CCI Response to Ontario's 2023 Fall Economic Statement
November 1, 2023
Today in Toronto, Ontario Finance Minister Peter Bethlenfalvy delivered the government's 2023 Fall Economic Statement, entitled "Building a Strong Ontario Together." On behalf of our members, the fastest-growing technology companies in the province, CCI's Ontario Director of Government Affairs Skaidra Puodziunas issued the following statement:
"The government’s new plans for building an Infrastructure Bank are noble and we hope the government focuses part of this new $3 billion in funding towards 21st century digital infrastructure that helps underpin the growth and economic success of innovative companies headquartered proudly in Ontario.
"We were also pleased to see the Ontario government’s public support of ‘open banking’ – an important policy initiative led by the federal government to unlock competition and innovation in Canada’s financial services sector. We hope today’s endorsement of open banking by the government will lead to swift progress on this file in Ottawa.
"Today the government announced plans to invest a further $100 million into Invest Ontario to support economic growth. The best way for the government to get a sizeable ROI on this new funding is to ensure it’s directed towards the growth of fast-scaling, homegrown companies that are already creating high-paying jobs, wealth, and positive outputs for Ontario’s economy. We encourage the government to ensure this new money comes with a policy lens that includes careful consideration of the negative effects foreign direct investment can have on domestic companies in Ontario’s innovation economy.
"We have been supportive of the Ontario government’s early steps on procurement reform, and we had hoped to see increased funding for Supply Ontario and the Building Ontario Business Initiative, to make good on the early work the government has already done. We had also hoped to see movement on the government’s Innovation Pathway program for health technology adoption. We hope to see these measures included in the Spring budget because the best way for the government to stimulate economic and GDP growth is by buying from homegrown companies, which in turn validates their software and products for purchases by global governments and customers around the world."
For more information about CCI's advocacy work in Ontario, email Skaidra at spuodziunas@canadianinnovators.org
Media Contact:
James McLeod
Director of Communications
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