OCC Calls for Forward Looking Investments in Budget 2024 Amidst Economic Challenges

(Toronto – November 20, 2023) – In the wake of the Province’s Economic Outlook and Fiscal Review, Rocco Rossi, President and CEO, Ontario Chamber of Commerce (OCC), is calling on the Ontario government to prioritize strategic, long-term investments in the upcoming 2024 budget:

“Ontario’s business community continues to grapple with challenges ranging from labour shortages to inflation to broader economic uncertainty. In Budget 2024, the Ontario government needs to focus on measures that not only support immediate growth but also lay the groundwork for sustainable long-term economic expansion.”

The OCC’s membership encompasses a wide range of industries, each with its unique needs and challenges. However, there are crucial areas where the government’s focus in the 2024 budget can make a significant impact across all sectors. These include:

1. Investing in Workforce Development: To address critical labour shortages, investments to resolve skills mismatches are vital. These initiatives should be designed to close the gap between current workforce skills and the evolving demands of Ontario’s labour market.
2. Enhancing Infrastructure: Strategic investments in infrastructure, including transportation and digital connectivity, can boost immediate economic activity while supporting long-term growth. This includes expanding broadband access in rural and remote areas and upgrading public transit and road networks.
3. Fostering a Business-Friendly Environment: Implementing policies that reduce red tape and create a conducive environment for business growth is essential. This includes reviewing and streamlining regulatory processes, providing tax incentives for businesses looking to expand or relocate to Ontario and targeted supports for indebted small business.
4. Supporting Innovation and Technology: Encouraging the adoption of new technologies and supporting innovation can help Ontario businesses remain competitive in a global market. This includes providing incentives for research and development and supporting technology-driven sectors.

“The OCC welcomes the Province’s commitments in its 2023 Ontario Economic Outlook and Fiscal Review across crucial policy areas, including housing, health care, investment attraction, workforce, and infrastructure, which will have positive implications for the economy. Notably, the new Ontario Infrastructure Bank (OIB) has the potential to unlock private investment in infrastructure, including affordable housing, which has been indicated as a top priority for the bank.”

The OCC remains committed to working collaboratively with the government and its members to advocate for policies that bolster the province’s economic health and ensure a prosperous future for Ontario.

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About the Ontario Chamber of Commerce
The Ontario Chamber of Commerce (OCC) is the indispensable partner of business and Canada’s largest, most influential provincial chamber. It is an independent, not-for-profit advocacy and member services organization representing a diverse network of 60,000 members. The OCC’s mission is to convene, align and advance the interests of its members through principled policy work, value-added business services and broad engagement to drive competitiveness and economic growth in the province.

For more information, please contact:
Andrea Carmona
Manager, Public Affairs,
Ontario Chamber of Commerce
andreacarmona@occ.ca | Mobile: (647) 234-0255