Ontario Construction News staff writer
Invest Ontario, the new provincial agency focused on promoting the province as key investment destination.
The board will lead the new agency and will report to Vic Fedeli, Minister of Economic Development, Job Creation and Trade and will advise on key opportunities to spur Ontario’s economic recovery and growth in an increasingly competitive global marketplace.
Heading the agency as Chair is Elyse Allan, an accomplished executive with experience in driving growth, technology and innovation.
James Wallace, owner and CEO of several family businesses, will represent the construction industry with broad experience in the business of heavy construction, mining, finance and strong ties to Northern Ontario.
Wallace has served on the boards for Noranda, Falconbridge, Xstrata, Quadra Norbord, FNX Mining Limited, Rio Algom, CTV, Northstar Aerospace Inc., Brookfield Infrastructure Partners and Brookfield Renewable Power and provided expertise to organizations such as the Ontario Road Builders Association, the National Concrete Producers Association and the Sudbury Construction Association.
“Now more than ever, it’s critical to position Ontario as a top tier destination for investment, domestic growth, and job creation. A key measure to support this objective is the creation of a new investment attraction agency, Invest Ontario,” said Minister Fedeli. “Invest Ontario will be supported by a team of business development executives who bring a private-sector approach to attracting large-scale, high-quality investments to help drive our economy forward and cement our position as the economic engine of Canada.”
Invest Ontario will include greater business development and deal structuring expertise and build on the many benefits of investing in Ontario, including: a good quality of life, a highly skilled talent pool, a strong and growing innovation sector, and a pro-job creation jurisdiction that can help businesses thrive.
“Ontario offers a wealth of opportunities for investors and businesses looking to grow. Our talented workforce, leading postsecondary institutions, strong innovation and manufacturing sectors and business friendly climate are just a few of the attributes that make our province highly attractive,” said Elyse Allan, Board Chair of Invest Ontario. “Invest Ontario will promote these qualities and provide an all-in-one experience to prospective global investors that results in finding and closing the best deals to bring value and opportunity to the province.”
Invest Ontario will promote the province as a key investment destination, making Ontario more competitive while sending a strong signal to investors that the province is open for business. It will be a “one stop shop” for businesses and investors. It will move at the speed of business and drive greater economic growth, support strategic domestic firms, and attract business from around the world to create good jobs in Ontario.