Good morning ladies and gentlemen, friends and guests.
It's great to be in your community this morning and I would like to thank the Orléans Chamber of Commerce for putting together today's event I am pleased to be here in my capacity as the Minister of State for the Federal Economic Development Agency for Southern Ontario.
For those of you who may not know, FedDev Ontario, as we are better known, delivers programs and services to strengthen the southern Ontario economy and position the region to compete globally.
Ladies and gentlemen, I can tell you that FedDev Ontario is committed to supporting an economically prosperous region.
I'm proud to say that since 2009, FedDev Ontario has invested in 82 projects in the Ottawa area alone. Amounting to a total investment of nearly $35 million, over $81 million has been leveraged in additional investments in these projects.
An excellent example of an Ottawa investment is eSight, a company that has revolutionized daily living for people with low vision by introducing a new class of wearable technology. Through our repayable investment of $950,000, eSight has leveraged more than $2.8 million in additional investments from a number of angel investors and now sells their life-changing product across Canada and the United States.
Another local recipient, 360pi Corporation, has developed software that provides retailers and manufacturers with real-time price and product intelligence allowing their customers to optimize pricing and increase revenues and margins. This Ottawa-based company has expanded and attracted a broader customer base after a $750,000-repayable FedDev Ontario contribution that led to more than $1.7 million in leveraged funding from investors.
And it is this type of cutting-edge, innovative work that FedDev Ontario and the Government of Canada want to see more of and support.
This support would not amount to much if we did not fulfill the fundamental federal responsibility of setting and maintaining the right macro-economic conditions as well as providing the necessary targeted investments from across federal departments and agencies to retain, attract and grow Canadian businesses.
Furthermore, we have 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.
The Government of Canada has also reached in principle the Comprehensive Economic and Trade Agreement with the European Union. This is the biggest trade agreement Canada has ever made. It will provide Canada with market access to the European Union'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 even further.
By keeping taxes low we have created the best environment for business investment in the G-7. And enabled those businesses to create jobs for Canadians. Creating jobs and opportunities remains our Government's top priority.
As a result, further tax relief for small businesses, like those of you here today, will be a priority for our Government following the return to balanced budgets.
We are ensuring that we provide both in-direct – tax cuts and direct support to businesses through various federal departments including FedDev Ontario.
Over the last four years, FedDev Ontario, has invested almost $1.2 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.
And we will continue to help our region grow, retain and attract businesses that drive innovation, productivity and diversification with the goal of making our communities more prosperous.
As I'm sure each of you are very well aware, new businesses in Canada have a tough time raising adequate capital and accessing the expertise and connections of the investment community.
To help address this, we at FedDev Ontario have re-launched the Investing in Business Innovation initiative that helps early-stage companies with an existing product that they want to further develop and commercialize, whether through funding from private investors or through mentorship.
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 helps businesses expand facilities, adopt new technologies and processes to improve productivity, and increase capacity to participate in global markets.
And while Canada ranks high in innovation and scientific discovery, we need to be just as effective in converting research, new ideas and technologies into products and services that fare well in commercial markets. The Investing in Commercialization Partnerships initiative is aimed at creating business-led partnerships with universities, colleges and research organizations to accelerate the transfer of knowledge that will help the region develop globally-competitive products and services.
And without stronger communities, it is difficult to attract opportunities for economic growth. So, we created the Investing in Regional Diversification initiative that encourages not-for-profit organizations to collaborate with the private sector and community partners on projects that will help diversify regional economies.
For additional information, I encourage each of you to visit FedDev Ontario's website to see which initiatives might apply to your organization and to your situation.
Think of FedDev Ontario as the Government of Canada champion for your region.
This means that we want to ensure southern Ontario remains an attractive place to do business. It also means supporting our businesses to sell more of our products beyond our borders, helping to improve their position in global markets.
And FedDev Ontario is more than financial support – we are 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.
FedDev is also a champion promoting the many attributes of our region and this country to multi-nationals and other foreign companies looking to establish themselves in different parts of the world.
In my time as Minister of State for FedDev Ontario and my years as a business owner myself, I know that economic prosperity is not achieved with a quick fix, a single massive project or one or two large multi-national companies.
It is through vibrant communities like Orléans where innovative ideas, efforts and dedicated professionals like many of you here today will create jobs and allow your community to prosper.
The focus and hard work of the Orléans Chamber of Commerce combined with similar efforts all over Ontario and Canada is how we will continue to build a strong national economy and, ultimately, a stronger, more secure Canada.
Thank you for coming out and thank you for your time today.
