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Canada’s Leading Investment Destinations Respond to the Federal Budget 2021

Updated: Aug 18

The Consider Canada City Alliance (CCCA), the nation’s leading organization for cities involved in foreign direct investment (FDI), commends the Government of Canada for its continued attention to COVID-19 and combatting the pandemic’s ongoing effects on the economy. The Federal Budget in particular shows encouraging support for:

  • NATIONAL CHILDCARE - We see great value in helping businesses grow and contribute to the economic recovery of the country through a focus on national childcare. These types of support are critical in the economic recovery of the country as well as acting as an advantageous feature for investors and their employees. Access to affordable and reliable childcare is yet another prime reason for investment in Canada.

  • INVESTMENTS IN GREEN TECH AND INNOVATION SECTORS - The CCCA is supportive of strategic investments in innovative technologies & measures to protect and enhance our efforts for a low-carbon economy, including funding to Global Affairs Canada for the continuation of the International Business Development Strategy for Clean Technology. We look forward to learning more in meeting with Federal officials over the coming weeks on how to dramatically lower carbon emissions, while driving foreign investment and job creation. Further, the CCCA applauds the enhancement of $1 billion over seven years, starting in 2021-22, targeting promising domestic life sciences and bio-manufacturing firms. Canada’s life sciences industry has performed well during the COVID-19 pandemic, but this time has also shown that much work is to be done in building this industry. Our international reputation as a learned, advanced economy with top global talent in this industry will certainly benefit from this enhancement and provides a boost to the CCCA cities that are already doing ground-breaking work.

  • INTERNAL TRADE BARRIERS - The CCCA supports the federal government’s renewed commitment to reduce internal trade barriers. We continue to call for the reduction of all internal trade barriers - specifically those which restrict the movement of skilled talent between jurisdictions and negatively impact the movement of goods which are vital to interprovincial supply chains.

  • IMMIGRATION INVESTMENT - The CCCA is encouraged by the positive steps being taken to accelerate pathways to residency for foreign nationals already in Canada and to make it easier for companies to attract highly skilled talent from around the world, especially once border restrictions are lifted. However, the experiences of our member organizations should be considered on a greater basis when formulating future policy. Many of these candidates are ultimately attracted to our member cities/regions and therefore our members should be at the table when formulating and deciding on eligibility criteria and allocation of talent quotas.

The CCCA collectively promotes Canada’s incredible value proposition directly to global investors. It champions Canada’s rich economy, ease of doing business, diverse sectors such as agriculture, energy, ICT, AI, financial services, life sciences and talented people who are driving innovation and maintaining connections with the world. “With many areas of the country still being heavily impacted by the pandemic, we are encouraged to see the Federal Budget provides continued assistance for those sectors hardest hit by COVID-19,” says Malcolm Bruce, Chair of the Consider Canada City Alliance and CEO of Edmonton Global. “Canada’s cities will play an integral role in the post-pandemic recovery and we continue to advocate for policies by the Federal Government which make it easier for our regional economies to create and retain domestic jobs from global investors.” “This budget provides strong measures to support businesses across the regions we serve,” says Niloo Boroun, Executive Director of the CCCA. “As the economy recovers and borders safely reopen, we remain committed to working closely with the Federal Government to build upon what is outlined in the budget to ensure Canadian cities are best placed to play a leading role in our economy’s post-pandemic recovery , especially by encouraging foreign investment into our communities. About the Consider Canada City Alliance The twelve members of Consider Canada City Alliance (CCCA) include the city regions of Halifax, Quebec City, Montreal, Ottawa, Toronto, Waterloo, London, Hamilton, Winnipeg, Calgary, Edmonton and Vancouver. The economic zones of the members of the CCCA represent 58.3% of Canada’s population, produce 59% of Canada’s GDP and accounted for 70% of Canada’s GDP growth in 2019. As a united front, the Consider Canada City Alliance helps international companies determine the best strategies for business expansion and continually works to improve Canada’s ability to attract new investment and trade opportunities. In 2019 alone, CCCA members closed 341 investment projects which created 23,000 jobs with an investment value of $4.9B.


MEDIA CONTACT:

Michael Marini

Communication Chair, Consider Canada City Alliance

905-977-0883

Michael.Marini@hamilton.ca

www.considercanada.com

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