June 03, 2009

MP Lois Brown, on behalf of the Honourable Stockwell Day, Minister of International Trade and Minister for the Asia-Pacific Gateway, today announced funding in the amount of $1,127,635 for community initiatives to promote international investment in Ontario.

“This is an important initiative that will help communities in Ontario attract, retain and expand foreign direct investment,” Brown said. “It is another example of the federal government stepping up to the plate to help local communities during the worldwide economic downturn.”

“Foreign investment is a key component of a healthy economy,” said Minister Day. “It helps create jobs here and also helps Canadians gain important exposure outside the country.”

The projects funded include:

• $31,500 to the Regional Municipality of York for the development of a business retention and expansion program to ensure investment remains in the area and increases in the future.

Money for these projects comes from the Invest Canada – Community Initiatives (ICCI) program, which funds up to 50 per cent of community-based programs to assist in the development and execution of local investment attraction strategies.  Applications are evaluated according to their strategy, project components, performance measures, capacity, work plan and the level of public-private sector partnership. 
 
Eligible communities can apply for funding once per year under the guidelines on the ICCI website http://www.international.gc.ca/icci-icic.