Wednesday, May 29, 2024

GOVERNMENT OF CANADA INVESTS IN ONTARIO’S MANUFACTURING SECTOR TO DRIVE COMPETITIVENESS

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Federal Economic Development Agency for Southern Ontario (FedDev Ontario) provides $8.8 million in funding to help manufacturers adopt new technologies and grow their businesses

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Canadian Manufacturers & Exporters (CME) launched the Technology Investment Program today, designed to help small- and medium-sized southern Ontario manufacturers compete on the global stage by investing in advanced manufacturing technologies to automate production and reduce their environmental footprint.

Funded by the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), this program provides direct financial assistance to eligible manufacturers in the form of a matching contribution of up to $50,000 to support their investment in long-term production assets and technology.

“Ontario’s manufacturing industry is the engine that drives our national economy and our Government is investing in the people that make it run. By making smart investments across supply chains, we will work together to grow local economies, create good paying jobs for our communities, and ensure a healthy environment for generations,” said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario.

To compete in our modern economy, manufacturers must be investing in ‘manufacturing critical technologies’ including robotics; artificial intelligence and other machine learning applications; and advanced networks and the Internet of Things. When comparing trends in Canada to those south of the border, Ontario manufacturers remain slow adopters of advanced manufacturing technology. In the US manufacturing sector, machinery and equipment (M&E) investment increased by a total of 34% between 2004 and 2021 but fell by 14.8% in Ontario.

“CME’s Technology Investment Program will help Ontario manufacturers with the tools needed to compete on the global stage. By investing in advanced manufacturing technologies, manufacturers will be better able to serve customers at home and around the world. We are so pleased that FedDev Ontario has taken a leading role in helping hundreds of SME manufacturers invest in their future,” shares Dennis Darby, President and CEO of CME.

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