Advanced Manufacturing FedNor Fund Launched
THUNDER BAY – Economy – Fednor has a new Advanced Manufacturing Fund. “The Government of Canada is investing in advanced manufacturing to increase competitiveness and productivity, because we know that this support can help businesses contribute to job creation, growth and be an important economic driver for prosperity in Ontario,” said Rickford. “The Fund aims to increase economic output and help generate cutting-edge companies driven by innovation, to help improve the quality of life of Canadians.”
Ontario’s manufacturers welcomed an economic boost today, aimed at encouraging the development of transformative products and technologies. Greg Rickford, Minister of State for Science and Technology, and FedNor, and Minister responsible for the Ring of Fire is welcoming the launch of the new Advanced Manufacturing Fund (AMF) and its potential for Northern Ontario.
The Minister of State is mirroring the official launch of the Fund made yesterday by Gary Goodyear, the Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
The Government of Canada’s Economic Action Plan 2013 provides $200 million over five years for the Advanced Manufacturing Fund in Ontario, to be delivered province-wide by FedDev Ontario. FedNor will support the promotion of AMF in Northern Ontario. Furthermore, the Fund was designed to address needs identified by Northern Ontario manufacturers. The Government of Canada is confident that this initiative will not only be well received by manufacturers in the region, but also, right across the province.
“Through the Advanced Manufacturing Fund, our Government is supporting increased innovation and productivity by investing in new and innovative products or production methods, with market entry or commercialization potential within five years,” said Minister Goodyear. “With this investment, we are helping manufacturers in the province push to be more competitive on the global stage, creating the kind of economic benefit that means more jobs and a stronger Ontario.”
“As Canada’s leading trade and industry association, we understand the importance of and need to bolster the global competitiveness of Ontario companies,” said Jayson Myers, President and CEO, Canadian Manufacturers & Exporters (CME). “CME supports the Government of Canada as it continues to equip manufacturers with the right tools to become more successful.”