Good morning and thank you MP Preston for that kind introduction. MP Preston, along with MP Holder and MP Truppe are all wonderful advocates for the London area back in Ottawa.
Madames et messieurs, c'est un grand plaisir d'etre ici avec vous aujourd'hui. It's always a pleasure to be here in London.
It's remarkable to see the progress that has been made here at the Advanced Manufacturing Park. I understand that the newest addition, the Accelerator Centre, will be opening in just a few short months. Congratulations to all partners on the great work underway here.
I can tell you the culture of innovation that exists here at the Advanced Manufacturing Park is in perfect sync with our areas of focus at FedDev Ontario, as we continue to lay the groundwork to position Ontario for economic success.
It goes without saying to all of you gathered here today, but innovation holds the key to success for our region.
New ideas, new products, new approaches—these are crucially important to ensure our nation's prosperity.
Ladies and gentlemen, I can tell you that our Government remains committed to what is most important to Canadians.
We continue to focus on maintaining and creating jobs and securing economic success. In order to achieve this, we are confident that we have set the right macro-economic conditions and provided the necessary targeted investments from across federal departments and agencies to retain, attract and grow Canadian businesses.
In fact, since 2006, our Government has lowered taxes, made Canada the first tariff-free zone for manufacturers in the G-20, eliminated unnecessary regulatory burdens and improved conditions for business investment. These steps have established a solid foundation that has allowed Canadian businesses to create jobs and drive economic growth.
We have effectively balanced fiscal restraint with priority and targeted spending. We have extended the temporary accelerated capital cost allowance for machinery and equipment, ensured fair and transparent government procurement and provided important and timely job training.
We are in fact the leaders of the G7 on job creation, and we are the envy of the world with respect to our balance sheets.
And we believe the time is now here to start turning the page on the turbulent economic times and look towards the future and our prosperity—as a country, of course, but also as a collection of regions. By working together, we can make this happen.
And that really is the prime focus of my Agency—the Federal Economic Development Agency for Southern Ontario, or FedDev Ontario as we're known.
In our first four years of operation, we have committed over $1.1 billion, resulting in partnerships with more than 5,300 organizations and over $1.5 billion in additional leveraged investments from almost exclusively non-government sources to support businesses, manufacturers, organizations and communities in southern Ontario.
Just last November, as MP Preston mentioned, FedDev Ontario announced an investment of more than $13.7 million in the Fraunhofer Project Centre, right here where we stand today.
The Agency's investment has contributed towards the development of a real-world manufacturing environment that helps accelerate R&D and lets manufacturers get their ideas to market faster.
By providing manufacturers with industrial space, business services, access to contract research, and material and product characterization and testing, we are working hard to help increase their revenues, resulting in a better tax base and rate of return on the investment we have made here.
This Centre is an excellent example of how our Government is an investor in the commercialization of advanced manufacturing technology.
I am very proud of the difference that FedDev Ontario has made so far. But there is still important work to do.
That's why for the past year, my officials and I have been out meeting and talking to stakeholders, and developing initiatives based on what we heard on the ground.
And folks, the manufacturing sector in Ontario is at the top of our priority list.
There are roughly 800,000 people in our province working in the manufacturing sector.
We really are a model of excellence in manufacturing, with skilled and knowledgable workers, top-notch innovators, and many of the world's leading manufacturing firms.
I think you will agree when I say that in the past decade, Ontario manufacturers have shown a remarkable capacity to adapt and meet the challenges of a changing economic environment.
But challenges remain.
We know that competition in today's global marketplace for the production of goods is intense.
We know that advanced and emerging economies are aggressively mobilizing to take advantage of productivity-enhancing investments that place them in an advantageous position.
But we also know that despite these challenges, the manufacturing sector continues to be a key driver of our economic prosperity, which is why our Government believes it is a priority to invest in advanced manufacturing.
Our goal is to make manufacturing more competitive and productive so that it too can be an important economic driver for prosperity into the future.
Ladies and gentlemen, it gives me great pleasure today to announce the launch of the new Advanced Manufacturing Fund, or AMF.
This Fund is designed to increase competitiveness, invest in innovation and boost productivity in the manufacturing sector throughout all of Ontario.
With an investment of $200 million over the next five years, we are helping manufacturers in the province to build momentum and push to be more competitive on the global stage.
Through this Fund, we will encourage eligible manufacturing firms and organizations in Ontario to develop transformative products and technologies.
It will support investments that create new and innovative products or production methods, with commercialization within five years.
This Fund will also promote continued growth of Ontario's advanced manufacturing firms by:
- Supporting large-scale, transformative advanced manufacturing activities which will increase productivity;
- Advancing development and/or adoption of cutting-edge technologies, leading to product, process, and technological innovations;
- Encouraging projects that create spillover benefits for manufacturing clusters and/or supply chains; and
- Fostering collaborations between the private sector, research institutions, and post-secondary institutions.
In short, AMF is one of the integral ways our Government will help our workers, businesses and other organizations remain here in Ontario as they strive to grow and prosper.
The benefits it will bring are enormous.
It will increase productivity.
It will lead to greater economic output.
It will create cutting-edge companies, driven by innovation.
We know that when a company succeeds, so does the economy. Our Government recognizes the manufacturing sector's long-lasting contributions to the Ontario and Canadian economy—and we're here to invest and stimulate sector growth and success.
Our Government also understands that manufacturers, entrepreneurs and economic development organizations play a crucial role in job creation and Canada's competitiveness.
We are making strides in restoring economic prosperity in Ontario – the once proud economic engine of Canada – and the renewal of FedDev Ontario with an additional $920 million in funding for the Agency announced earlier this year, means we will continue to do so as we roll out our new programs and initiatives.
With today's launch of AMF, last week's launch of the Southern Ontario Prosperity Intiatives and the renewal of the Eastern Ontario Development Program announced in November, we are committing to the residents and businesses of Ontario that we are here to help.
But we can't do it alone. We will continue working to create new relationships and partnerships, with governments and industry associations, to help attract international investments to our province; retain the businesses and skills we already have; and grow companies that not only operate but compete in global markets where they are successful in capturing new customers and seizing international growth opportunities
The benefits are obvious—greater productivity for our manufacturers, jobs for our people and prosperity for this province and this country.
Our Government will continue to invest directly in transformative projects and growing companies, where the return on our investment will benefit taxpayers and the country directly.
And I'm confident the Advanced Manufacturing Fund will do exactly that in Ontario.
I invite all of you to please stay for the technical briefing, during which you will receive detailed information on program eligibility and the application process for the Fund.
Thank you. Merci.
