Archived — New Initiative to Support Economic Growth in Southern Ontario
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FedDev Ontario invests in southern Ontario's Future
The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), with Jennifer Jones, Chair of the Windsor-Essex Regional Chamber of Commerce at the Annual General Meeting of the Windsor-EssexRegional Chamber of Commerce on November 26, 2010. Source: FedDev Ontario
For immediate release
November 26, 2010
Windsor, Ontario — 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 (FedDev 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 competitiveness within the global economy.
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. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.
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For media enquiries:
Director of Communications
Office of the Honourable Gary Goodyear
The Prosperity Initiative will encourage businesses, not-for-profit organizations and post-secondary institutions in southern Ontario to undertake projects that will result in a more productive, diversified and competitive economy in the region.
Funding is available for projects that:
- enhance productivity, by accelerating the adoption of new technologies, processes and skills to enhance businesses and sectors in southern Ontario to achieve higher output in relation to their investments;
- diversify the regional economy, by increasing the number of new industries or opportunities in southern Ontario communities or regions with the potential to have long-term impacts on their economic diversity; and
- build a competitive advantage for southern Ontario, by building on the assets and strengths of southern Ontario businesses and regions to create or expand economic clusters and enhance their global competitiveness.
Priority may be given to organizations representing a sector or industry in the following emerging areas:
- Environmental science and technologies;
- Natural resources and energy;
- Health and related life sciences and technologies, including the food and beverage industry; and
- Information and communications technologies.
Applications will be accepted and assessed on an ongoing basis and applicants will be notified as their projects are approved. All project activities must be completed prior to March 31, 2014.
For more information and detailed guidelines, please refer to the FedDev Ontario web site at www.feddevontario.gc.ca.
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