Ontario Promotes Key Sectors During Trade Mission to New York City
April 17, 2023
Province highlights world-class workforce in meetings with U.S. companies
The Ontario government has concluded a successful business mission to New York City to promote the province’s financial services, information technology and life sciences sectors, and explore new opportunities for investment and job creation. The mission, led by Vic Fedeli, Minister of Economic Development, Job Creation and Trade, included roundtable discussions with American companies interested in expanding their presence in Ontario.
“This mission was a chance to meet face-to-face with companies in the U.S. to discuss opportunities for business expansion and collaboration across the border,” said Minister Fedeli. “New York City and Toronto are major financial and IT hubs. We’re building on our strong relationships to foster opportunities for companies on both sides of the border to grow and create more good-paying jobs.”Victor Fedeli, Minister of Economic Development, Job Creation, and Trade
From April 10 to 12, Ontario met with leading companies in the financial services and information technology sectors, as well as several software development companies. This included meetings with Globant and Cockroach Labs, two New York-based software development companies that recently opened offices in Toronto. Both companies are growing their teams, with Globant’s expansion expected to add 200 highly-skilled jobs to the province.
“We were pleased to join Minister Fedeli in New York City to promote the Toronto Region and Ontario – North America’s fastest growing technology market – to international investors,” said Stephen Lund, CEO, Toronto Global. “The relationships we have built here in-market have yielded thousands of jobs and significant investments to the regional economy, and we look forward to continuing to welcome these new, innovative companies to Ontario.”Stephen Lund, CEO, Toronto Global
Additional highlights from the trade mission included meetings with executives from Citi, Crowdbotics, Fever, ThoughtFocus, Justworks and Synechron, as well as a roundtable on foreign direct investment. The roundtable provided a key opportunity to strengthen existing relationships and foster new opportunities for investment. Last year, two-way trade between Ontario and New York was valued at close to $37 billion, with 300 New York-owned companies operating in Ontario.
With its competitive economy, world-class workforce, and state-of-the-art research and development facilities, Ontario continues to be a prime location for businesses to invest and grow.
- Ontario’s Financial Services sector employs over 417,000 people, with Toronto having the highest concentration of finance and insurance employment in North America.
- Ontario has the third largest number of information and communications technology (ICT) establishments in North America and is home to more than 408,000 ICT workers. This includes 335 cybersecurity companies, many of which are clustered in the Greater Toronto Area, Ottawa and Waterloo Region.
- In 2021, Ontario ranked first in Canada in number of venture capital deals and total capital raised, accounting almost 50 per cent of total Canadian investment at nearly $8.4 billion. Since 2019, Ontario has seen 17 start-ups grow to reach a valuation of $1 billion or more.
- Ontario’s 2023 Budget: Building a Strong Ontario is a responsible, targeted approach to help people and businesses today while laying a strong fiscal foundation for future generations.
- Invest Ontario is Ontario’s central agency for businesses and investors to discover what others from around the province and globe have already realized — that Ontario is a top-tier destination for investment and strategic business growth. The agency drives economic growth, supports strategic domestic firms and attracts business from around the world.
Ontario Investing in New Innovative Hub to Grow the Life Sciences Sector in Kitchener and Waterloo
The Ontario government is investing $7.5 million to help build a state-of-the-art Innovation Arena at the University of Waterloo. The new $35 million facility will be a hub for innovation in Ontario’s life sciences sector in Kitchener and Waterloo, supporting the development of new health technology and the commercialization of intellectual property and encouraging investment and job creation.