A number of local companies in the Waterloo region are receiving support from the federal government aimed at advancing defence, security, and AI technologies.
This investment of almost $40.5 million will be distributed among 23 businesses in the Waterloo and Brant areas. Sixteen of those businesses are located in Cambridge, Kitchener, and Elmira.
The funding comes from Canada’s Regional Defence Investment Initiative, which helps companies transition into the defense sector, as well as the Regional Tariff Response Initiative designed to assist businesses affected by U. S. tariffs.
Evan Solomon, Canada’s minister of artificial intelligence and digital innovation, made this announcement on Thursday at Kitchener’s XL Tool, a company specializing in metal stamping dies and tooling.
Solomon also oversees the Federal Economic Development Agency for Southern Ontario (Fed Dev Ontario).
“We’ve got talent here, we’ve got innovation here, we’ve got resilience here, we’ve got courage here, we’ve got businesses here. We’ve got the best place in the world to build,” Solomon said, referring to Waterloo region.
WATCH | ‘Hundreds and hundreds of jobs’: Minister announces $40M investment:
‘Hundreds and hundreds of jobs’: Minister announces $40M investment into Waterloo region and Brant businesses
A number of local companies in Waterloo region are receiving support from the federal government aimed at advancing defence, security, and AI technologies. This investment of almost $40.5 million will be distributed among 23 businesses in Waterloo region and Brant County. Federal Minister of Artificial Intelligence and Digital Innovation Evan Solomon made this announcement on Thursday at Kitchener’s XL Tool, a metal stamping dies and tooling manufacturer. He explains why this investment matters to everyday residents in Waterloo region.
He mentioned that defence, energy, and automotive sectors are essential areas for federal investment.
“[Waterloo and Brant region] is a unique area that has it all. It’s got the most forward frontier thinkers, quantum thinkers,” he said.
“You’ve got tool and die makers here that are punching out parts for auto industry and they’ve been doing it for generations. We invested in companies here that are 100 years old and we’re investing in them because we want them here for another 100 years.”
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Local politicians along with representatives from some beneficiary businesses joined Evan Solomon after announcing funding on Thursday morning (Aastha Shetty/CBC)
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‘Hundreds and hundreds of jobs’: Minister announces $40M investment into Waterloo region and Brant businesses
A number of local companies in Waterloo region are receiving support from the federal government aimed at advancing defence, security, and AI technologies. This investment of almost $40.5 million will be distributed among 23 businesses in Waterloo region and Brant County. Federal Minister of Artificial Intelligence and Digital Innovation Evan Solomon made this announcement on Thursday at Kitchener’s XL Tool, a metal stamping dies and tooling manufacturer. He explains why this investment matters to everyday residents in Waterloo region.
He mentioned that defence, energy, and automotive sectors are essential areas for federal investment.
“[Waterloo and Brant region] is a unique area that has it all. It’s got the most forward frontier thinkers, quantum thinkers,” he said.
“You’ve got tool and die makers here that are punching out parts for auto industry and they’ve been doing it for generations. We invested in companies here that are 100 years old and we’re investing in them because we want them here for another 100 years.”
Backing Growth in Waterloo Region
The event also saw attendance from other local politicians like Waterloo MP Bardish Chagger, Kitchener-Conestoga MP Tim Louis, Kitchener-Centre MP Kelly De Ridder, along with Kitchener Mayor Berry Vrbanovic. “Manufacturing is alive and well in the Waterloo Region and we want to continue keeping those jobs here. We want to continue training Canadians to fill those jobs,” Chagger stated. “These investments go beyond just funding projects; they aim at supporting people, ideas, technologies that will create new opportunities while strengthening our communities so that Waterloo, Brant, and Canada can thrive amid a competitive global economy.” XL Tool is one recipient benefiting from this funding boost. Chris Hergott who serves as VP of operations noted that these funds will help enhance their current manufacturing abilities. “It’s refreshing to hear that the government understands who we are as a company-what we’re trying to achieve-so thank you,” Hergott expressed. With this financial backing XL Tool plans on launching a project costing over $4 million while expanding its capabilities within both defense and aerospace industries.Source link
