Federal government provides major boost for Ontario manufacturers
By Government of Canada
By Government of Canada
Dec. 9, 2013 – Ontario’s manufacturers welcomed a major economic boost today as the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), and Joe Preston, Member of Parliament for Elgin–Middlesex–London, announced the launch of the Advanced Manufacturing Fund in London, Ontario.
Dec. 9, 2013 – Ontario’s manufacturers welcomed a major economic boost
today as the Honourable Gary Goodyear, Minister of State for the Federal
Economic Development Agency for Southern Ontario (FedDev Ontario), and
Joe Preston, Member of Parliament for Elgin–Middlesex–London, announced
the launch of the Advanced Manufacturing Fund in London, Ontario.
Ontario is home to skilled workers, world-leading companies and innovative manufacturers. The manufacturing sector’s contribution to the economy continues to be a key driver of economic prosperity, despite challenges associated with intensifying competitive pressures.
The Fund is aimed at the development of transformative products and technologies to help Ontario manufacturers create jobs and compete with the rest of the world.
“Through the Advanced Manufacturing Fund, our Government is looking ahead to the new and innovative products or production methods that will push Ontario to the forefront of high-tech manufacturing,” said Minister Goodyear. “With this investment, we are helping manufacturers in the province to build momentum and push to be more competitive on the global stage.”
“AMF is one of the integral ways our Government will help our workers, businesses and other organizations here in London and across Ontario as they strive to grow and prosper,” said MP Preston. “By investing in innovative and productive manufacturing companies, we are helping them to achieve and maintain global leadership, while providing good quality jobs in Ontario now and for the future.”
“As Canada’s leading trade and industry association, we understand the importance of and need to bolster the global competitiveness of Ontario companies,” said Jayson Myers, President and CEO, Canadian Manufacturers & Exporters (CME). “CME supports FedDev Ontario as it continues to equip manufacturers with the right tools to become more successful.”
The Government of Canada’s Economic Action Plan 2013 provides $200 million over five years for the Advanced Manufacturing Fund in Ontario, to be delivered province-wide by FedDev Ontario.
The Fund will promote continued growth of Ontario’s advanced manufacturing sector by supporting large-scale, transformative manufacturing activities.
It will increase productivity.
It will lead to greater economic output.
It will create cutting-edge companies, driven by innovation
It will establish clusters or supply chains.
It will foster collaboration between the private sector, research institutions and post-secondary institutions.
Advanced manufacturing includes the development and/or adoption of cutting-edge technologies that demonstrate a commitment to product, process, and technological innovation.
The contributions provided will normally be between $10 million and $20 million per project for up to one-half (50 percent) of total eligible project costs. Projects seeking less than $10 million or more than $20 million may be considered. Applicants must provide evidence of industry support (non-government sources) for at least 50 percent of the remaining project costs and clearly demonstrate how their project responds to innovation, market relevance and spillover economic benefits.
For more information