Governments fund Toronto agency for attracting FDI

Three levels of government have committed $19.5 million over three years to Toronto Global, a new agency with a mandate to enhance and promote the business value proposition of the Toronto region as a location for foreign direct investment (FDI). The funding is being provided by the Federal Economic Development Agency for Southern Ontario, the Ontario Ministry of Economic Development and Growth and the cities of Toronto, Mississauga, Brampton, Halton, York and Durham.  Toronto Global is being structured as an arms-length, not-for-profit corporation to attract FDI from targeted industries around the world. The Toronto region generates 20% of Canadian GDP and is home to 40% of Canadian business headquarters.