Ontario to invest $15 million for auto parts manufacturing
The government of Ontario is investing $15 million to boost the competitiveness of the province’s auto parts industry.
The funding will be directed toward two separate programs, the first aimed at helping small auto suppliers adopt the latest technology, and the second that will support auto industry research and development.
The first, called the Automotive Supplier Competitiveness Program, is a $5-million, two-year program to help smaller auto parts companies adopt the latest technologies and close technological gaps. This will help companies increase their productivity, adapt quickly to market changes and take advantage of new opportunities with larger manufacturers.
The second involves committing $10 million to the Canadian Urban Transit Research and Innovation Consortium, a centre to support R&D and commercialization of technologies – such as lightweighting and autonomous software – in partnership with the federal and Quebec governments.
“To drive economic growth, Ontario businesses need to take their firms to the next level and embrace the technologies of tomorrow,” Brad Duguid, Ontario’s minister of Economic Development, Employment and Infrastructure, said in a statement. “By lowering the cost of doing business, helping more companies to scale up, and supporting innovation, we’ll produce global frontrunners that lead technological disruption and position Ontario to win the jobs and investments of the future.”
The funding is part of Ontario’s Business Growth Initiative, a five-year, $400-million program designed will grow the economy and create jobs by promoting an innovation-based economy, helping small companies scale up, and modernizing regulations for businesses.