Good morning ladies and gentlemen, friends and guests. Thank you for the warm welcome. C'est un grand plaisir d'être avec vous aujourd'hui. I wanted to take a moment to thank MP Dave Van Kesteren, who brought this important event to my attention. Unfortunately, he is unable to be here today, but he wanted me to pass on his best wishes for a successful day.
I am very happy to be here in Chatham to speak to you about investing in tomorrow, a theme that is closely linked to the work we do at the Federal Economic Development Agency for Southern Ontario, or FedDev Ontario as it is more commonly known.
As Minister of State for FedDev Ontario, I've had the opportunity to visit businesses across the region and hear what they have to say about some of the challenges they face.
In fact, I was just here last September to participate in a roundtable with my colleague Dave Van Kesteren to discuss the role of FedDev Ontario in the region and to seek input on future Agency programs for southern Ontario.
Since that time, I have unveiled the details of our new programming, as renewed Agency funding flows on April 1 for the next five years. I'm pleased that we'll be able to continue helping our region grow, retain and attract businesses that drive innovation, productivity and diversification, making our communities more prosperous.
I am proud of the success that our Government has had in steering the Canadian economy through some rough waters, to the point where we are now the envy of many G-7 countries. Canadians have trusted us with the economy, and we have delivered.
But we are not about to sit back on our heels.
We know that we are not immune to external economic developments.
As Finance Minister Jim Flaherty, outlined in Economic Action Plan 2014 last week, our Government is doing its part to support our economy and guide Canada's strong economic performance in an uncertain world. And we will continue to do so as we work towards balancing the budget in 2015.
Actions taken by the Government have positioned Canada as an increasingly attractive place to invest and grow a business.
For example, since 2006, our Government has lowered taxes, eliminated unnecessary regulatory burdens and improved conditions for business investment.
Of interest to manufacturers is the Comprehensive Economic and Trade Agreement that our Government has reached in principle with the European Union. This is the biggest deal Canada has ever made. It will provide Canada with market access to the EU's more than 500 million consumers and to its annual $17 trillion in economic activity.
To build on these achievements, Economic Action Plan 2014 presents measures to help businesses.
By keeping taxes low we have created the best environment for business investment in the G-7. And those businesses create jobs for Canadians. Creating jobs and opportunities remains our Government's top priority.
As a result, further tax relief for small businesses will be a priority for our Government following the return to balanced budgets.
Friends, I want you to know that our Government and my Agency remain committed to keeping economic issues our top priority.
Since its creation in 2009, FedDev Ontario has invested more than $1.1 billion in southern Ontario to support businesses, manufacturers, organizations and communities in the region.
This has resulted in partnerships with more than 5,300 organizations. It has also resulted in spurring additional investments of more than $1.5 billion from almost exclusively non-government sources.
Here in Chatham–Kent, FedDev Ontario has funded 37 projects for more than $20 million. This funding is projected to leverage nearly $15 million in additional investments.
For example, in December 2012, my colleague Bev Shipley announced a federal investment in Lambton Conveyor Limited. This family-owned company manufactures grain handling and storage equipment, and has grown from a regional manufacturer to a global operation with dealers in 25 countries around the world.
Our contribution is helping them consolidate operations into a larger facility in Wallaceburg, more than doubling its space. The company will also use funds to invest in new equipment and increase production and storage capacity.
This expansion will mean that Lambton Conveyor Limited will be able to thrive in the changing economy now and into the future, and do their part to diversify the Chatham–Kent-area economy.
Our Government recognizes the impact that partnerships and innovation have on the success of Ontario's manufacturers.
One of our longest and most successful partnerships is the work we have done with the Canadian Manufacturers and Exporters—or CME—particularly through its SMART program.
This program enables manufacturers with an export focus to commercialize new technologies, enter new domestic and foreign markets, invest in sustainable and green technology, buy new or upgraded equipment and technology, and implement efficiency improvements.
Through our partnership with CME, our Government's investments via the SMART program have leveraged $95 million for small- and medium-sized enterprises in southern Ontario and have helped more than 800 southern Ontario businesses become more productive and better equipped to compete in the world market.
Through FedDev Ontario, we are committed to delivering programming that meets the needs of this region's businesses, manufacturers and communities, giving them the right tools they need to make big ideas happen.
Friends, as manufacturing is a major economic sector for Ontario and Canada, we know that we can do more to make it more competitive and productive so that it can once again be an important economic driver for prosperity.
With that, I'd like to highlight the Advanced Manufacturing Fund—or AMF as we call it—that we recently launched.
Firms in manufacturing sectors such as information and communications technologies, food processing, life sciences, machinery and equipment are currently pursuing innovative opportunities to develop new products and technologies that open and expand markets, increase efficiency and improve our quality of life.
A total of $200 million is available over the next five years across all of Ontario for projects that demonstrate product, process, and technological innovation.
In addition to AMF, in December I launched the four new Southern Ontario Prosperity Initiatives, or SOPIs, which represent a total of more than $530 million in available funding.
As you are very well aware, the biggest hurdle facing new businesses in Canada is raising adequate capital. The second biggest hurdle they face is accessing the expertise and connections of the investment community. To help address these issues, the Agency has re-launched the Investing in Business Innovation initiative.
Once a business is up and running, it needs support to take it to the next level. The Investing in Business Growth and Productivity initiative will help businesses to expand facilities, adopt new technologies and processes to improve productivity, and increase capacity to participate in global markets. Canada's investment in machinery and equipment as a share of GDP remains among the lowest of its peers, and as a key driver of productivity, it's an area we want to focus on.
While Canada ranks high in innovation and scientific discovery, we are less effective in converting research, new ideas and technologies into products and services that fare well in commercial markets. The Investing in Commercialization Partnerships initiative will support business-led partnerships with post-secondary institutions and not-for-profit organizations focused on developing globally-competitive products and services.
This includes partnerships such as the one formed between local company GreenField Ethanol and La Cité collègiale on a pilot project through the Applied Research and Commercialization initiative. These organizations teamed up to analyze the production process of the company's dry mill ethanol production plant. The goal of this project was to optimize the production process and further support the company's efforts to commercialize products. The pilot project resulted in the development of new technology that is expected to be patented in the near future, and created four new jobs at the company.
As a smaller business, being part of a collaboration has many advantages, such as access to specialized resources and access to markets that are typically difficult to penetrate. In addition, businesses can benefit from joint exposure with other partners that have been around longer and have a strong reputation.
And, speaking of working together, we need strong communities to attract and sustain economic development. The Investing in Regional Diversification initiative encourages the not-for-profit and private sectors to team up on projects such as cluster development and business incubation to help diversify local economies.
Finally, I can't talk about investing in tomorrow, without talking about our Government's support for rural areas, which are a key part of our economic landscape. FedDev Ontario is working in partnership with 37 Community Futures Development Corporations in southern Ontario, to help address local needs.
Now having said all that, I want to emphasize that FedDev Ontario is a strategic investor with serious expectations about what our funds can do for the region in partnership with businesses, post-secondary institutions and communities.
The Agency is also a convenor focused on bringing the right people together at the right time to talk about the right things. We help to get the conversation started, and we help people to turn that conversation into partnerships that produce better products or services, using the strengths of each partner.
I encourage you to go out and find other partners that share your vision, so that you can work together to achieve more than what you can achieve on your own.
Thank you for your time.
