Ontario 360’s eighth paper of the 2020-21 season is Attracting 21st Century Investment: A Blueprint for the Creation of Invest Ontario and Invest Alberta. It focuses on the commitments of the Ontario and Alberta governments to establish new investment attraction agencies as part of their post-pandemic recovery plans.
The paper, authored by Mitchell Davidson, executive director of the StrategyCorp Institute of Public Policy and Economy, draws on international best practices to identify key policy and operational considerations for Invest Ontario and Invest Alberta, so as to increase the likelihood that these new “one-stop shops” have positive impacts.
The author notes that many national and sub-national jurisdictions have created investment attraction agencies over the past several years to bring greater discipline and intentionality to governmental efforts to attract foreign investment. These agencies have different priorities and areas of focus but there are, according to the research, four key factors for effectiveness: (1) a clear mandate; (2) the right personnel; (3) appropriate accountability and transparency; and (4) policy flexibility.
The paper outlines a series of policy and operational recommendations organized into two categories: foundational and targeted. As part of their post-pandemic recovery planning, the Ontario and Alberta governments should consider these recommendations in the creation and execution of their new investment attraction agencies.
