of Trade
    Primary Phone: 416-862-4565
    E-mail: gstone@bot.com