Waterloo EDC receives $3-million investment from federal government
Posted Jan 11, 2024 06:00:00 AM.
Last Updated Jan 10, 2024 05:53:41 PM.
The federal government announced a $3-million investment for the Waterloo Region Economic Development Corporation (Waterloo EDC) on Wednesday.
Canada’s Minister responsible for the Federal Economic Development Agency for Southern Ontario, Filomena Tassi, made the announcement at the University of Waterloo.
“This investment is a strategic move to create valuable partnerships and attract foreign investment to this region and its townships, with the aim of building a more resilient, and diverse economy for its people,” Tassi said.
The Waterloo EDC works to bring international companies to Waterloo Region. Their CEO and President, Tony La Mantia also spoke at the announcement.
“We’ve been laser-focused for the last eight years, promoting investment,” he said. “That requires discipline around how we use our resources, focusing on real projects with timelines and budgets.”
The organization’s partnerships include Toyota, MasterClass, and SAP.
A key focus of the investment will be to create opportunities for Waterloo Region’s Townships.
“When I think about the townships 10 years from now, it’s not going to be gravel pits and aggregates,” La Mantia said. “It’s got to be higher margin, higher value, added manufacturing.”
The government says that the funding will support up to 24 businesses, and create and maintain nearly 117 jobs.
Tassi specifically mentioned supporting the automotive, clean tech, and agri-food sectors.
