The Ontario government has launched the Advanced Manufacturing and Innovation Competitiveness (AMIC) program which they hope will aid companies get the tools, technology and talent they need to grow, compete and innovate in an increasingly competitive global market.
The two-year, $40 million program will support advanced manufacturing businesses to invest in the equipment, advanced technologies and skilled workforce needed to improve competitiveness and growth.
The initiative is part of the 2021 Fall Economic Statement.
Officials say AMIC is a new stream of the Regional Development Program (RDP).
As Ontario continues to recover from the impacts of COVID-19, AMIC is expected to create and retain good jobs and address the need to restore the essential supply chains that will support economic recovery across the province.
Beginning Monday, eligible businesses can apply for the new program. Eligibility requirements include:
- minimum of 10 employees
- three or more years of financial statements, and
- minimum of $500,000 in eligible project costs.
The first round of applications will be open until February 10, 2022.
“Since Day 1, our government has endeavored to make Ontario a more attractive investment destination, but we know there is more work to do,” said Vic Fedeli, Nipissing MPP and Minister of Economic Development, Job Creation and Trade in a release.
“With increased international competition for investment, our government wants to help Ontario’s advanced manufacturers continue to thrive and be global leaders in innovation. This program will create the right conditions for our businesses and job creators to invest, grow and attract investment all across Ontario.
"This program is one that businesses in Nipissing can apply to. Where previous Regional Development Program funding focussed on Eastern and Southern Ontario, AMIC will take an all-of-Ontario approach - from Cornwall to Kenora and from Wawa to Windsor," continued Fedeli.
AMIC will support the advanced manufacturing sector in capital-intensive industries such as automotive, aerospace, life sciences, information technology, steel, and chemical by ensuring they have the necessary funds to invest in new technology and innovative equipment.
“Manufacturing is critical to Ontario’s prosperity; it provides high-quality, well-paying jobs and is an important contributor to strong economic growth in the province,” said Rocco Rossi, President and CEO of the Ontario Chamber of Commerce.
“The new Advanced Manufacturing and Innovation Competitiveness Stream under the Regional Development Program will contribute to long-term growth, productivity and competitiveness of Ontario's manufacturing sector, which is undergoing significant change.”
The Advanced Manufacturing and Innovation Competitiveness program will build on Ontario’s successful RDP. In 2019, Ontario launched the RDP to help eligible businesses, municipalities and economic development organizations create jobs and opportunities in Eastern and Southwestern Ontario.