Minister Fast announces funding for 99 organizations and promotes Canada as an investment destination of choice
(No. 318 - October 24, 2011 - 12:30 p.m. ET) The Honourable Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, today announced that the Government of Canada is providing funding to 99 organizations across Canada to support their efforts to attract, retain and expand foreign direct investment in their local communities.
“In today’s global economy, foreign direct investment is a key driver of economic growth and prosperity,” said Minister Fast at an event in Toronto hosted by the Greater Toronto Marketing Alliance (GTMA), one of the recipient organizations. “The funding announced today will help ensure that investors from around the world look to Canadian communities as destinations of choice for new business opportunities.”
The funding is provided under the Invest Canada - Community Initiatives (ICCI) program, which helps communities across the country attract, retain and expand foreign direct investment. The program supports non-profit and public-private groups at the local level and works through partnerships and cost-sharing arrangements.
In Ontario, 20 organizations will benefit from funding under this program. Besides the GTMA, other recipients include the Niagara Economic Development Corporation, the Ottawa Centre for Research and Innovation and the Dryden Development Corporation. These organizations are developing strategies and tools to attract foreign investment in key sectors of the economy such as the automotive, medical, defence and energy sectors.
“In order for Canada to succeed globally, we need to have strong regions that are investment ready and well positioned for global competitiveness,” said George Hanus, GTMA President and Chief Executive Officer. “There is no better example than here in the Greater Toronto Area, where ICCI has created enormous economic benefits by supporting our regional international investment attraction programs. This, in turn, has created over 3,200 direct jobs, $5 million in annual property taxes and has conservatively added over $300 million to the local economy.”
Since 2006, the ICCI program has helped create jobs and prosperity, while growing Canada’s economy, by supporting 380 organizations through 779 projects.
“In these globally challenging times, Canadians remain concerned about their jobs and their children’s futures,” added Minister Fast. “Our government has an economic plan to meet these challenges—a plan with deeper trade and low taxes as its centerpiece. Thanks to government support for local communities, low-tax policies, strong economic fundamentals and a skilled, innovative workforce, Canada remains an excellent destination for new investment.”
For more information on Minister Fast’s announcement, please visit Attracting Foreign Investment to Canada.
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A backgrounder follows.
For further information, media representatives may contact:
Office of the Honourable Ed Fast
Minister of International Trade and Minister for the Asia-Pacific Gateway
Trade Media Relations Office
Foreign Affairs and International Trade Canada
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The Invest Canada - Community Initiatives (ICCI) program—one of the components of the Government of Canada’s Global Commerce Support Program—funds up to 50 percent of community-based activities aimed at developing and executing local investment attraction strategies. Applications are evaluated based on criteria that include the proposed strategy, project components, performance measures, work plan and the level of public-private sector partnership. Funding amounts for this year range from $3,780 to $252,500.
Eligible communities can apply for funding once a year following the guidelines found at Invest Canada - Community Initiatives (ICCI).
The ICCI program was 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.
Since 2006, the program has supported 380 organizations through 779 projects valued at $24 million. This year, 99 organizations across Canada are receiving funding from the Government of Canada for more than $3 million.
Applications are evaluated based on their foreign direct investment attraction and retention strategies, project components, performance measures, capacity, work plan and the level of public-private sector partnership.
Under ICCI, the Government of Canada’s non-repayable contributions can range from $3,000 to $300,000. The program provides matching funds of up to 50 percent of eligible expenses. If a community accesses other federal government support, the total federal support cannot exceed 50 percent.
To learn more about Invest Canada - Community Initiatives, please consult Invest Canada - Community Initiatives (ICCI).