New Manufacturing Strategy To Secure Jobs, Strengthen Innovative Economy
Economic Development and Trade Minister Joseph Cordiano announced a new $500 million repayable loan program today. Ontario’s Advanced Manufacturing Investment Strategy will work with industry partners to develop and put in place leading technologies and innovations to keep them globally competitive.
“We value our manufacturing sector in Ontario, and know that it is our province’s largest job creator. With this strategy we are investing in our highly skilled workforce by helping manufacturers stay at the cutting edge of technology,” Cordiano said. “That’s how our industries will stay globally competitive and jobs for our Ontario workers will be secure in the future.”
The Advanced Manufacturing Investment Strategy is designed to attract investment by helping companies across the province take immediate steps to develop and use leading technologies and innovations that will keep them globally competitive. Government support will focus on manufacturing processes and technologies, materials innovations, innovative waste management technologies and energy efficiencies.
The repayable loans are interest-free for up to the first five years. The $500 million strategy provides up to 10 per cent of eligible project costs.
“In order for Ontario to be successful in the global innovation race we must be the first to discover new ideas, the first to turn them into new products and services and the first to market those products and services to the world,” said Premier and Minister of Research and Innovation Dalton McGuinty. “By strategically investing in innovation, Ontario will create the most rewarding jobs and build the strongest economy.”
Minister Cordiano announced the program today from Ryerson University’s Institute for Aerospace Design and Innovation and invited companies to submit proposals. Up to three calls for proposals will be made each year for five years, depending on the number of successful projects. For more information about the Advanced Manufacturing Investment Strategy including eligibility requirements, program proposal forms and guidelines visit www.ontariocanada.com.
For more information:
Molly Finlay
Minister’s Office
(416) 325-6706
Lisa Roberts
Communications Branch
(416) 325-8773
Backgrounder
The Ontario Advanced Manufacturing Investment Strategy
Ontario’s new Advanced Manufacturing Investment Strategy is designed to attract more investment to the province and secure high-value jobs in Ontario by keeping companies globally competitive. The new program gives Ontario companies the tools they need to make large-scale investments that will push the boundaries of current knowledge and improve the quality and level of innovation in advanced manufacturing. The program is designed to leverage private and broader public sector investments in research and development, commercialization of new technologies and processes and support post-secondary skills and innovation development activities.
The new $500 million repayable loan program is interest free for up to the first five years and will provide loans for up to 10 per cent of total project costs. No project will exceed $10 million in contributions from the program.
Eligibility
Eligible proposals will include project investments valued at $50 million or more, or the creation or retention of a minimum of 150 high value jobs. Projects will focus on developing and putting in place leading innovations in manufacturing technology and processes, materials innovations, waste management and energy efficiencies.
Time Lines
The Minister of Economic Development and Trade is inviting companies to submit proposals. The ministry will receive submissions between December 19, 2005 and January 31, 2006. Depending on the number of successful submissions, the program allows for up to three calls for proposals annually over five years.
Program guidelines, application forms and contact information is available at www.ontariocanada.com.
Posted in: SLEP News