TORONTO — Vic Fedeli, Minister of Economic Development, Job Creation and Trade, issued this statement following Friday’s monthly employment release by Statistics Canada, which showed that while employment in Ontario decreased in October 2023, almost 160,000 jobs have been created this year. Nationwide, 40 per cent of new employment occurred in Ontario in the last 12 months.
“During a time of global economic uncertainty, Ontario has a plan to foster resiliency and stability by supporting growth in key sectors, reshoring manufacturing jobs and helping Ontario businesses access new markets.
Yesterday, our government provided an update on Ontario’s economic and fiscal outlook in the 2023 Fall Economic Statement. Building a Strong Ontario Together laid out how we are taking a responsible and targeted approach to building a strong and resilient Ontario for current and future generations. This approach has given our government the flexibility it needs to address the impacts of a slowing global economy, while continuing to make targeted investments to support our growing communities. These investments include an additional $100 million to the Invest Ontario Fund to help attract more leading companies to the province, further support businesses already here and create good-paying jobs.
To help Ontario’s businesses expand their global reach, we recently announced plans to open a new Ontario Trade and Investment Office in Singapore. The office will be the province’s first in the ASEAN region, a bloc of 10 states with a population of over 600 million and $4 trillion in GDP.
Closer to home, our government continues to support manufacturers across the province in expanding and creating good-paying jobs through our Regional Development Program. In October, we welcomed a $40 million investment by TNR Industrial Doors Inc. that will be used to build a new advanced manufacturing facility in Oro-Medonte. This past month, we also welcomed a $2.8 billion investment from Umicore Rechargeable Battery Materials Canada Inc. to build a new manufacturing plant in Loyalist Township. Over the last three years, Ontario has attracted more than $27 billion in automotive and EV battery investments.
With ongoing uncertainty impacting families across the province, the people of Ontario can have confidence that our government is making responsible decisions to support families and businesses today, while continuing to build a strong fiscal foundation for future generations.”
SOURCE Province of Ontario