PROVINCE LAUNCHES INNOVATION GROWTH PROGRAM, DELIVERS FUNDING TO ECONOMIC DEVELOPMENT PARTNERS
Investing in a 'Team Manitoba' Approach to Economic Development: Clarke
The Manitoba government is moving forward with key elements of its Economic Growth Action Plan that build on Manitoba’s strengths and help to better respond to the needs of business and industry, Indigenous and Northern Relations Minister Eileen Clarke, vice-chair of the Economic Growth Committee of Cabinet, announced today on behalf of the Growth, Enterprise and Trade Minister Blaine Pedersen.
“Manitoba’s Economic Growth Action Plan is delivering a renewed and reinvigorated approach to economic development in our province,” said Clarke. “It’s a partnership-based plan to grow local business, create jobs, attract talent and investment, and increase competitiveness. We are working together to make Manitoba a more attractive place for new businesses to start, for existing businesses to grow and for foreign businesses to invest.”
The minister noted the province is launching its new Innovation Growth Program (IGP) to encourage small and medium-sized enterprise (SME) private-sector investment to develop and commercialize innovative new products. With cost-shared funding, the IGP will support SMEs in the development and growth stages of the business life cycle to de-risk innovative product development, accelerate growth and strengthen SMEs financial position so they can secure future funding to build their business in Manitoba.
To advance the ‘Team Manitoba’ approach to economic development, simplify program delivery and address gaps in available business supports, the province is providing funding to its regional and strategic partners. A $5.8-million investment will enable Economic Development Winnipeg, Winnipeg Metropolitan Region, North Forge Technology Exchange, World Trade Centre Winnipeg and the Communities Economic Development Fund (CEDF) to fulfil their mandates in the current fiscal year.
The organizations will be encouraged to leverage the contributions of other funders and the private sector to deliver on their mandates, the minister noted. In addition, a partner responsible for rural economic development will be established in co-operation with the Association of Manitoba Municipalities and the Manitoba Chamber of Commerce.
“Manitobans entrusted our government to help rebuild the province’s economy,” said Clarke. “Manitoba is open for business and with our Economic Growth Action Plan now in place, we are structured for success and on the right track for a strong and prosperous economic future.”
In April, Manitoba announced the establishment of a new Economic Development Office to co-ordinate and oversee economic development efforts. The office will lead the efforts of ‘Team Manitoba’ and co-ordinate strategic projects and initiatives in collaboration with partner organizations.
In addition, mandate letters outlining the key roles and responsibilities of each regional and strategic partner have been delivered to each organization. The mandate letters ask the organizations to work together with municipalities and Indigenous communities to help guide the development of provincial initiatives, programs and strategies that enable Manitoba’s businesses and economy to grow and thrive.
Announced in December, CEDF has been identified as the province’s regional economic development partner for northern Manitoba to co-ordinate the delivery of services for companies, entrepreneurs and communities. CEDF will also be the lead entity for the implementation of the Look North initiative, the minister noted.
For more information on the Economic Growth Action Plan, visit www.manitobagrowth.ca.
More information about the Innovation Growth Program can be found at: www.gov.mb.ca/jec/busdev/financial/igp/index.html.
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QUOTES FROM PARTNER ORGANIZATIONS ATTACHED
For more information:
- Public information, contact Manitoba Government Inquiry: 1-866-626-4862 or 204-945-3744.
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