Good afternoon ladies and gentlemen, friends and guests.
Thank you for the warm welcome.
C'est un grand plaisir d'être avec vous aujourd'hui.
And it's truly a great day to be here at Baylis Medical in Mississauga.
Ladies and gentleman, the Government of Canada has been working hard to guide our economy through these changing economic times.
From lowering taxes, to cutting red tape, to signing free trade agreements, we have been setting the right macro-economic conditions to ensure Canadian businesses like Baylis continue to succeed here at home and globally.
We have opened the door to new markets with millions of new customers with free trade agreements.
Last year, we finalized trade deals with Europe and South Korea – tripling the number of countries Canada has trade agreements with. These agreements are about opportunities, growth and jobs for Canadians.
Together with the North American Free Trade Agreement and all the other deals our Government has done, Canada's world-class products, our workers, our investors will have virtually unfettered access to countries representing more than half the world's economy.
Canada is now in a position where the landscape for business growth in our country has never been as fertile.
And, since Ontario's economy is critically linked to that of our nation, our Government created the Federal Economic Development Agency for Southern Ontario.
For those of you who may not know, FedDev Ontario, as it is more commonly known, delivers programming and services to strengthen this region's economy.
Since its creation, we've funded thousands of partnerships and projects in southern Ontario. Right here in Peel, we have invested over $136 million in more than 55 projects.
Even more importantly, this funding is leveraging over $247 million in additional investments. Our Government wants Ontario to succeed and compete globally and we know that our manufacturers are a very important part of that success.
That's why we launched the Advanced Manufacturing Fund, or the AMF, in Ontario as part of Economic Action Plan 2013.
The AMF addresses our Government's commitment to support Ontario manufacturers as they work to increase competitiveness, invest in innovation and boost productivity across the province.
Through AMF, FedDev Ontario is investing $200 million over five years to help manufacturers build momentum and push to be more competitive on the global stage.
And this leads me the announcement that I'm sure you all have been patiently waiting to hear.
We have come to know Baylis as an innovative developer, manufacturer and supplier of high-tech medical devices for cardiology and radiology.
And they have some deep Canadian roots pioneering medical firsts in Canada and globally since 1986. Coincidently, the same year I was born.
This is a company that has remained innovative for a long period so they've seen the peaks and valleys of our economy, including the changing economic times we've all seen in the past few years.
Ladies and gentlemen, today I am announcing the Government of Canada's investment of up to $15.2 million in Baylis Medical Company.
Our funding will support an exciting project that will bring new, innovative medical devices to market. Baylis will manufacture and commercialize three new medical product lines right here in southern Ontario.
These innovative, first-in-Canada medical devices will be used during medical procedures and will fill a void in the medical devices market.
Not only will this funding help enhance Baylis' global competitiveness, it will strengthen Ontario's medical device cluster and create 60 new manufacturing jobs and 30 knowledge-based R&D jobs.
And even more jobs will be created through the spillover economic benefits for Ontario that come from a strengthened life-sciences ecosystem and an increased use of Canadian supply chains.
Today's announcement highlights the kind of project the Advanced Manufacturing Fund was made for.
Ladies and gentleman, the benefits are clear — greater productivity for our manufacturers, high-quality jobs for our people and prosperity for this province and prosperity for Canada.
And our Government will continue to invest directly in transformative projects like this one, where the return on our investment will benefit taxpayers and the country directly.
I know the Advanced Manufacturing Fund will do exactly that for Baylis.
Congratulations again. I'm looking forward to seeing the important work being done by Baylis take shape.
And I wish you all the best of luck and success as you progress.