Nearly $3 million for Waterloo Region Economic Development Corporation to strengthen economic development opportunities and support up to 24 local businesses
Small- and medium-sized enterprises are the backbone of Canada's economy and the hearts of our communities. That is why the Government of Canada is investing in the people who own them, their potential and possibilities ahead for businesses in Waterloo and the surrounding rural communities.
Today, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced a nearly $3-million investment for the Waterloo Region Economic Development Corporation (Waterloo EDC) to attract and create supply chain and business investment opportunities in key sectors, such as automotive including EV, cleantech and agri-food, to the Waterloo Region and rural townships. The Minister was joined by Bryan May, Parliamentary Secretary to the Minister for Small Business and to the Minister responsible for FedDev Ontario and Member of Parliament for Cambridge; the Honourable Bardish Chagger, Member of Parliament for Waterloo; Valerie Bradford, Member of Parliament for Kitchener South-Hespeler; and Tim Louis, Member of Parliament for Kitchener-Conestoga.
Through this project, Waterloo EDC will support the surrounding townships by developing investment readiness strategies to strengthen their capacity to land new investments, while also enhancing the Region's services to support new and existing business growth and retention. The project will also diversify the target markets for foreign direct investment (FDI) to attract businesses in important sectors to the Region and townships. Additionally, Waterloo EDC will support the advancement of the electric vehicle (EV) sector through targeted growth activities.
