Fed’s $3M investment aimed at boosting local economic development

The Waterloo Region Economic Development Corporation is getting $3-million from the federal government to build capacity for new business investment in the townships

The organization tasked with attracting business investment to Waterloo region is getting $3-million from the federal government to build capacity for new business in the townships with the goal of supporting up to 24 businesses, creating and maintaining almost 117 jobs, and advancing the local electric vehicle (EV) sector.

Filomena Tassi, the minister responsible for Federal Economic Development Agency for Southern Ontario (FedDev) was in Cambridge today to announce the funding for the Waterloo Region Economic Development Corporation (Waterloo EDC).

The money will be used by EDC to support the surrounding townships by developing investment readiness strategies to strengthen their capacity to land new investments in sectors lik EV, cleantech and agri-food, while also enhancing the region’s services to support new and existing business growth and retention, said a press release.

The project will also diversify the target markets for foreign direct investment to attract businesses in important sectors to the Region and townships, said a press release.

Additionally, Waterloo EDC will support the advancement of the electric vehicle (EV) sector through targeted growth activities.

“This funding supports investment in our rural areas, expanded investment attraction activities, enhanced services for companies joining our ecosystem and strategic tools for attracting more electric vehicle-related investment, said Waterloo EDC president and CEO Tony LaMantia, in the release.

It is an investment in the potential of Waterloo Region and a reflection of the confidence that the Federal Economic Development Agency for Southern Ontario and the Government of Canada have in Waterloo EDC’s ability to deliver real prosperity for our community.”

Since 2016, Waterloo EDC has helped companies from around the world locate in Waterloo, Canada, and has created more than 4,700 jobs in the Waterloo Region, and more than 12,500 jobs in Canada.

Recently Waterloo EDC travelled with local mayors and regional chair on a tour of companies in Germany, Switzerland and France who have expanded operations to the region.

Since 2015, FedDev Ontario says it has invested over $275 million in more than 215 projects in Kitchener-Waterloo and surrounding areas, estimated to create over 10, 000 jobs and maintain over 30,000 jobs.

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