CRS Electronics Inc. Funding Announcement

The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

Welland, Ontario
January 18, 2010

Check against delivery

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Bonjour. Welcome ladies and gentlemen, friends and honoured guests.

I am pleased to be here with you this morning.

Thank you CRS Electronics for hosting us.

I know that Canadians’ number one priority and our government’s number one priority continues to be our economy.

When Prime Minister Harper introduced the Economic Action Plan last January, we knew there was a difficult road ahead and that we faced many challenges. Since then, our government has reduced taxes, invested and improved roads, bridges, waterways, community centres and other important projects.

Our Economic Action Plan was designed to build on Canada’s strengths and set the path for our future economic success.

There is evidence that our government’s actions are having a real impact and our economy is starting to benefit from our plan.

I was encouraged to see that since last summer, more than 50,000 new jobs have been created in Ontario alone. Employment has also stabilized nationally over the past nine months. As we rapidly implemented our Economic Action Plan over the course of 2009, the Canadian job market dramatically improved.

This is progress we all can be proud of.

Last year, our government also recognized that more needed to be done to support southern Ontario. This is why the Federal Economic Development Agency for Southern Ontario, or FedDev Ontario as we like to call it, was created — to provide the tools and resources that communities and businesses need to diversify and become more competitive.

Over the last few months, we have taken action to develop and deliver economic development programs that will build on the strengths of our communities and create an environment where our people and businesses can thrive.

Since the launch of our new agency, we have already announced more than $300 million in stimulus funding through several significant investments and programs that will help to strengthen this region’s economy.

In fact, right here in Welland we have committed - through our economic stimulus and infrastructure funding programs – more than $3 million to the City of Welland for improvements to its roadways and water/sewer systems and $1 million for the rehabilitation of Welland Arena.

It is wonderful to be with you today to announce even more good news for the businesses and communities throughout southern Ontario that need our support most.

That is why I am happy to announce an investment of more than $825,000 in CRS Electronics Inc., so they are able to advance research and diversify their product line of energy-efficiency light-emitting diode, what most of us know as — “LED lighting”.

This will promote quality, locally-manufactured sustainable products and attract investment for Welland by positioning this company, and southern Ontario, as a leader in this emerging industry.

Our investment in this cutting-edge project will increase production capacity and competitiveness, while providing immediate economic stimulus through job creation.

This project is one of 63 projects that our government intends to support, with a contribution of nearly $63 million under the first intake of the Southern Ontario Development Program. Due to the overwhelming response received, we are committing nearly $8 million more than what was originally allocated to the intake. These projects were selected specifically because they can be completed quickly, create jobs and put our communities on the road to economic recovery and growth.

As a core funding program, the SODP supports productivity, innovation, commercialization, community economic development and diversification in southern Ontario.

We realize that the manufacturing sector in southern Ontario – one of the largest commercial sectors in this region – has been hit particularly hard by the recession.

Small- and medium-sized manufacturing companies, like CRS Electronics Inc., need financial assistance to allow them to effectively compete, retain jobs and deal with economic and financial pressures that threaten their viability.

And our government is committed to delivering on this because we understand the importance that these companies play in southern Ontario’s economy. We understand the priority of the Canadian people – grow the economy.

As such, more announcements on projects supported through the SODP will be made in the coming weeks.

Our government is now entering the second and final important phase of our Government’s Economic Action Plan.

And, our priority will continue to be rapid and effective implementation of Canada’s Economic Action Plan to benefit communities, workers and businesses. At the same time, we are already looking ahead to future challenges, which include preparing a return to balanced budgets once our economy is fully recovered and building a strong foundation for our economic future.

I look forward to working with many of you as we continue to support people, communities and businesses in this region, pave the way for long-term growth and position southern Ontario as a future economic leader.

Thank you. Merci.