Ontario Promotes its Open for Business, Open for Jobs Approach to Investors in Europe
Minister of Finance Showcases Ontario as Strong Destination for Investment
TORONTO — Vic Fedeli, Minister of Finance, has completed a successful week-long investor relations tour of the U.K., France and Germany, during which the messages of Ontario's commitment to fiscal responsibility and being open for business and open for jobs were heard loud and clear by international investors and CEOs.
Minister Fedeli met with business leaders, institutional fixed income investors, financial investors and government officials. He spoke with them about actions Ontario is taking to achieve fiscal sustainability, tackle its debt burden and encourage business investment and growth in the province. As of June 13, 2019, the Province had received $11.5 billion from fixed-income investors, which is well ahead of schedule for the borrowing program and a positive signal for Ontario's investment outlook.
"We heard that investors are excited about our government's plan for protecting what matters most and making Ontario open for business and open for jobs. In an ever-changing global economy, Ontario is viewed internationally by businesses and investors as an island of stability," said Fedeli.
By making smart long-term decisions, reinventing the way government delivers services and focusing resources on the individuals and families in greatest need, the Province is restoring trust, transparency and accountability — and balancing the budget in a responsible manner without introducing any new taxes.
"We are reminding the world that Ontario is a great destination for investment. Our government is serious about fiscal sustainability and fostering an environment where businesses can thrive and create jobs. We have already seen results of this, with more than 190,000 jobs created since we took office," added Minister Fedeli.
Fedeli also represented the Government of Ontario at the 53rd Paris Air Show, one of the premiere showcase events for the global aerospace industry.
"Over half of the world's top 25 global aerospace companies have key operations in Ontario and our pro-jobs, pro-growth business climate makes this the ideal time to invest," said Fedeli.
Promoting the province as an attractive jurisdiction for investment in key international markets will increase business opportunities that lead to job creation and economic growth.
- In May 2019, the Fitch rating agency moved Ontario from Negative watch to “Stable” and maintained the rating at AA-. DBRS confirmed the Province of Ontario at AA (low) with trends on all ratings at “Stable”.
- Since the government took office in June 2018, employment in Ontario has increased by 191,200.
- Ontario is providing $3.8 billion in provincial corporate income tax relief over six years through faster write-offs of capital investments under the Ontario Job Creation Investment Incentive.
- Ontario’s Open for Business Action Plan has set targets of reducing regulatory red tape affecting businesses by 25 per cent and the cost of complying with regulations by $400 million annually by 2020 to help business keep, grow and create good jobs.
- The government inherited the largest subnational debt in the world. The government is moving forward with a debt burden reduction strategy, which is underpinned by a commitment to reduce Ontario’s net debt-to-GDP ratio by 2022-23 to less than the Independent Financial Commission of Inquiry’s forecast for 2018-19 of 40.8 per cent of GDP.
- By the end of the recovery plan in 2023-24, the government is projecting a surplus of $0.3 billion and a net debt-to-GDP ratio of 38.6 per cent.