Communities to Attract Foreign Investment and Create Jobs with Support from the Government of Canada
Minister Van Loan announces Invest Canada–Community Initiatives awards for eight recipients in Nova Scotia
(No. 241 - July 30, 2010 - 11:45 a.m. ET) The Honourable Peter Van Loan, Minister of International Trade, today announced that the Government of Canada is providing $3 million through the Invest Canada–Community Initiatives (ICCI) program to more than 100 community organizations in Canada to support their efforts to attract, retain and expand job-creating foreign direct investment.
“Attracting foreign investment is highly competitive and this funding helps local communities attract foreign investment, which in turn creates job, expands the economy, and fuels growth for the future,” said Minister Van Loan. “With one of the most successful and innovative economies in the world, Canada offers many advantages as an investment destination and business partner.”
The Minister made the announcement in Nova Scotia, where eight community organizations will receive close to $190,000 from the program.
“In today’s global economy, foreign direct investment is a key driver of economic growth and prosperity. We want investors from around the world to look for new business opportunities in communities in Nova Scotia and across Canada,” said the Honourable Peter MacKay, Minister of National Defence and Regional Minister for Nova Scotia. “This program is helping communities from Halifax to East Hants and from Weymouth to Antigonish make commercial connections beyond Canada’s borders.”
Among the eight recipients is the Greater Halifax Partnership, which received a $35,000 contribution to identify opportunities to attract, retain and expand foreign direct investment in Nova Scotia’s insurance sector.
“The insurance sector has a significant economic impact in Halifax and throughout Nova Scotia, and it is an industry that has been identified for its growth potential,” said Greater Halifax Partnership President and CEO Paul Kent. “This contribution from the Government of Canada will help us and our partners, Nova Scotia Business Inc. and the Insurance Bureau of Canada, identify opportunities for expansion and mobilize business leaders in our efforts to attract, retain and expand foreign direct investment in the insurance sector.”
ICCI helps communities in all provinces and territories attract, retain and expand foreign direct investment. ICCI supports non-profit and public-private groups at the local community level.
For more information, visit Invest Canada-Community Initiatives.
- 30 -
A backgrounder follows.
For further information, media representatives may contact:
Office of the Honourable Peter Van Loan
Minister of International Trade
Trade Media Relations Office
Foreign Affairs and International Trade Canada
Backgrounder—Invest Canada-Community Initiatives
The Invest Canada–Community Initiatives (ICCI) program is one of the three components of the Global Commerce Support Program established by the Government of Canada in December 2008. It is designed to help Canadian communities attract, retain and expand foreign direct investment. ICCI supports non-profit and public-private partnerships at the local community level.
Between 2005 and 2009, ICCI, formerly known as the Community Investment Support Program, supported 377 communities through 688 projects valued at $20 million. This year, eight organizations in Nova Scotia will receive a total of $189,525 in funding from our government.
Applications are evaluated based on their strategies for attracting and retaining foreign direct investment, project components, performance measures, capacity to complete the project, work plan and the level of public-private sector partnership.
Under the ICCI program, the Government of Canada’s non-repayable contributions range from $3,000 to $300,000, and agreements are made for a one-year period, from January 1 to December 31. The ICCI program provides matching funds of up to 50 percent of eligible expenses. Communities may receive support from other federal government programs, however the total federal support must not exceed 50 percent.
2010 Recipients in Nova Scotia:
Annapolis Digby Economic Development Agency
Project(s): Hire consultants with sector-specific expertise to undertake activities involving research and lead generation in priority sectors.
Cumberland Regional Economic Development Association
Project(s): Hire a communications consultant to reposition Cumberland’s Investment Attraction Brand; enhance website and design promotional material.
Greater Halifax Partnership
Project(s): Hire a consultant to conduct comprehensive research on the scale, scope and impact of the insurance sector in Halifax and elsewhere in Nova Scotia; identify opportunities to expand foreign direct investment and mobilize business leaders to attract it.
Nova Scotia Association of Regional Development Authorities
Project(s): Design and develop a comprehensive Nova Scotia investment portal that represents all economic development organizations in the province and attracts potential investors.
Project(s): Hire a consultant to identify potential sources of foreign direct investment and develop an action plan to attract them.
Halifax Gateway Council
Project(s): Hire a consultant to identify potential investors in the transportation sector; direct efforts toward the further development of the Halifax Gateway Logistics Park.
Municipality of East Hants
Project(s): Develop a strategic sustainability model with environmental assessment parameters to support green investment opportunities for an integrated intermodal logistics centre at Milford Station.
Antigonish Regional Development Authority
Project(s): Develop website; hire a consultant to identify local strengths, assets and lead sectors, collect economic data and develop a protocol for handling leads among local organizations; design promotional material.
- Date Modified: