ONTARIO 💵🛒 Ontario Promotes Key Sectors During Trade Mission to Texas
Wednesday, 15 March 2023 08:04.PM
- Province’s dynamic automotive and technology sectors highlighted at South by Southwest -
The Ontario government has concluded a successful trade mission to Texas to promote the province’s growing automotive and technology sectors and to explore new opportunities for investments and job creation. The mission, led by Vic Fedeli, Minister of Economic Development, Job Creation and Trade, included the province’s participation in the annual South by Southwest (SXSW) conference, an annual global event to celebrate the convergence of tech, film, music, education and culture.
“When it comes to ensuring that Ontario remains a top destination for global investors looking to expand their operations, our government is leaving no stone unturned,” said Minister Fedeli. “We’re rolling up our sleeves and meeting with companies on the ground to strengthen relationships and bring good-paying jobs to Ontario. In a time of global economic uncertainty, we are taking nothing for granted.”
From March 10 to 14, the province’s delegation, which included several Ontario organizations, met with leading companies in the automotive and technology sectors to promote the province as an ideal place for companies to invest and expand their operations. Meetings were held with executives from Tesla, Dell Technologies, ESO Solutions and other organizations, as well as Texas Secretary of State, Jane Nelson.
Ontario’s delegation also participated in SXSW, an internationally recognized conference that attracts a wide range of global tech companies, looking for opportunities to connect, learn and develop new partnerships. Ontario continues to attract new investments in the tech sector, which is growing 350 per cent faster than Silicon Valley.
With its competitive economy, world-class workforce, state-of-the-art research and development facilities, and abundant critical minerals, Ontario continues to be a prime location for businesses to invest and grow.
• Texas is Ontario’s fifth largest two-way trading partner in the U.S. and more than 150 Ontario companies have a presence in Texas.
• Ontario has the second largest number of information and communications technology (ICT) establishments in North America and is home to more than 408,000 ICT workers. Ontario’s technology sector is centred around the Toronto, Waterloo and Ottawa regions.
• In 2021, Ontario ranked first in Canada in number of venture capital deals and total capital raised, accounting for 50 per cent of total Canadian investment at $8.4 billion, which is a 170 per cent increase from 2020. Since 2019, Ontario has seen 17 startups grow to reach a valuation of $1 billion or more.
• Over the past two and a half years, Ontario has attracted over $17 billion in investments across Ontario’s automotive sector.
• 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.
SOURCE: Ministry of Economic Development, Job Creation and Trade
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