The chief executive officer of Invest WindsorEssex says they’re very close to another $1-billion worth of investments in the region.
Stephen MacKenzie made the comment at the Invest WindsorEssex annual general meeting Thursday in Kingsville.
He says the number of jobs with that would be another 1,000, mostly in manufacturing and connected to the supply chain for the NextStar Energy electric vehicle battery plant.
The future of the battery plant and expanded incentives remains the focus of negotiations between the federal government, Stellantis and LG Energy Solution.
Premier Doug Ford announced Thursday during a news conference in Kingsville that the province had committed to paying a third of the cost to save the $5-billion plant.
The province and the federal government are “inches” away from a deal with the automaker, according to Ford, as he urged the federal government to do the same for a deal with Stellantis.
MacKenzie believes this year is going to be extraordinary.
“If things continue on this current track, we get some certainty on the current events mentioned, I’m quite confident we’re going to sign at least another $1-billion worth of deals between now and the end of the year, and some of it maybe even in the next quarter,” he says.
MacKenzie also says the companies they’re talking to understand the current situation but they are keeping an eye on it.
“They understand that these things are negotiations and I’m happy to say we have not had any company say ‘well you’ve created uncertainty, too much for me, we’re going to look elsewhere,’ we’ve not had any of that. This week, as we speak, we have international companies in,” he says.
Industry Minister Francois-Philippe Champagne said Wednesday they were getting close to a deal and that he made an offer similar to what the federal government and Ontario gave Volkswagen for an electric vehicle battery plant in St. Thomas, a deal could be worth up to $13 billion over 10 years.
According to its 2022 annual report, Invest WindsorEssex supported over $8 billion in combined investment from local start-ups, expansions and Foreign Direct Investment in Windsor-Essex.
The report says the combined investment will lead to the creation of 4,959 new, direct jobs as reported by the entrepreneurs and companies involved.
MacKenzie notes if they are able to secure another $1-billion in investments in 2023, it would be their second biggest year behind 2022.
Invest WindsorEssex is a not-for-profit organization supported by the City of Windsor and County of Essex and is responsible for advancing economic development in the region.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
