CCI Response to the 2024 Ontario Budget

March 26, 2024

Today in Toronto, Ontario Finance Minister Peter Bethlenfalvy delivered the province’s 2024 budget. In response, CCI President Benjamin Bergen issued the following statement:

“In recent years, the Ontario government has been an ally to innovators, advancing meaningful policy on intellectual property, data governance, labour market regulation and procurement reform. Innovators understand that there are competing priorities and a range of challenges that the Ontario government is navigating, and we did not expect 2024 to be an innovation-focused budget.

“Government procurement is potentially the most powerful tool available to policymakers who want to propel the growth of domestic innovators, and help them scale-up globally. Ontario has been a national leader on innovation reform, with the establishment of Supply Ontario and the implementation of the Building Ontario Business Initiative. We had hoped to see updates on these measures in the 2024 budget, but we will continue to work with the provincial government to support Supply Ontario and drive better procurement outcomes for domestic innovators.”

Skaidra Puodziunas, CCI’s Director of Ontario Affairs, also said:

Ontario’s new $12 million Health Technology Accelerator Fund likely won’t make headlines, but it represents a promising pathway for Ontario health technology companies to sell their innovative products and services into the provincial health care system. This is the kind of mechanism that innovators have been asking for, and we hope that as this new program finds its footing, it can prove to be a model for more significant funding, and better government procurement.

This year we have been hearing from CCI members constantly about the importance of government procurement as an economic driver. Whether it’s advanced research computing facilities, or experiments with digital twins for public infrastructure, throughout this budget we see examples where domestic procurement from Ontario technology companies could improve government services while also driving real economic benefits.

Media Contact:
James McLeod, Director of Communications


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