Ontario introduces new business legislation

The Ontario government is introducing legislation to stimulate cluster development and reduce the province's regulatory burden for business in advance of a major new report on ways to boost Toronto's innovative capacity and economic performance (see page 6). The legislation — which could be curtailed if an election is called before it's passed — will commit the Minister of Economic Development, Trade and Employment to consult with a wide range of stakeholders to develop plans for regional economic clusters ranging from food processing to aerospace. Research strongly suggests that clusters are effective for boosting innovative capacity and global competitiveness as well as attracting businesses and creating high-paying jobs. The province contends that it has reduced 17% of all regulatory requirements for business since 2008 —requirements that cost nearly $1.8 billion in 2011….