Government of Canada supports economic success of Waterloo Region and surrounding rural communities

From: Federal Economic Development Agency for Southern Ontario

News release

Nearly $3 million for Waterloo Region Economic Development Corporation to strengthen economic development opportunities and support up to 24 local businesses   

January 10, 2024 – Waterloo, Ontario

Small- and medium-sized enterprises are the backbone of Canada’s economy and the hearts of our communities. That is why the Government of Canada is investing in the people who own them, their potential and possibilities ahead for businesses in Waterloo and the surrounding rural communities.

Today, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced a nearly $3-million investment for the Waterloo Region Economic Development Corporation (Waterloo EDC) to attract and create supply chain and business investment opportunities in key sectors, such as automotive including EV, cleantech and agri-food, to the Waterloo Region and  rural townships. The Minister was joined by Bryan May, Parliamentary Secretary to the Minister for Small Business and to the Minister responsible for FedDev Ontario and Member of Parliament for Cambridge; the Honourable Bardish Chagger, Member of Parliament for Waterloo; Valerie Bradford, Member of Parliament for Kitchener South–Hespeler; and Tim Louis, Member of Parliament for Kitchener–Conestoga.

Through this project, Waterloo EDC will support the surrounding townships by developing investment readiness strategies to strengthen their capacity to land new investments, while also enhancing the Region’s services to support new and existing business growth and retention. The project will also diversify the target markets for foreign direct investment (FDI) to attract businesses in important sectors to the Region and townships. Additionally, Waterloo EDC will support the advancement of the electric vehicle (EV) sector through targeted growth activities.

This investment will support up to 24 businesses, creating and maintaining nearly 117 jobs. For more information on Waterloo EDC and the communities it supports, please visit the Waterloo EDC website.   

The Government of Canada is committed to supporting small- and medium-sized businesses that create good jobs for Canadians while growing local economies.  

Quotes

“The Waterloo EDC will create supply chain and business investment opportunities in key sectors, such as automotive including EV, cleantech and agri-food, to the Waterloo Region. They are driving growth opportunities in the Region’s townships and our government is happy to support them. We recognize the immense potential and possibilities of the people of this region and the townships and rural areas of Waterloo Region are a large reason why our economy continues to thrive.”
– The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario

“Today’s investment is a testament to our dedication to strengthening local economies, creating jobs, and fostering inclusive growth for the benefit of all Canadians. This substantial funding for Waterloo EDC will empower up to 24 businesses in the region, including the rural townships.”
– Bryan May, Parliamentary Secretary to the Minister of Small Business and to the Minister for FedDev Ontario and Member of Parliament for Cambridge

“Waterloo is a community designed to invent the future. From ideation to innovation, today’s federal investment will provide the necessary resources to the Waterloo EDC to continue their impactful work in our Region. This announcement echoes our government’s dedication to cultivating a resilient and diverse economy to ensure a prosperous future for all Canadians.”
– The Honourable Bardish Chagger, Member of Parliament for Waterloo

“The Waterloo Region has so much to offer, and Waterloo EDC is working to showcase this across southern Ontario and Canada-wide. Today’s announcement will help support rural and regional organizations in the Waterloo Region access the tools they need for success, while also promoting FDI attraction to the area. These actions will boost the local economy and southern Ontario’s economy for a better tomorrow.”
– Valerie Bradford, Member of Parliament for Kitchener South–Hespeler

“This investment will be instrumental in helping businesses in the Waterloo Region, including rural townships, to grow and create sustainable, good paying jobs. This program through Waterloo EDC supports businesses with tools and resources, which will drive economic growth in our region in southern Ontario .”
– Tim Louis, Member of Parliament for Kitchener–Conestoga

“This funding supports investment in our rural areas, expanded investment attraction activities, enhanced services for companies joining our ecosystem and strategic tools for attracting more electric vehicle-related investment. It is an investment in the potential of Waterloo Region and a reflection of the confidence that the Federal Economic Development Agency for Southern Ontario and the Government of Canada have in Waterloo EDC’s ability to deliver real prosperity for our community.”
– Tony LaMantia, President and Chief Executive Officer, Waterloo Region Economic Development Corporation 

Quick facts

  • Since 2016, Waterloo EDC has helped companies from all over the world locate in Waterloo, Canada, and has created more than 4,700 jobs in the Waterloo Region, and more than 12,500 jobs in Canada.

  • The Waterloo Region is home to one of the world’s fastest growing tech sectors, globally renowned academic institutions and innovative businesses in areas such as advanced manufacturing, aerospace, automotive, food processing and tech.

  • Since 2015, FedDev Ontario has invested over $275 million in more than 215 projects in Kitchener-Waterloo and surrounding areas, estimated to create over 10, 000 jobs and maintain over 30,000 jobs.

Associated links

Contacts

Edward Hutchinson
Press Secretary
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
Edward.hutchinson@feddevontario.gc.ca

FedDev Ontario
Media Relations
feddevontariomediarelations-relationsmedias@feddevontario.gc.ca

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