Ontario Welcomes Over $3.2 Million Manufacturing Investment
The Ontario government is supporting an investment of more than $3.2 million by M.I.S. Electronics Inc. to boost local manufacturing and create 11 new, good-paying jobs in Richmond Hill.
The funding was announced today by Daisy Wai, Member of Provincial Parliament for Richmond Hill alongside Saeid Mohmedi, Chief Executive Officer of M.I.S. Electronics Inc.
“Our government is building a strong Ontario and creating the conditions for a strong economy by supporting key investments in our community,” said MPP Wai. “M.I.S. Electronics’ investment will boost the local manufacturing sector and create more good-paying jobs for workers and families in Richmond Hill.”
With this investment, M.I.S. Electronics will replace outdated machinery with newer technology, allowing the company to improve productivity and increase production capacity threefold. This new project also includes green initiatives, including the implementation of a water recirculation system to cut water wastage. Once implemented, this new equipment will put M.I.S. Electronics in a favourable position to maintain existing business and capture additional manufacturing contracts that are currently being conducted overseas.
“Employing more than 800,000 workers across the province, Ontario’s manufacturing sector is the economic engine of our nation,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Our government is proud to support local companies like M.I.S. Electronics as they expand their operations, and we thank them for their contributions to Ontario’s dynamic and growing manufacturing ecosystem.”
In support of this investment, Ontario is providing M.I.S. Electronics with $481,592 in funding through the Regional Development Program’s Advanced Manufacturing and Innovation Competitiveness (AMIC) stream.
“We are delighted with the strong support provided by the Ontario Government through Regional Development Program throughout the process,” said Saeid Mohmedi, Chief Executive Officer, M.I.S Electronics Inc. “The AMIC program directly improves manufacturing efficiency and productivity, and this investment provides a springboard to a state-of-the-art manufacturing line that allows MIS to compete on an international stage.”
Through its Regional Development Program, Ontario is investing $180 million to help manufacturers across the province grow while supporting distinct regional priorities. To date, Ontario has supported more than 135 projects through the program, leveraging more than $1.9 billion in new investments and helping to create over 3,500 jobs.
QUICK FACTS
§As part of the 2023 Ontario Budget, the government is proposing a new Ontario Made Manufacturing Investment Tax Credit, which would provide a 10 per cent refundable Corporate Income Tax credit to help local manufacturers lower their costs, invest in workers, innovate and become more competitive.
§The 2024 Ontario Economic Outlook and Fiscal Review: Building Ontario for You continues to take a fiscally responsible and targeted approach to maintaining Ontario’s competitive status and unlocking new opportunities across key sectors.
§The government launched the Regional Development Program for Eastern and Southwestern Ontario in November 2019. Businesses and municipalities can get financial support through the Eastern Ontario Development Fund and Southwestern Ontario Development Fund and guided access to a range of complementary services and supports.
§In 2022, the Advanced Manufacturing & Innovation Competitiveness (AMIC) stream of the RDP was launched to support advanced manufacturers across the province. Ontario is now providing additional funds to enhance the AMIC stream by providing more firms with the financial support and tools needed to improve competitiveness, while strengthening essential supply chains.