Industry report outlines strategies to unlock the economic potential of communities across the province
Today the Oakville Chamber of Commerce, in partnership with the Ontario Chamber Network, released a new report, The Great Mosaic: Reviving Ontario’s Regional Economies. The report outlines how government of all levels can work with industry to unleash the potential of Ontario’s regional economies and reinforce the competitiveness of the province as a whole.
“We are only as strong as our weakest link and our ability to prosper depends on the strength of our different regions. Economic and population growth rates in the Greater Golden Horseshoe and Ottawa have far surpassed those in other areas of the province,” said Rocco Rossi, President and CEO of the Ontario Chamber of Commerce. “Our communities – and the province as a whole – risk falling behind if we do not leverage the rich and diverse competitive advantages of our local economies.”
The Great Mosaic: Reviving Ontario’s Regional Economies examines the opportunities and challenges faced by different communities across the province and offers a framework for thinking about the present and future of Ontario’s regional economies.
“We urge policymakers to take a modern and comprehensive approach to economic development by leveraging the existing competitiveness advantages of Ontario’s regions, and implement deliberate strategies to support long-term growth in communities across the province,” added Rossi.
The Ontario Chamber Network’s report makes 17 recommendations to strengthen the well-being of Ontario’s regions. Key takeaways include:
- The most cost-effective way to drive economic development is to cultivate talent, trade, and infrastructure. Governments should make it a priority to upgrade transportation and energy networks, modernize their regulations and business supports, offer dynamic education and training opportunities, and encourage labour mobility.
- Building regional capacity for innovation is fundamental to productivity and growth. This means improving commercialization and technology adoption, strengthening regional innovation centres, expanding broadband internet access, and facilitating cluster development.
- Modern governance of economic development should empower a wide range of stakeholders including businesses, post-secondary institutions, and not-for-profit organizations outside government. Regional collaboration, economic reconciliation with Indigenous peoples, and the use of data are all critical to mobilizing local assets.
“In the face of technological transformation and globalization, there is no question that Ontario has what it takes to succeed. We are optimistic that the province can successfully navigate the modern economy if we work together to unlock the economic potential of our communities,” said Drew Redden, President and CEO, Oakville Chamber of Commerce.