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Making An Impact - Toronto Global Releases 2022/23 Annual Report
TORONTO – June 26, 2023 –
Today, Toronto Global presents its
Annual Report 2022/2023:
Making an Impact
in addition to the company’s audited financial statements. Officially released at the Collision 2023 conference, the report highlights this year’s record-breaking results, providing a picture of the Toronto Region’s post-pandemic success in relation to attracting international investment and driving economic growth.
Working with global investors from a range of markets and industries, the Toronto Global team, assisted by our partners in the federal, provincial and municipal governments, facilitated 45 new investments in the Toronto Region in 2022/23. With 3,325 direct new jobs created, increasing to approximately 7,800 total jobs when including both direct and indirect jobs created; and $920 million in capital expenditure (CAPEX), contributing $185 million in tax revenue for all levels of government; these results represent new all-time annual records for both jobs and CAPEX, overshooting the top end of target ranges by 150% and 300%, respectively. This, in turn, provides an unprecedented return on investment for our government funding partners.
In this report, Toronto Global showcases the incredible accomplishments of not only the organization, but the Toronto Region as a whole. By focusing on impact and reflecting on the future of the region’s growth, the organization has helped land 215 international companies in the region since 2017, creating 30,000 total jobs and $2.8 billion in capital expenditure. In all, Toronto Global investments have generated $700 million dollars in revenue for all three levels of government and contributed a total of $3.6 billion to Canada’s GDP since inception.
International investment is critical in driving economies, creating jobs and generating tax revenues for governments, along with establishing spin off benefits for our domestic businesses and service providers, and positive ties to immigration. Toronto Global’s overarching objective is to attract new, high impact, international investment that significantly contributes to the economic growth and prosperity of the Toronto Region.
Creating impact in a real way is the catalyst that will drive economic vitality and community prosperity across the region. By rethinking growth and impact in international investments, Toronto Global supports a resilient and inclusive region, shaping a brighter future for the Toronto Region where every individual has the opportunity to thrive.
As a regional partnership, Toronto Global is committed to a collaborative and coordinated approach that enhances the Toronto Region’s capacity to attract investment and strengthens our global competitiveness. By working with companies who champion environmentally friendly initiatives, ethical recruitment practices, carbon footprint reduction, diversity, equity and inclusion in the workplace, and create jobs in diverse industries that fill critical market, sector and supply chain gaps, Toronto Global helps to attract investment that makes a positive impact in the Toronto Region. This serves to strengthen our value proposition in order to continue to attract investment in an increasingly competitive global landscape.
So, what kind of companies are leading the charge toward making such an impact to our region, province, and country?
Cloud computing specialists (United States)
American cloud computing company, Snowflake has opened its Canadian headquarters in Toronto, which also functions as one of its five global engineering hubs. The company already employs about 100 people in Canada across various roles and is committed to making a human and data-driven difference through its many ‘Snowflake for Good’ initiatives. To learn more about its ESG initiatives,
The Cultivated B. (TCB), a bioengineering company that provides access to plant-based and cell-based alternative protein sources, announced the opening of a $50 million, 130,000 square foot Canadian manufacturing facility and innovation hub in Burlington, Halton Region, estimated to house over two hundred employees within Canada in the next year. To learn more about TCB’s partnership with Ontario Genomics to create the Innovation Hub, providing biotech companies with access to laboratory space, bioreactors and mentorship to accelerate sustainable product development,
AI Centre of Excellence (France)
Sanofi announced the opening of an Artificial Intelligence Centre of Excellence in Toronto, joining Sanofi’s global network of existing digital hubs in Paris, Boston, New York and Barcelona. The Centre will be focused on using leading technologies to develop world-class data and artificial intelligence (AI) products for the design of globally scalable solutions, supporting the development of innovative vaccines and pharmaceuticals. To learn about Sanofi’s corporate social responsibility initiatives,
“This annual report serves as a testament to the collective efforts of our dedicated team, throughout every interaction and conversation with our stakeholders and business partners,” said Stephen Lund, Chief Executive Officer. “I am proud of the work that every individual, internal and external, has contributed to the goals of Toronto Global to positively impact the economic growth and success of the Toronto Region. Thanks to the unwavering support of our communities, our annual report celebrates the accomplishments and progress of all our hard work.”
“The remarkable results of this past year represent Toronto Global’s role in fostering a thriving ecosystem that nurtures innovation, embraces collaboration, and attracts global investments,” said Mark Cohon, Chair, Toronto Global Board of Directors. “As we reflect on our achievements, we remain steadfast in our pursuit of continued progress and prosperity for all who call Toronto Region home and we are committed to ensuring that our region remains a dynamic and inclusive economic powerhouse.”
About Toronto Global
Toronto Global is the first point of contact for international businesses looking to accelerate expansion, make connections and access talent in the Toronto Region, Canada’s business, tech and financial capital. Our business-driven team has provided complimentary concierge services to more than 200 companies – including Sanofi, Netflix, Infosys and HSBC – setting the stage for success in the fastest growing, and most educated and diverse market in North America.
We assist companies by sharing market research and intelligence that informs their decision-making, and by facilitating local connections to support the establishment of operations in the region. Toronto Global actively promotes the competitive advantages of the Toronto Region as an ideal location for corporate expansion.
In September 2022, Toronto Global was honoured to be certified as ‘A Great Place to Work,’ an important designation that certifies employers who create an outstanding employee experience and an amazing workplace culture.
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