Ontario Jobs and Prosperity Fund--Working for Ontario
Province to Further Increase Productivity, Innovation and Exports
Ontario is focussing the Jobs and Prosperity Fund to further stimulate a globally competitive business climate in the province.
The Jobs and Prosperity Fund is providing $2.5 billion over 10 years to enhance productivity, bolster innovation and grow Ontario's exports.
The fund has three distinct streams:
- The New Economy Stream: to build R&D capacity, improve private-sector productivity, performance and competitiveness, and support innovative businesses in expanding their market.
- The Strategic Partnerships Stream: to help entrepreneurs, companies, research institutions, customers and investors work together to strengthen Ontario firms and our ability to compete globally.
- The Food and Beverage Growth Fund: to support food, beverage and bioproduct manufacturing projects that will help create and retain jobs, strengthen supply chains, increase market access, and enhance innovation and productivity.
The Jobs and Prosperity Fund will use a strategic investment scorecard to evaluate all eligible projects. For project funding to be approved, companies must demonstrate how they will further increase productivity, bolster innovation and improve their international competitiveness while providing long-term economic benefits for the province and driving job creation.
Ontario's four-part plan is strengthening our economy by investing in people's talents and skills, building new public infrastructure like roads and transit, creating a dynamic, supportive environment where business thrives and building a secure savings plan so everyone can afford to retire.
- The Jobs and Prosperity Fund supports the recommendations of the Jobs and Prosperity Council and will help secure anchor investments that help support growth and sustain well-paid jobs in Ontario.
- The New Economy Stream will support projects of at least $10 million in eligible costs and will target key sectors such as advanced manufacturing, life sciences, as well as information and communications technology.
- The Strategic Partnerships Stream will support partnership projects of at least $10 million in eligible costs and will focus on technologies that have the potential to transform industries.
- The Food and Beverage Growth Fund will support food, beverage and bioproduct processing projects across the province with more than $5 million in eligible costs.
- The Jobs and Prosperity Fund is already working for Ontarians with investments in companies such as Cisco, OpenText, Ford and Honda.
“The competition for investment is fierce in an increasingly global economy. In order for Ontario to remain a top jurisdiction for investment, we must continue to take targeted action that increases our economic capacity. The Jobs and Prosperity Fund will ensure our partnerships with business further increase productivity, drive innovation, and grow our global exports.”
“We have to help create the conditions for companies to succeed. The province will use the framework and the Jobs and Prosperity Fund to partner with businesses that encourage new investments that enhance productivity, innovation and going global.”
“Ontario’s agri-food sector is an economic driver, contributing $34 billion to the provincial GDP and employing over 760,000 individuals. The Food and Beverage Growth Fund will complement an existing suite of programs designed to support the entire agri-food sector, from producers to processors, and will help position the sector to grow and meet the Premier’s target of 120,000 new jobs by 2020.”
“Ontario is a vibrant hub of research excellence, collaboration and innovation. The Jobs and Prosperity Fund will help us partner with businesses, industry and research institutions across the province to support outstanding, world-class initiatives that will foster a dynamic and innovative business climate, draw investment, create jobs and help more Ontario firms compete globally.”