London Economic Development Corporation (LEDC) to receive a $300,000 Government of Canada investment to attract investment and support 120 companies, organizations and R&D establishment in the London Region
The auto industry in Ontario is a pillar of Canada's economy and keeps thousands of workers in their jobs. As we move toward more sustainable solutions, southern Ontario has emerged as a prominent hub for automotive manufacturing and innovation, specifically in the electric vehicle sector. The Government of Canada is committed to supporting our manufacturers as they adopt greener processes and technologies, increase their production capabilities, and create good jobs for Canadians.
Today, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), along with Peter Fragiskatos, Member of Parliament for London North Centre, announced a $300,000 FedDev Ontario investment for a pilot project for the London Economic Development Corporation (LEDC) to support the long-term growth of the EV sector in the London Region.
London and its surrounding communities are at the forefront of this exciting new chapter for southern Ontario's automotive sector. The shift towards electric vehicle and battery manufacturing is opening up many new opportunities for existing suppliers in the region to meet the demand for parts and technologies that are essential for the production of EVs. They are also demonstrating to foreign businesses that southern Ontario is the destination to support the expansion of the automotive industry.
To fully seize this opportunity, LEDC will use the Government of Canada's investment to expand its collaboration with Volkswagen (VW)'s suppliers in Germany and Spain. This will connect the supply chains of three of VW's most prominent global battery manufacturing hubs. Through this strategic alliance, it is expected that up to 120 companies and organizations will be able to join VW's global supply chains for battery manufacturing. This will ensure that Canadian companies have the opportunity to contribute to this growing and important market. In addition, up to 25 new partnerships will be developed to attract additional investments from European suppliers into the region's EV sector.
Today's investment is supporting innovation and modernization of our manufacturing sector, which will help grow our economy, create good jobs, and fight climate change. We are committed to making your lives easier, your jobs better, and your community stronger.
