Thank you very much, Mr. Chair.
Good morning, committee members and federal colleagues.
Thank you for the invitation to appear today. My name is Linda Cousineau. I'm the vice-president of business innovation and community development for the Federal Economic Development Agency for Southern Ontario, or FedDev Ontario for short. I'm joined virtually today by my colleague Steve Masson, who is the director general for strategic policy.
Before I begin, I would like to acknowledge that I am speaking to you from Waterloo on the traditional territory of the Neutral, Anishinabe and Haudenosaunee peoples. Waterloo is situated on the Haldimand Tract, land promised to Six Nations, which includes six miles on each side of the Grand River.
I'm pleased to be here to discuss the committee's examination of federal assistance to natural resource industries. FedDev Ontario was created in 2009 with an initial five-year mandate to provide critical stimulus support in southern Ontario in response to the 2008-09 economic downturn.
In 2019 the agency was made permanent, and its mandate since that time has evolved. It is now an important partner that delivers funding programs to help growing businesses innovate and scale. It also supports the development of regional ecosystems and the diversification and economic development of communities across southern Ontario.
This past September, Minister Tassi was assigned responsibility for the agency with a mandate to promote job creation and drive clean and inclusive economic growth across southern Ontario. Our region accounts for more than a third of Canada's overall GDP and employment. Its economy has a major impact on prosperity across Canada. Its 289 distinct and diverse communities include a mix of large urban centres such as Toronto and Ottawa, mid-sized cities like Windsor and Kitchener-Waterloo, and smaller rural communities from Hawkesbury to Sombra.
The region is a service economy and manufacturing hub. It is home to such globally integrated sectors as manufacturing, life science and agri-food. Emerging areas, such as artificial intelligence, electric vehicles and clean energy technologies, also have a footprint.
The region's economy is increasingly innovation-driven. Our resource sector is becoming part of that story. Our petrochemical sector is transforming to seize new clean-fuel opportunities. The region's energy sector is at the forefront of nuclear innovation with spinoff technologies, such as small modular nuclear reactors, having the potential to drive significant carbon reductions.
Finally, increased access to critical mineral resources is expected to directly benefit southern Ontario's growth, given that they are key inputs to the battery manufacturing cluster that is emerging in the region.
Like other regional development agencies, FedDev Ontario delivers programs tailored to regional growth opportunities, challenges and the government's economic priorities. Since 2015 the agency has invested over $2.2 billion in over 3,000 projects across the region. These investments helped create or maintain over 180,000 jobs, and are leveraging over $3.1 billion in additional investment in the region. They are helping build a more vibrant, diverse and inclusive economy and create future-looking jobs in communities across southern Ontario.
In response to the government’s clean growth priority, the agency is investing in companies that are commercializing clean technologies. These investments have potential to drive carbon emission reductions and green outcomes in major resource projects.
While FedDev Ontario does not have dedicated programming for the resource sector, we recognize that there are parts of the region where the sector and its downstream activities are critical economic drivers. Southwestern Ontario contributes to Canada’s efforts in developing clean fuels.
For example, Sarnia and the surrounding area was a key petro-chemical hub for decades and a key node in the region’s energy infrastructure. In recent years, support from FedDev Ontario, such as our investment in Bioindustrial Innovation Canada (BIC) has contributed to transforming the area into a national leader when it comes to sustainable chemistry and clean fuels. This, among other investments in innovative and growing companies that are commercializing clean technologies, can support sustainable growth for the province’s natural resource sector.
Thank you again for the opportunity to be here today. I look forward to hearing from my colleagues and answering any questions committee members have about the resource sector in southern Ontario and FedDev Ontario’s investments in growth and innovation.