Ontario Is Attracting Investment, Creating Jobs
McGuinty Government Supports Regional Economic Development
Ontario is moving forward to create jobs by helping communities in Eastern and Southwestern Ontario to attract new business investments.
The province introduced the Attracting Investment and Creating Jobs Act that would, if passed:
- Create the Southwestern Ontario Development Fund which would build on the strengths of the region and help address local economic development challenges in a time of global uncertainty. It would help businesses move forward with new projects and investments to help them create the jobs of tomorrow.
- Make the Eastern Ontario Development Fund permanent to further strengthen the local economy. This fund has already created and protected over 11,700 jobs and leveraged over $485 million in investment across Eastern Ontario.
The proposed Attracting Investment and Creating Jobs Act is a key component of the McGuinty government's plan to partner with business to create and protect new and existing jobs for Ontario families, and to strengthen local economies.
- Public consultations on the proposed Southwestern Ontario Development Fund will begin in December.
- Since October 2003, Ontario has created 485,400 net new jobs for Ontario families.
- In 2010, Ontario was named a top destination for foreign direct investment in North America, second only to California. The province attracted a total of 127 Foreign Direct Investment projects, which created more than 11,200 jobs.
- As a result of the tax changes implemented in Ontario, taxes on business investment were cut in half, making Ontario more competitive and encouraging business growth.
“The Attracting Investment and Creating Jobs Act, if passed, would attract new economic opportunities to our communities and create good jobs for Ontario families. Establishing the Southwestern fund and making the Eastern fund permanent are necessary to address regional economic challenges and create a more competitive, dynamic, and innovative Ontario economy.”
“The proposed Southwestern Ontario Development Fund recognizes the unique economic challenges our region is facing. We look forward to continuing to work closely with the province to create good jobs and attract investment to Southwestern Ontario.”
“Establishing permanent funding for the Eastern Ontario Development Fund demonstrates the province's long-term commitment to our region. This innovative program has already provided a tremendous economic boost to communities throughout Eastern Ontario.”
J. Murray Jones