SUMMERSIDE – The City of Summerside is nearing completion of two initiatives that will open the area to foreign investment.
Economic development director Mike Thususka said his department is working on a website that is geared to attracting, retaining and expanding foreign investment.
“We’re in the process of developing a web presence that helps facilitate foreign direct investment in Summerside,” he said. “If a company outside the borders of Canada wanted to do some investment in Canada there are some challenges that they are going to face.”
Thususka said the goal is to make it simpler for foreign investors to get information about Summerside and Canada quickly and easily.
“What we’ve tried to do is put a process in place that allows them to have one stop to access information about doing business in Canada,” he said. “There’s everything from labour taxes, process investments, that sort of stuff.”
“The second one is what we call business development investment support collateral sheets,” he said. “In essence it’s just taking those high level issues and boiling them down to the Summerside-specific in terms of opportunities for investment in Summerside. It’s making people aware of the investment opportunities, illustrating to them how to go about making investments and then the support services that are available in Summerside and in P.E.I. to help them in that investment process.”
Thususka said the website will be up and running before the end of the year.
“We’re a long way through it right now,” he said. “We’re trying to tidy up a few things. We’re just trying to refine it a little bit.”
ACOA is involved in the project with a $31,875 investment through the Invest Canada-Community Initiatives program.
“This helps us to build tools to attract and grow foreign investment in Summerside,” Thususka said. “They have to strategically align with the federal government’s goals and objectives of investment in Canada. We go through a process where we put programs together, we make application and it’s goes through an adjudication board. We go then can go forward with 50 cent dollars and build the tools we need to build to try and promote Summerside.”