FedDev Ontario invests in southern Ontario’s future

St. Thomas, ON — Southern Ontario businesses, not-for-profit organizations and post-secondary institutions will benefit from a new federal funding initiative aimed at supporting productivity, economic diversification and competitiveness in the region. The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario, launched the Prosperity Initiative today at the Annual General Meeting of the Windsor-Essex Regional Chamber of Commerce.

“Our government is committed to creating jobs and economic growth in southern Ontario,” said Minister Goodyear. “The Prosperity Initiative will give businesses the tools they need to expand into promising new areas and generate opportunities for the people and communities of this region.”

Investments under the Prosperity Initiative will enhance business productivity in southern Ontario, diversify its economy and build on the region’s strengths to further its competiveness within the global economy.

“Our futures in Southern Ontario depends on our businesses creating jobs and this will help,” Joe Preston, MP for Elgin-Middlesex-London stated.  “ There are many great businesses in this community and region that would be able to grow from today’s announcement.”

Up to $210 million will be available over the next four years for projects focusing on the adaptation and adoption of new technologies, processes and skills aimed at enhancing productivity; the development of new industries or opportunities to diversify a community or regional economy; and the development and expansion of strategic economic clusters that will have an impact on the global economy.

The Prosperity Initiative is a direct result of feedback from business leaders, academics and community leaders from across southern Ontario, who suggested FedDev Ontario take a leadership role in enhancing economic development, diversification and competitiveness across southern Ontario.

FedDev Ontario was created as part of Canada’s Economic Action Plan to support businesses and communities in southern Ontario. Now in its second year of operation, the Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to support businesses and other organizations through partnerships and investments in skills and training; innovation; research and development; and increased productivity.