Ontario's Future Prosperity Depends Upon Action by All Economic Players
TORONTO, Dec. 19, 2012 /CNW/ - Ontario must act quickly to become more
competitive and seize opportunities in the new global economy or our
prosperity will decline, according to Advantage Ontario, the report of Ontario's Jobs and Prosperity Council.
The report identifies five key areas for action: going global; driving
productivity growth; unleashing innovation and entrepreneurship;
capitalizing on strength in talent and delivering smart, efficient
Taken together, strong action on these economic priorities will propel
Ontario's businesses to the forefront of the new global economy. The
Council believes that the province can improve its performance in each
area, but that it will require stronger leadership and cooperation
among all economic players - public and private sector alike - and a
sustained commitment by Ontario firms to take risks, invest and enter
the global stage.
"Leadership cannot come from government alone. Ensuring Ontario's
competitiveness and prosperity will require strong action from all
sectors. Business will have a strong role to play," said Gord Nixon,
Chair of the Council.
Advantage Ontario makes 14 recommendations for addressing key action areas and
transforming Ontario into a global economic success story. Among other
recommendations, the report states that to compete and win on the world
stage, Ontario needs to:
Shift its export activity in key tradable sectors to strategically
target emerging economies and meet rising demand.
Accelerate the commercialization of Ontario products, ideas and services
that can compete globally.
Develop a manufacturing strategy that will support rapid investment by
Ontario manufacturers in world-leading technology in order to close the
productivity gap and achieve global scale.
Create a venture capital initiative that consolidates provincial,
federal and private sector capital and raises the quality and level of
Expedite regulatory approvals for projects with high job-creation
Build an entrepreneurial culture by introducing youth to
entrepreneurship as a viable career option.
Help young people better understand the opportunities in the job market,
especially in the skilled trades.
Increase mentorships, internships, co-ops, and apprenticeships.
Increase the number of newcomers with the skills needed by Ontario
"This is a crucial time for Ontario," said Council Vice-Chair Kevin
Lynch. "We cannot be complacent and accept the status quo. Ontario has
enviable advantages, and we face the future with clear strengths, but
it's time to step up to the plate and seize the opportunity."
The Council proposes to reconvene in 12 months to review progress by
government, business, academia and others and update Ontarians.
SOURCE: Jobs and Prosperity Council
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