Despite shadows of doubt cast on the city, Toronto continues to prosper. This success in part thanks to the diligent work of Toronto Global, whose mission to draw international investment into the region has proven instrumental in the city’s economic growth and diversification.
Toronto Global unveiled its annual report, “Making an Impact,” at the Collision 2023 conference. The report highlighted the organization’s achievements, painting a triumphant picture of Toronto’s post-pandemic success.
“International investment is critical in driving economies, creating jobs, and generating tax revenues for governments,” the report states. “Our overarching objective is to attract new, high-impact, international investment that significantly contributes to the economic growth and prosperity of the Toronto Region.”
Indeed, Toronto Global’s impact has been nothing short of seismic.
The organization worked in tandem with federal, provincial, and municipal governments to secure a record 45 international investments through their last fiscal year, resulting in more than 7,800 new jobs. This, coupled with $920 million in capital expenditure, contributed $185 million in tax revenue for all levels of government.
“This annual report serves as a testament to the collective efforts of our dedicated team, throughout every interaction and conversation with our stakeholders and business partners,” stated Stephen Lund, Chief Executive Officer. “Thanks to the unwavering support of our communities, our annual report celebrates the accomplishments and progress of all our hard work.”
Since its inception in 2017, the organization has helped secure over 200 international companies within the region, culminating in 30,000 total jobs. These investments have contributed $3.6 billion to Canada’s GDP.
“The remarkable results of this past year represent Toronto Global’s role in fostering a thriving ecosystem that nurtures innovation, embraces collaboration, and attracts global investments,” said Mark Cohon, Chair, Toronto Global Board of Directors. “As we reflect on our achievements, we remain steadfast in our pursuit of continued progress and prosperity for all who call Toronto Region home and we are committed to ensuring that our region remains a dynamic and inclusive economic powerhouse.”
Some of the notable companies that have recently made significant investments in the region include Snowflake, a cloud computing giant who opened its Canadian headquarters in Toronto, and Germany’s The Cultivated B., a bioengineering company offering plant-based and cell-based alternative protein sources with a manufacturing facility and innovation hub in Burlington. Sanofi from France established an Artificial Intelligence Centre of Excellence in Toronto where the company focuses on leveraging cutting-edge technologies to develop data and AI products for the design of globally scalable solutions.
Further examples include California’s Netflix and New York’s Cockroach Labs as well as Korea’s AIMMO, who sought out Toronto for a similar reason to Sanofi: AI excellence.
“AIMMO chose the Toronto Region because of the access to the autonomous driving industry and the abundance of AI driven connections and talent in the region,” stated Dan Jongho Baek, the firm’s business development team lead for North America.
As is discernible from the job creation numbers posted by Toronto Global, most of these international companies entering Canada look to hire local tech talent straight out of the gate. They’re not here for our maple syrup or poutine—it’s a growth play on the part of the company, and an investment in a quality talent pool.
Look for career opportunity postings on our free Tech Talent Canada Job Board. Growing companies are also liable to show up at one of our Tech Talent Canada Job Fairs.
