May 12, 2023 in Announcements

Furey: We Can Make Toronto a North American Trade Powerhouse!

Package of measures would enhance our competitive edge against rival jurisdictions, increase industrial capacity and attract offshore industries back home

NEWS – May 11, 2023

TORONTO – Toronto has all the advantages of an industrial dynamo – with the world’s wealthiest consumer market within 90 minutes flying time. But current City policies are forfeiting its growth and the job creation that would come with exploiting it – never mind our own domestic markets, Mayoral Candidate Anthony Furey said today.

“With our highly skilled workforce, proximity to US markets and tech and financial services clout, our City should be a North American leader by every economic measure,” Furey said.

 

“But City Hall has failed to enact policies that would turbo-charge our potential. That’s why a Furey administration would take immediate steps to maximize our strengths as a leader in the North American economy and create jobs.”

Furey proposed a suite of policies to do just that. These include:

  • pushing the Ontario government to amend the City of Toronto Act allowing for investment-attracting tax incentives rivalling those of competing US jurisdictions
  • implementing a plan to increase industrial activity and draw supply chains closer to the City
  • enacting a strategy with Toronto Hydro for lower industrial energy prices
  • developing incentives to bring offshore companies back to the City and
  • attracting new tech industries – like semi-conductor plants

“Toronto is blessed by geography, demographics, skilled immigrants and leading learning institutions,” Furey said. “But years of City Council neglect when it comes to strengthening those advantages have left us falling behind.

“It’s time for a fresh approach and new policies to take maximum economic and job-creating advantages in an increasingly competitive environment – so that we don’t squander all those blessings.”

MEDIA CONTACT

Mike Bendixen | Senior Media Advisor
The Anthony Furey for Mayor Campaign
Telephone: 416-951-6397
media@furey.ca

Furey: We Can Fix This!

The Issue: Toronto’s North American Competitiveness

Toronto has long coasted on its economic fundamentals: abundant energy and strong banking, manufacturing, financial services and tech sectors.

But according to the Business Council of Canada, much more needs to be done to ensure our competitiveness in an era of offshoring, constricted supply chains, shortages of key raw materials, international trade agreements and disruptions caused by COVID-19.[1]

Here’s what I’m going to do to fix it:

There are steps we can take at the municipal level to ensure Toronto regains its place as a North American – and international – manufacturing and trade powerhouse. It starts with creating a tax and regulatory climate that boosts our competitive edge. Things like: working with Queen’s Park to enable tax forgiveness, tax relief, land grants and so on, to enable local businesses and industries to compete on a level playing field; consulting on a strategy to increase area industrial activity and bring supply chains back closer to home; working with Toronto Hydro to lower industrial energy costs; lowering barriers to safely develop industrial lands; helping offshore companies find a home in our City; and attracting new technologies, such as a semi-conductor plant – an industry which right now is almost entirely concentrated in embattled Hong Kong.

Here’s what the benefits will be for the people of Toronto:

It’s simple: More investment and a stronger industrial base equals more jobs and prosperity for all Torontonians. We can do this!

[1] Source: Advancing North American Competitiveness – the businesscouncil.ca, January 8, 2023

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