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Ontario and Indiana Sign Agreement to Boost Trade and Investment

January 23, 2024

Ontario and Indiana Sign Agreement to Boost Trade and Investment

New agreement between Ontario and Indiana identifies key sectors for cooperation

On January 23, 2024, Ontario and Indiana finalized a new Memorandum of Understanding (MOU) to promote increased trade, attract investment and continue to collaborate in key sectors such as infrastructure, energy, life sciences, automotive and advanced manufacturing.

The MOU was signed by Doug Ford, Premier of Ontario, and Eric Holcomb, Governor of Indiana, at a ceremony at the Ontario Legislature. The leaders were joined by Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade, and Ann Lathrop, Chief Strategy Officer of the Indiana Economic Development Corporation.

“Ontario and Indiana have always been great partners and this agreement is a tremendous opportunity to further strengthen our economic ties,” said Premier Ford. “As the world continues to face economic uncertainty, it has never been more important to build strong partnerships with other jurisdictions to boost trade, attract investments and create good-paying jobs.”

“Indiana and Ontario share a rich tapestry of bonds that we’ve woven together over the years,” said Indiana Governor Eric J. Holcomb. “From the earliest days of settlement and exchange between us, we’ve blossomed into a robust economic partnership that saw more than $23 billion of goods traded. This MOU between us only reaffirms our steadfast commitment to fostering even deeper bonds for the prosperity and well-being of our citizens.”

Ontario and Indiana already have a close trading relationship, with total trade valued at over $23.9 billion (CAD) in 2022, making Ontario Indiana’s largest export market. The new MOU promotes economic cooperation between the two jurisdictions by supporting regular business missions, sharing market information and promoting investment. Ontario and Indiana have also agreed to work together to maximize opportunities created by emerging technologies and innovations that are transforming industries, including by preparing workers for good-paying, in-demand jobs.

“Strengthening our relationship with our partners in Indiana will help create the right conditions to ensure businesses in both jurisdictions remain globally competitive,” said Minister Fedeli. “We look forward to strengthening our partnership with Indiana to increase our two-way trade and advance growth in key sectors where Ontario enjoys a competitive advantage like our life sciences and advanced manufacturing sectors.”

The agreement with Indiana is part of Ontario’s strategy for trade with the United States. As part of the strategy, Ontario is pursuing additional agreements with other state-level trading partners to secure improved access to investment pipelines and markets in the U.S. for Ontario businesses.

Quick Facts

  • In 2022, goods traded between Ontario and Indiana were worth $23.9 billion (CAD) in addition to $163 million (CAD) in foreign direct investment.
  • The new MOU will increase collaboration in sectors like infrastructure, life sciences, advanced manufacturing, automotive, aerospace, agriculture, academia, energy, ICT and sports economy.
  • In 2022, Ontario was the top export destination for merchandise trade for 15 U.S. states and ranked second for 12 U.S. states. Ontario was Indiana’s largest export destination last year.
  • One in five jobs in Ontario depend on trade. With over 1.5 million jobs supported by exports, Ontario’s jobs are the most export-reliant across Canada.
  • Ontario and Michigan signed an Economic Cooperation MOU on July 25, 2023, which supports joint initiatives in priority areas, such as electric vehicles and related supply chains.
  • Ontario and Nevada signed an Economic Cooperation MOU on September 27, 2023, which supports joint promotion of electric vehicles, advanced manufacturing, critical minerals and other priority sectors.

Quotes

“This Ontario-Indiana MOU is the result of the efforts of many people on both sides of the Ontario-U.S. border. It is also another product of Premier Doug Ford’s vision of Ontario-U.S. relations. This agreement will be great for the political and economic relationship between Ontario and Indiana.”

– Earl Provost
Ontario Agent-General in Chicago

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