FedDev Ontario Boosts Global Investment Opportunities in Waterloo Region
$3 million to attract international companies, increase competitiveness and create more than 275 jobs
June 27, 2019 – Kitchener, Ontario
International trade and foreign direct investments are vital to Canada’s economic growth and prosperity. By leveraging our regional strengths and opportunities, our government continues to promote Canada as the best place to do business, spurring innovation and creating more jobs at home.
Today, the Honourable Bardish Chagger, Leader of the Government in the House of Commons and Member of Parliament for Waterloo, along with Raj Saini, Member of Parliament for Kitchener Centre, announced a FedDev Ontario contribution of $3 million for the Waterloo Region Economic Development Corporation (Waterloo EDC) to attract global investors from a wide range of sectors to Waterloo Region. This announcement was made on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario.
With this funding, Waterloo EDC will organize up to 45 investment missions in the region, and work with up to 80 local companies to introduce them to global investors and export opportunities. This will enhance the competitiveness of Waterloo Region and builds on the significant economic potential of the Toronto-Waterloo Innovation Corridor. In addition, existing businesses in the region will benefit from access to enhanced export opportunities and new supply chain relationships.
As a result of this project, Waterloo EDC is expected to attract up to eight new investments into the region, with a total value of $40 million, and generate more than 275 jobs for southern Ontario. Waterloo EDC will also enhance the region’s entrepreneurial ecosystem by strengthening working relationships and partnerships with the Innovation Corridor, including the City of Guelph, Toronto Global, and the City of Hamilton.
This announcement complements the efforts made through the Government of Canada’s Invest in Canada, an investment promotion agency aimed at facilitating foreign direct investment to spur job growth in Canada.
“More investments in Canada mean more jobs for Canadian workers and more growth for our economy. That is why our government is doing its part to help bring global investors to regions across the country and further anchor Canada’s economic strengths in key sectors. By supporting Waterloo EDC, we are driving innovation and growth, and creating quality jobs for southern Ontario.”
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario
“The funding announced today will help Waterloo Region to build on its strengths and attract new foreign investments. Waterloo EDC plays a pivotal role in bolstering the region’s innovation ecosystem, connecting it to the broader entrepreneurial support network in southern Ontario, from Guelph and Hamilton into Toronto and beyond.”
- The Honourable Bardish Chagger, Leader of the Government in the House of Commons and Member of Parliament for Waterloo
“This FedDev Ontario investment reinforces our government’s dedication to helping Waterloo Region thrive by working with important local economic development partners. Together, we are working to create highly skilled jobs and provide our business community with more opportunities to connect to and compete in the global economy.”
- Raj Saini, Member of Parliament for Kitchener Centre
“This new funding from FedDev Ontario will enable us to expand our programs to attract foreign direct investment and increase local job creation and support for companies as they scale up. This is ultimately about launching a new federal-municipal partnership for economic development, one that will help to ensure we continue to deliver growth and prosperity for the people of Waterloo Region.”
- Tony LaMantia, President and Chief Executive Officer, Waterloo Region Economic Development Corporation
Established in 2015, Waterloo EDC is a non-profit organization consisting of business leaders and community stakeholders who work with companies in all sectors of the economy looking to locate, relocate or expand in Waterloo Region. It covers the broad region, including the City of Kitchener, the City of Waterloo, the City of Cambridge, Wilmot Township, Woolwich Township, Wellesley Township and North Dumfries Township.
From 2016 to 2018, Waterloo EDC facilitated 30 investments in Waterloo Region totalling more than $645 million.
Through this project, Waterloo EDC will target global companies from a variety of sectors including advanced manufacturing, information and communication technology (ICT), automotive, and financial and businesses services.
The Waterloo–Toronto Innovation Corridor currently ranks as one of the top 15 start-up ecosystems in the world.
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