Industry Canada’s Ontario Regional Office released the May 2010 update of the Ontario Economic Overview.

Things seem to be looking up for Ontario:

• Ontario’s GDP outpaced both Canada and the US in Q4 2009 by 1.6%
• Ontario’s economy is forecasted to grow by 3.6% this year just ahead of Canada’s 3.4% projected growth
• A slight decline in unemployment is expected: down to 8.1% from 8.9%
• Quebec based Héroux-Devtek announced it will be investing $26.5 M in its Kitchener facility
• Hind High Vacuum Company, a Canadian solar firm, announced they will build a solar panel manufacturing facility at the Windsor International Airport which is forecasted to create 200 new jobs

Visit: http://www.ic.gc.ca/eic/site/ich-epi.nsf/eng/02043.html to receive a full copy of the report.

Ontario’s economy has experienced some dramatic changes over the past year and a half. A strong Canadian dollar, high oil and energy prices, a weakening US trading partner, and intensifying global competition have all had a significant impact on business. These changes have only reinforced the need to diversify export markets. Expanding into the international marketplace has proven to be beneficial to businesses individually and the broader business climate as a whole.

Taking the plunge into new markets can be risky for small and medium-sized enterprises (SME) and it can be difficult to find the resources necessary to make the expansion. The Ontario Chamber of Commerce has developed a program, Export Market Access (EMA), with funding from the Government of Ontario and the Government of Canada to help SME’s export to new markets and expand within current markets. Since its inception in 2008, the program has helped over 220 companies and given out over 2.3 million dollars.

EMA helps with some of the costs associated with reaching new export markets in four categories: direct contact, marketing tools, market research and foreign bidding projects. The contributions made by the EMA program make it possible for many SME’s to launch themselves into markets that would otherwise be unattainable.

Making these export markets available allows for a stronger more stable customer base for these SME’s. If we continue to invest in business within the province, the Ontario economy will emerge stronger and more diverse. For more information on the EMA program, please visit the website at www.exportaccess.ca.

Implications of Canada’s 2009 annual trade deficit are mixed – is it a good thing our imports are growing at a greater rate than our exports or more bad news. Take a look at this post on ventures blog to read more.

Canada’s trade deficit – good or bad?

For a Niagara College public relations student that desires to one-day work within the Ministry of Tourism, volunteering at the Ontario Economic Summit was an amazing opportunity. Volunteering for the public relations professionals of the Ontario Chamber of Commerce allowed me to experience public relations at its highest level. We did everything from media monitoring and media registration to writing blogs and sitting in on a media scrum with Premier Dalton McGuinty.

We were required to listen to various captains of industry address the summit on how to grow economically as a province. Listening to these keynote speakers and their theories on how our province could flourish economically was extremely interesting and educational. The highlight of the Ontario Economic Summit was listening to Alex Dobrochodow and Premier McGuinty. Mr. Dobrochodow is a Creative Strategist and Brand Expert from Australia who spoke in regards to tourism. He explained how we could use tourism as he has with the Seven Wonders of New South Whales Australia by marketing regional tourist destinations within Ontario. I thought that his theory regarding corporate businesses investing in tourist areas because it creates jobs and promotes a stable economy along with regional marketing was profound.

Premier McGuinty was the second speaker that I really enjoyed listening to. I found his public speaking skills outstanding. He addressed the summit about the new harmonization tax and was able to capture everyone’s complete attention because he was confident, knowledgeable and very passionate about his cause.

The three days that I spent volunteering at the Ontario Economic Summit was an extraordinary experience and was instrumental to my foundation as a public relations student. I hope to one day become a great speaker like these two gentlemen.

I would like to thank all those that made this possible.

Written by: Kevin Brochu, Student, Niagara College

Driving to the Fallsview resort on Monday, November 2, I was nervous, curious and excited about my upcoming days at the Ontario Economic Summit. Upon arrival, my two classmates and I entered the kick-off event, which was an evening dedicated to William G. Davis – the first Ontario Visionary award recipient. Dinner was, of course, fantastic, and my nerves were settled after being introduced to Amy Terrill, Erin Riach and Jessica Doan, the team from the Ontario Chamber of Commerce with whom we would be working.

The next morning, Kevin, Brett and I arrived at White Oaks where Erin immediately took us to the media room. She showed us what media monitoring is all about, and how to perform searches that will pinpoint who has written and published stories covering the event at hand.

Over the course of the day, we were given the opportunity to sit on some of the speakers, including Tim Hudak, Warren Jestin and Greg Ip. As a former Business and Economics student at Wilfrid Laurier University, I found these sessions particularly interesting and enjoyed getting a fresh perspective on the current economic situation.

The following couple of days consisted of writing a blog, assisting in the registration of OES delegates, and attending more speaker series. The highlight of the entire event was having the opportunity to listen to the “Go Green and Prosper” session, which featured a keynote address by Gerald Butts, President and CEO World Wildlife Fund Canada, and Galen Weston, Executive Chairman, Loblaw Companies Limited. Their insights on the green economy was both eye opening and interesting, and well received by all in attendance.

The Ontario Economic Summit was a totally new experience for me, and I’m very grateful to have had the opportunity to attend the event this year. We are at a turning point in the future of our economy and now more than ever need the guidance of today’s leaders.

Written by: Danielle Purslow, Student, Niagara College