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Federal Government puts an extra $25 Million into FedNor

Federal Government puts an extra $25 Million into FedNor

The federal government will put an extra $25 million over five years into FedNor, Canada’s Minister of Innovation, Science and Economic Development announced Wednesday.

Navdeep Bains said the new funding will “diversify and strengthen the region’s economy.”

In an announcement at the Discovery North Bay Museum, Bains said the new funding will support communities, businesses and First Nations in the region.

Bains said the funding “has the potential to create thousands of jobs” in the middle class and for those working to join it, over the five-year life of the new funding.

The new funding will be invested in projects with the greatest potential to create new jobs and business opportunities, he said.

At the same time, the federal government has launched a Prosperity and Growth Strategy for Northern Ontario, which targets economic development through innovation.

The strategy, Bains said, “will focus on ways to build on Northern Ontario’s unique strengths and competitive advantages in mining, resources and agriculture.”

He said the strategy will identify ways for those sectors to seize new opportunities in emerging industries such as clean technology.

“This will strengthen the home field advantage” businesses in Northern Ontario now have, he said, and will “tell companies that this is the place to invest.”

Northern Ontario is “well positioned” for global opportunities, he said.

“The future looks bright.”

Bains said the regional strategy for Northern Ontario is part of the federal Innovation and Skills Plan aimed at making Canada as a whole a leading centre for innovation, creating more well-paying jobs and growing the middle class.

A goal of the plan is to encourage innovation while attracting global investment in every region of the country. At the same time, it will provide Canadians the support they need to learn and enhance their skill set and prepare them for the jobs of the future.

 

From Timmins Press