McGuinty government promotes tourism investment

Archived Release

McGuinty government promotes tourism investment

TORONTO, Jan. 22 - The McGuinty government has launched a new tourism investment Web site and brochure as part of its strategy to revitalize investment in Ontario's tourism industry, Tourism and Recreation Minister Jim Bradley announced today. The Web site and brochure are key elements of the province's Tourism Investment Strategy. These tools are designed to attract national and international investors to develop new tourism attractions and experiences in Ontario, and will help assure Ontario an international reputation among investors as an accessible, exciting and vibrant place to invest. "Our government is committed to supporting tourism investment in Ontario," said Bradley. "Through joint public/private investing efforts, the tourism industry will attract more visitors to Ontario and encourage them to stay longer and spend more money. That will create more jobs in Ontario and boost local economies across the province." In addition to the Web site and brochure, the Ministry of Tourism and Recreation's Investment and Development Office will market Ontario tourism investment prospects to international companies, continue to conduct annual forums on municipal economic development and use regional inventories of tourism assets to identify tourism investment opportunities. "It is exciting to see a government committed to developing productive relationships with international and domestic investment communities looking to invest in Ontario's tourism industry," said Lyle Hall, national director, Hospitality, Leisure and Tourism, KPMG Canada. "Investors, site selectors and the intermediaries supporting them welcome these types of groundbreaking initiatives, and we applaud the direction your government is taking." The Ontario Tourism Investment Web site, hosted by the Ministry of Economic Development and Trade, provides internet-based research for potential investors to make informed investment decisions about the province. Comprehensive tourism data including hotel occupancy rates, labour rates, number of tourism establishments, visitor characteristics, financial performance, investment opportunities and real estate properties for sale are available at www.2ontario.com/tourism. Disponible en français www.2ontario.com/tourism Backgrounder ------------------------------------------------------------------------ Ministry of Tourism and Recreation TOURISM IN ONTARIO THERE'S NO BETTER PLACE TO DO BUSINESS Ontario is the number one tourism destination in Canada for visitors. The Ontario government is working to encourage tourism investment in new attractions and products to attract even more visitors who will stay longer, spend more money and help boost local economies. Reasons to invest in Ontario tourism: - Ontario - Canada's Tourism Magnet. In 2001, 43% of visitors to Canada came to Ontario and contributed 37% of Canada's tourism revenues. - Tourism is a Proven Employment Sector. Ontario has over 149,000 businesses related to tourism products and services representing over 19% of all business in Ontario. In 2000, Ontario tourism generated $20.1 billion in annual revenues and accounted for approximately 486,000 jobs. - Vibrant and Sustainable Economy. Ontario is the engine of Canada's economy. It generates more than 40% of Canada's GDP while engaging in almost half of the country's trade. Independently, Ontario's real GDP growth is expected to outpace each of the G7 countries. Tourism is Ontario's 7th largest export industry. - Favourable Cost Structure Geared for Profit. From salaries and benefits to energy, rent and professional services, Ontario's business costs provide extraordinary investment value. - Geographic Centre of North America. With a landmass of more than 400,000 square miles, and a border that stretches almost halfway across the United States, Ontario is as big as France and Spain combined. Ontario has 20 road, rail and water border crossings with the United States and access to over 130 million people is within a day's drive. - True Four-Season Destination Market. Ontario has 280 provincial parks, 44 ski areas, 650 golf courses, the longest freshwater beach in the world (on Georgian Bay), and the most diverse hunting and fishing in North America. - Diverse Multicultural Population Base. Over 100 ethnic cultures are represented within Ontario's population of over 12 million people - greater than one third of Canada's population. More than half of all new Canadians settle in Ontario and contribute to communicating with and understanding global markets. - Proven Entrepreneurial Spirit. Nearly 70% of Ontario's tourism industry is comprised of family owned and operated businesses with one to four employees. - Educated and Loyal Workforce. In 1999, 60% of Ontario workers had attended university or college. In 1997, job tenure averaged nine years for managers and eight years for all workers. - Demonstrated Commitment by the Province of Ontario. The McGuinty government is committed to supporting and encouraging growth in the tourism industry. The Ministry of Tourism and Recreation's Investment and Development Office facilitates new product development and promotes tourism investment. Disponible en français www.2ontario.com/tourismFor further information: Wayne Beaton, Minister's Office, (416) 314-1400