Toronto, Ontario, December 6, 2013 —The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), today launched the Southern Ontario Prosperity Initiatives (SOPIs), a new suite of initiatives designed to support and develop a stronger, more vibrant southern Ontario economy. Combined, the initiatives represent a total investment of over $530 million.
“Our Government is committed to securing long-term economic prosperity and to do so, we will continue to invest in projects and companies where the return on our investment will be of direct benefit to taxpayers and the country,” said Minister Goodyear. “The Southern Ontario Prosperity Initiatives mark the next phase of the FedDev Ontario’s focus on growing innovative businesses, building strong communities and cultivating the most effective partnerships here in one of Canada’s most important economic hubs.”
“Creating jobs and economic growth in southern Ontario is our Governments top priority,” said Minister Goodyear. “The Southern Ontario Prosperity Initiatives will support economic development, economic diversification, job creation and self-reliant communities in southern Ontario.”
The four initiatives announced are:
- Investing in Business Innovation
- Investing in Business Growth and Productivity
- Investing in Commercialization Partnerships
- Investing in Regional Diversification
Please see the attached backgrounders for more information on the individual initiatives.
Each of these initiatives is uniquely designed to help retain, attract and grow businesses in Southern Ontario to make the region globally competitive. Over $530 million in funding is available under the SOPIs.
These initiatives, created based on feedback from stakeholders, build on the Agency’s successes to-date and reinforce a continued commitment to building a strong and prosperous southern Ontario.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region’s strengths and creating opportunities for jobs and economic growth. In Budget 2013, the Government of Canada demonstrated its continued commitment to workers, families and communities in southern Ontario with the renewal of FedDev Ontario. Economic Action Plan 2013 provides $920 million over five years for the Agency, starting on April 1, 2014.
On November 29, Minister Goodyear announced that FedDev Ontario will continue to promote business development, job creation and self-reliant communities in rural eastern Ontario by extending the Eastern Ontario Development Program for five years.
To learn more about the details of new programming, please visit www.FedDevOntario.gc.ca or call1-866-593-5505.
As outlined by the Prime Minister, the Government of Canada remains focused on what Canadians care most about: their families, the safety of their streets and communities, their pride in being citizens of this country, and their personal financial security.
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