Ministry of Economic Development and Growth
Governments contribute $19.5 million to attract global investments to Toronto Region
Toronto Global Agency
Toronto, ON – Feb 3, 2017
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.