Advanced manufacturing gets major financial boost
- December 9, 2013
The Fund is part of the Federal government's Economic Action Plan 2013 and will provide $200 million over five years to projects that include the development or adoption of cutting edge technologies that demonstrate a commitment to product, process and technological innovation.
"Through the Advanced Manufacturing Fund, our Government is looking ahead to the new and innovative products or production methods that will push Ontario to the forefront of high-techmanufacturing," say Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). "With this investment, we are helping manufacturers in the province to build momentum and push to be more competitive on the global stage."
"As Canada's leading trade and industry association, we understand the importance of and need to bolster the global competitiveness of Ontario companies," says Jayson Myers, President and CEO, Canadian Manufacturers & Exporters (CME). "CME supports FedDev Ontario as it continues to equip manufacturers with the right tools to become more successful."
Advanced manufacturing includes the development and/or adoption of cutting-edge technologies that demonstrate a commitment to product, process, and technological innovation.
The contributions provided will normally be between $10 million and $20 million per project for up toone-half (50 percent) of total eligible project costs. Projects seeking less than $10 million or more than $20 million may be considered. Applicants must provide evidence of industry support (non-governmentsources) for at least 50 percent of the remaining project costs and clearly demonstrate how their project responds to innovation, market relevance and spillover economic benefits.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. In Budget 2013, the Government of Canada demonstrated its continued commitment to workers, families and communities in southern Ontario with the renewal of FedDev Ontario. Economic Action Plan 2013 provides $920 million over five years for the Agency starting on April 1, 2014.