(DRYDEN) Wednesday, April 19 – Bob Nault, Member of Parliament for the Kenora Riding, is applauding the government’s additional investment of $25 million in funding for FedNor over the next five years. The announcement was made today by the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development in North Bay.
“I am very pleased to see this additional $25 million investment into Northern Ontario through FedNor,” stated Nault. “We know we have to make investments in the north to get our economy back on track and lower our unemployment rate. I believe this additional investment is a significant step forward to ensure that FedNor has the capacity to be able to support our businesses and entrepreneurs.”
The increase will support communities, businesses, and First Nations. It will be invested in projects with the greatest potential to create new jobs and business opportunities for the middle class – and those working hard to join it.
Today’s announcement also saw the launch of the Prosperity and Growth Strategy for Northern Ontario, which is a targeted approach to economic development through innovation. The strategy will focus on ways to build on the unique strengths and competitive advantages that northern Ontario has in mining, resources and agriculture, among other sectors.
The plan will identify ways for these sectors to seize new opportunities in emerging industries, such as clean technology to help create well-paying jobs of today and tomorrow for Northern Ontarians.
“I’m encouraged to see this plan is taking a serious look at how to strengthen and expand our economy in the north through innovation. The Prosperity and Growth Strategy will support Northerners as they develop new skills for the jobs of today and tomorrow,” concluded Nault.
This regional strategy for Northern Ontario is part of the Government of Canada’s Innovation and Skills Plan to make Canada a world-leading centre for innovation. The goal is to encourage innovation and attract global investment in every region of the country.
- Between April 1, 2016 and December 31, 2016, FedNor invested $33.08 million toward 166 projects. Projects supported through FedNor during this period helped create or maintain more than 900 middle-class jobs across Northern Ontario.
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