Foreign direct investment to communities is a key driver of local job creation

(October 24, 2011) - Gerald Keddy, Parliamentary Secretary to the Minister of International Trade, for the Atlantic Canada Opportunities Agency and for the Atlantic Gateway, on behalf of the Honourable Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, today announced that four organizations in Nova Scotia will receive Government of Canada funding to attract, retain and expand foreign direct investment.

“All of these organizations play important roles in identifying and attracting job-creating foreign direct investment,” said Parliamentary Secretary Keddy. “The funding announced today will help ensure that investors from around the world look to Nova Scotia communities as destinations of choice for new investment opportunities. This will help to create jobs and prosperity for hard-working Nova Scotians.”

The funding is provided under the Invest Canada - Community Initiatives (ICCI) program, which helps communities attract, retain and expand foreign direct investment (FDI). Across Canada, ICCI is providing funding to 99 organizations to support their efforts to attract FDI.

“ICCI is enabling us to develop the tools and strategies needed to attract and retain foreign direct investment. This in turn will position Halifax as a strategic location for innovation and new job creation in key growth sectors of our economy,” said Paul Kent, President and CEO of the Greater Halifax Partnership.

Foreign investment directly benefits Canadian citizens by creating jobs, raising incomes and strengthening Canada’s competitive position. This federal support will help Canadian communities successfully attract, retain and expand FDI.

“In these globally challenging times, Canadians remain concerned about their jobs and their children’s futures,” said Minister Fast. “Our government has an economic plan to meet these challenges—a plan with deeper trade and low taxes as its centrepiece. Thanks to our government’s support for local communities, our low tax policies, our strong economic fundamentals, and our skilled, innovative workforce, Canada remains an excellent destination for new investment.”

In Nova Scotia, the community investment program will help fund the following initiatives:

• The Greater Halifax Partnership’s content to market Halifax and its priority growth sectors
• The Halifax Gateway Council’s consulting services for marketing, branding, success stories and business cases
• The Municipality of East Hants’ study on a logistics facility
• The Lunenburg Queens Regional Development Agency’s study of a supply chain strategy.

The Invest Canada - Community Initiatives program, one of the components of the Government of Canada’s Global Commerce Support Program, funds up to 50 percent of community-based activities aimed at developing and executing local investment-attraction strategies. Applications are evaluated based on the proposed strategy, project components, performance measures, work plan and the level of public-private-sector partnership. Funding amounts this year range from $3,780 to $252,500.

Eligible communities can apply for funding once per year following the guidelines found at Invest Canada - Community Initiatives (ICCI).

For more information on Minister Fast’s announcement, please visit Attracting Foreign Investment to Canada.

BACKGROUND INFO

Nova Scotia

• Greater Halifax Partnership - $30,000
• Halifax Gateway Council - $20,000
• Lunenburg Queens Regional Development Agency - $20,000