TORONTO – Feb. 12, 2018 – In partnership with Toronto Global, the University of Toronto’s Munk School of Global Affairs has released a new report, “Collaborating for investment attraction in the Toronto Region,” which outlines the economic benefits of foreign direct investment (FDI) to the entire Toronto Region.
The report was released at an event today, attended by business leaders and economic developers from across the region, with a presentation from the co-authors of the report, David Wolfe and Richard DiFrancesco.
The discussion of report findings was followed by a lively fireside chat with Mississauga Mayor Bonnie Crombie, Former Minister of Economic Development and Growth and MPP, Brad Duguid, and Scott Bradley, Vice-President of Corporate Affairs at Huawei Canada, and was moderated by the Executive Director of the Martin Prosperity Institute, Jamison Steeve.
Please click here to live stream the event beginning at 1pm EST.
The report analyzes a number of FDI projects across the Toronto Region, spanning several industry sectors. The case studies show how firms will often build on their initial investment to broaden their presence across the region and further afield.
Key Findings:
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- The model showcases that FDI, regardless of location, benefits the region as a whole. All regional jurisdictions ultimately benefit in terms of employment creation, taxes, the purchase of supplies and services as well as other benefits.
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- Between 78 – 98% of the economic impacts of an FDI project (i.e. gross output, employment, wages, and imports) fall within the borders of the Toronto Region, giving some indication that the region truly does operate as an economic entity.
Quotes
“The insights in this report offer strong support for having a collaborative regional approach to investment attraction in the Toronto Region. The scale and depth of the region’s value proposition was a major determinant in its selection as the only location outside of the United States shortlisted for Amazon’s HQ2.
International businesses consider the value proposition of the region overall when making a location decision and, in turn, not only inject jobs and taxes, but more importantly, transform and enhance the regional economy through their connections and investments.”
– Toby Lennox, CEO, Toronto Global
“The leading firms of today weigh location decisions on the basis of what strategic assets regions as a whole – not just particular jurisdictions – can offer them in the context of a highly competitive international marketplace.
Working together to strengthen and promote the region’s business and talent ecosystem will allow each jurisdiction to prosper while creating a winning value proposition for the Toronto Region to attract global firms.”
– David A. Wolfe, Author
Innovation Policy Lab, Munk School of Global Affairs, University of Toronto
About Collaborating for Investment Attraction in the Toronto Region
Toronto Global is an arms-length not-for-profit corporation representing the Cities of Brampton, Mississauga and Toronto and the Regions of Durham, Halton and York. Its mandate is to market the entire region to international investors by promoting the Toronto Region’s diversity of services, sectors and industries, diverse and innovative workforce and strong and stable economy to attract FDI from targeted industries around the world.
Toronto Global’s work will build upon the federal and provincial government’s commitment to growing Canada’s innovation and knowledge-based economies by driving targeted, region-wide economic growth to generate quality skills, jobs and opportunities for Canadians.