We took immediate action to lower the cost of doing business in Ontario, by cutting over 500 pieces of red tape, lowering taxes, and reducing the unnecessary regulatory burden that was stifling business growth and investment. Through the tax actions our government has taken, the annual cost of doing business in Ontario has been reduced by $8 billion. This has allowed for businesses to invest, expand, and create over 850,000 good-paying jobs for communities across the province. In Ontario’s auto sector, we landed over $45 billion in new investments over the last four years, positioning the province to be a global leader in electric vehicle production for decades to come. Our life sciences sector is growing rapidly, with over $5 billion in new investments from global biomanufacturers and health sciences companies. Invest Ontario, our provincial investment attraction agency, has been crucial in helping to land important, job-creating investments. Whether it’s advanced manufacturing, cutting-edge technology, or transformative life science discoveries, Invest Ontario connects global businesses to Ontario’s diverse and dynamic economy. In just a short time, Invest Ontario has helped secure more than $4 billion in investments, creating over 4,000 jobs across the province. These strategic investments are driving economic growth and ensuring that Ontario remains globally competitive. DELIVERING RESULTS: SUCCESS STORIES IN ONTARIO’S AUTOMOTIVE AND LIFE SCIENCES SECTORS Since we took office, we have seen significant growth in Ontario’s automotive and life sciences sectors, key drivers of economic growth in our province. In 2019, global automakers planned to spend $300 billion globally to ramp up the production of electric vehicles, but not a single dollar was planned for Canada. 21 CIVIL AND MUNICIPAL VOLUME 06, ISSUE 03 MINISTER VIC FEDELI - MINISTER OF ECONOMIC DEVELOPMENT
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