Speech Article from  Federal Economic Development Agency for Southern Ontario

Archived - Investing in Business Innovation and Investing in Business Growth and Productivity Initiatives Funding Announcement

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Speaking Points

John Carmichael, Member of Parliament for Don Valley West

Toronto, Ontario

January 19, 2015

Length: approx. 7 minutes

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Good morning ladies and gentlemen, friends and guests.

I would like to thank Minister Goodyear for the kind introduction.

It's a pleasure to be here this morning in Toronto, standing among three excellent companies that are creating products and services that are, and will continue to be, great resources here in Canada.

It makes me proud to see companies and associations such as yours, using your innovative skills to bring quality jobs to this region while helping to improve the quality of life for a great many people.

As you know, our Government, under the leadership of Prime Minister Stephen Harper, has done exceptionally well with our efforts to make Canada an ideal environment for business investment. We have taken strides to improve our global economy by increasing our country's openness to trade agreements. Our Government has taken the necessary action to ensure that Canada continues to have the strongest fiscal position and the lowest business tax costs in the G-7. Our Government's tax reductions to job-creating businesses total more than $60 billion from 2008-09 through 2013-14.

Ladies and gentlemen, our Government has set the right macro-economic conditions to ensure Canadian businesses achieve success and we remain committed to providing the necessary targeted investments to preserve, attract and grow Canadian businesses.

Jobs, growth and prosperity remain top priorities for our Government and we want to continue to foster an environment that supports innovation and economic development.

FedDev Ontario ensures our Government can continue to support the growth and diversification of the southern Ontario economy, through investments in the people and ideas that will lead to economic prosperity.

Investments, through FedDev Ontario's suite of programs and initiatives, are helping to make a difference for the people and businesses of southern Ontario.

As Minister Goodyear touched on, this support also includes investing in companies and ideas that speak to the issues that concern and impact the wellbeing of Canadians.

With this in mind, I'm pleased to deliver the good news you're all anxious to hear.

FedDev Ontario is providing 7D Surgical Inc. with up to $997,000 to accelerate the development and commercialization of a new surgical navigational system and surgical tools for spinal surgeries. This funding will allow the company to move its product beyond the prototype phase. The new navigational system will be a great aid to doctors during spinal fusion surgeries and will mean more efficient procedures for patients.

This repayable contribution is through FedDev Ontario's Investing in Business Innovation initiative. This initiative supports early-stage companies in southern Ontario by allowing them greater access to investments funds.

I am also happy to announce that we are providing MediResource Inc. with up to $964,450 to expand its web- and mobile-based personal health management solutions.

MediResource is a great source of health information. More than 100 million visitors access the company's online and mobile products each year. Funding for this project will allow the company to broaden the reach of their current information systems, even further, by introducing services to the United States market.

And finally, Darcor Ltd. will be receiving up to $250,000 to develop and enhance its product line – which includes high performance casters and wheels for the medical sector. Darcor has been in business for more than 80 years and has a solid reputation for providing companies with safe and reliable products. Its products are also used in a number of medical facilities.

This funding will help Darcor take the necessary steps to boost its overall sales and productivity and give the company a competitive edge in global markets – most notably the medical equipment manufacturers market.

These two repayable contributions are through FedDev Ontario's Investing in Business Growth and Productivity initiative, which is aimed at helping our businesses to compete globally.

These projects will help create up to 23 highly skilled full-time jobs during the project period and an additional 34 jobs by 2018.

Ladies and gentlemen, our Government and our Prime Minister believe that it is support like this that can help move our southern Ontario innovations and companies forward.

Congratulations again.

Thank you.

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