Ontario Promotes Key Sectors During Trade Mission to New York City

April 17, 2023

Ontario Promotes Key Sectors During Trade Mission to New York City

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.

Quick Facts

  • 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.

More Information

Source

Related Story

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.

Related Articles



Editor’s Pick: Featured Article

Weidmüller’s u-control 2000: The Automation Controller

Weidmüller’s u-control 2000: The Automation Controller

Weidmüller’s scalable engineering software, u-control 2000, adapts individually to your requirements. And, the u-control is powerful, compact and fully compatible with Weidmüller’s I/O system u-remote. This article looks at what makes u-control the heart of your automation.

Programmable logic controllers (PLCs) are one of the main components of any automated system. A typical control system has inputs, outputs, controllers (i.e., PLCs), and some type of human interaction with the system, a human machine interface (HMI), for example.

Read More



Latest Articles

  • Hirebotics Marks Major Milestones at IMTS 2024 

    October 11, 2024 By Krystie Johnston Hirebotics recently showcased their latest innovations at IMTS, including their Beacon platform which makes programming a cobot as easy as using a cell phone or tablet, and unveiled new features designed to enhance the capabilities of their Beacon-powered cobots. Empower the Metal Workers You Already Have Many automation solutions… Read More…

  • Bossard Inc., Proving Productivity with Fastening Technology

    October 11, 2024 By Krystie Johnston Making a quality product is critical for most manufacturing applications. From delicate electronics and optics to durable automotive and rail projects to dynamic industrial applications – connections matter. Though the size and type of fastener may vary, Bossard Inc. has developed cutting-edge solutions to support them all. Bossard Inc…. Read More…