13 August 2009
Kitchener-Waterloo, Ontario
ABOUT THE FEDERAL ECONOMIC DEVELOPMENT AGENCY FOR SOUTHERN ONTARIO
In Canada’s Economic Action Plan, the Harper Government committed to providing short term stimulus to communities hard hit by the recession while delivering long-term funding designed to promote economic growth, job creation and innovation. Budget 2009 provided $1 billion over five years for a new economic development agency for Southern Ontario.
On August 13, 2009 Prime Minister Stephen Harper formally launched the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). This new agency is charged with delivering federal government economic development programs tailored to the specific priorities of workers, businesses and communities in Southern Ontario.
The Prime Minister announced his intent to have Minister of State (Science and Technology) Gary Goodyear assume responsibility for the Agency and that B.A. (Bruce) Archibald will serve as the agency’s first President. Further announcements on the staffing and location of district offices are to be expected throughout the fall.
In its first year of operation, FedDev Ontario will focus on putting economic development programs into action. The Agency will assess immediate opportunities and needs, and then bridge into broader program initiatives once the agency is fully operational.
FedDev Ontario and Industry Canada will work with community stakeholders to identify and support projects that address current economic challenges.
The Agency will initially use existing programs and partnerships to expedite the provision of funds. This will start money flowing immediately into Southern Ontario communities and businesses.
Funding in the first year will be approximately $206 million, including operating costs, focused on three priority areas: Economic development, diversification and community development.
The Southern Ontario Development Program has been established to promote economic development, economic diversification and job creation. A core program, it will deliver close to $100 million in funding over 2009-10.
FedDev Ontario will help Southern Ontario communities diversify their local economies, including into a wider range of value-added and technology driven products and services. It will provide the tools for its partners in the region to build on their strengths, positioning Southern Ontario to succeed in the knowledge-based economy.
