Toronto, March 1, 2023 – Federal Economic Development Agency for Southern Ontario (FedDev Ontario) provides $8.8 million in funding to help manufacturers adopt new technologies and grow their businesses
Canadian Manufacturers & Exporters (CME) launched the Technology Investment Program today, designed to help small- and medium-sized southern Ontario manufacturers compete on the global stage by investing in advanced manufacturing technologies to automate production and reduce their environmental footprint.
Funded by the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), this program provides direct financial assistance to eligible manufacturers in the form of a matching contribution of up to $50,000 to support their investment in long-term production assets and technology.
“Ontario’s manufacturing industry is the engine that drives our national economy and our Government is investing in the people that make it run. By making smart investments across supply chains, we will work together to grow local economies, create good paying jobs for our communities, and ensure a healthy environment for generations,” said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario.
To compete in our modern economy, manufacturers must be investing in ‘manufacturing critical technologies’ including robotics; artificial intelligence and other machine learning applications; and advanced networks and the Internet of Things. When comparing trends in Canada to those south of the border, Ontario manufacturers remain slow adopters of advanced manufacturing technology. In the US manufacturing sector, machinery and equipment (M&E) investment increased by a total of 34% between 2004 and 2021 but fell by 14.8% in Ontario.
“CME’s Technology Investment Program will help Ontario manufacturers with the tools needed to compete on the global stage. By investing in advanced manufacturing technologies, manufacturers will be better able to serve customers at home and around the world. We are so pleased that FedDev Ontario has taken a leading role in helping hundreds of SME manufacturers invest in their future,” shares Dennis Darby, President and CEO of CME.
For more information: http://cme-mec.ca/cme-technology-investment-program/
ABOUT CANADIAN MANUFACTURERS & EXPORTERS (CME)
From the first industrial boom in Canada, CME has advocated for and represented member interests. 150 years strong, CME has earned an extensive and effective track record of working for and with 2,500 leading companies nationwide. More than 85 per cent of CME’s members are SMEs and collectively account for an estimated 82 per cent of total manufacturing production and 90 per cent of Canada’s exports.
About FedDev Ontario
For 13 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our pivotal projects, our Southern Ontario Spotlight, and FedDev Ontario’s Twitter, Facebook, Instagram and LinkedIn.