ONTARIO MANUFACTURING STRATEGY TAKES FLIGHT - $500 Million Advanced Manufacturing Fund Creates Jobs

Investment Update – June, 2006
Toronto, Ontario

ONTARIO MANUFACTURING STRATEGY TAKES FLIGHT

$500 Million Advanced Manufacturing Fund Creates Jobs

And Helps Companies Compete

LONDON, Ontario -- Ontario Premier Dalton McGuinty has announced that the government is helping manufacturers develop cutting-edge technologies that will attract investment, create jobs and help Ontario compete globally.

"By supporting innovative manufacturing technologies, we're bringing the best jobs with the highest pay to Ontario," said Premier McGuinty. "We want to help Ontario's manufacturing sector be the first to discover new ideas and turn those ideas into products that they can market to the world."

Premier McGuinty announced the first three projects to be funded through the government's Advanced Manufacturing Investment Strategy (AMIS). The $500 million strategy provides repayable loans that are interest free for up to five years.

The government will provide:

· A $10-million loan to Diamond Aircraft Industries in London for the development of a single-engine, five-seat jet aircraft

· A loan of more than $5 million to Messier-Dowty Inc. in Ajax to help create a Landing Gear Systems Centre of Excellence

· A $3-million loan to Procter & Gamble Inc. in Brockville to develop a new generation of quick-cleaning homecare products.

"The manufacturing sector is one of the pillars of our economy," said Economic Development and Trade Minister Joseph Cordiano. "Our government is working to make Ontario the North American centre for advanced manufacturing so we can build opportunity for Ontario families."

The first group of AMIS projects announced today will create $187 million in new investment and more than 600 new jobs. In total, the first round of AMIS investments is expected to generate up to $1 billion in new investment.

"It's encouraging that we have programs such as AMIS which support innovative manufacturers willing to invest in people and communities," said Ian Howcroft, Vice-President, Ontario Division, Canadian Manufacturers and Exporters. "It's a model that works well for the manufacturing sector."

Investing in advanced manufacturing is the latest example of how the McGuinty government is working on the side of businesses and families to strengthen Ontario's economy.

Other initiatives include:

· Encouraging strong job creation, with almost 288,000 net new jobs since taking office

· Creating the Ministry of Research and Innovation to help support the discovery, funding and marketing of new ideas and technologies

· Creating the Ministry for Small Business and Entrepreneurship to help strengthen our economy

· Helping generate almost $7 billion in automotive investments that retain and create thousands of long-term, high-value jobs.

"We want to make sure Ontario remains one of the most competitive places in the world for investment," said Premier McGuinty. "In today's economy, the best jobs go to the places with the most highly skilled people and our government will continue working with manufacturers to make Ontario the place to be."

Contacts Presse :

IRIS CONSEIL
Christine Arnal
Tél : 00 33 (1) 45 44 04 21
Fax: 00 33 (1) 45 44 18 14
E-mail: c.arnal@iris-conseil.net
& Site: http://www.iris-conseil.net

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