TORONTO, ON – In the recent Strategy to Support the Enhancement of Trade and Export Development, International Alliances and Foreign Direct Investment in Toronto, Councillor Michael Thompson, Chair of Toronto's Economic Development and Culture Committee, had a lot to say about our city’s role on the international manufacturing stage.
He explains that global trade, especially in terms of exporting, is vital to sustained economic growth. It creates local jobs, generates capital investments in machinery and equipment, encourages innovation, increases productivity and attracts foreign direct investment (FDI). According to the Conference Board of Norway, every €100 million increase in the value of exports creates 1,000 new jobs. An export-oriented economy can create an environment that:
- Fosters the growth of business clusters as firms are encouraged to work together and establish new joint ventures
- Motivates more entrepreneurs to begin exporting
- Encourages existing businesses that export to actively pursue other global business opportunities and increase their international market share
As part of Toronto’s increasing efforts to bring smart, entrepreneurial-minded individuals to the city, council has launched two marketing pieces featuring some of The Six’s most dynamic business leaders. Among them are Paul Rowan, Co-Founder and VP Inspiration, Umbra, Dr. Ilse Treurnicht, CEO, MaRS Discovery District and none other than our very own Founder and President, Kathy Cheng.
View the video below. Please share the footage and help us as we work with the City of Toronto to position our city as a leader in global trade!