Ottawa Board of Trade and Ontario Chamber Releases 2024 Provincial Budget Recommendations
(Ottawa – March 14, 2024) – Ontario’s economic prosperity is threatened by inflation, infrastructure backlogs, regulatory barriers, skills gaps, and fears of a slowing economy. To address these challenges, the Ottawa Board of Trade (OBOT) and Ontario Chamber of Commerce’s (OCC) 2024 Provincial Budget Submission provides recommendations focused on closing Ontario’s productivity gap through a principled growth strategy.
“Businesses across Ottawa are continuing to feel the effect of the pandemic,” said Sueling Ching, President and CEO of OBOT. “Budget 2024 must lay the groundwork for strong economic growth, building the infrastructure and workforce of the future, and modernizing regulation to ensure Ontario can attract investment and nurture entrepreneurship.”
Some key recommendations include:
- Empowering Ontario’s workforce and addressing labour shortages by supporting a financially sustainable post-secondary education sector, advancing upskilling and reskilling initiatives, and scaling evidence-based interventions to support the participation of equity-deserving groups in the labour market.
- Cultivating business competitiveness and sustainable growth by improving access to private capital and credit for small businesses, removing barriers to interprovincial and international trade, and supporting key sectors such as clean energy, cannabis, and tourism.
- Investing in resilient, healthy communities by tackling primary care and broader health human resource crises, combating growing rates of mental health and addiction challenges, and expediting the implementation of Ontario’s life sciences strategy.
- Building strong foundations through infrastructure by leveraging partnerships to build and preserve affordable housing along the continuum, investing in energy generation, transmission, and distribution infrastructure, and continuing to accelerate broadband rollout across the province.
“In 2024 and beyond, productivity must be Ontario’s priority,” said Daniel Tisch, President and CEO of the OCC. “Capital will flow where productive capacity is highest, and we want it to flow to Ontario. That’s why the budget must focus on policies that support immediate growth while investing in an educated workforce, long-term infrastructure, and healthy, sustainable communities.”
Recommendations outlined in the budget submission were developed in consultation with businesses of all sizes, labour unions, postsecondary institutions, non-profit organizations, industry associations and close to 150 chambers of commerce and boards of trade.
About the Ottawa Board of Trade
The Ottawa Board of Trade is the voice of business in Ottawa. We advocate for collaborative and sustainable community prosperity, and build support for local businesses as they launch, pivot, or grow. We are champions of the city of Ottawa as the best place to live, work and invest. For information, visit www.ottawabot.ca.
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, non-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 inclusive, sustainable economic growth in the province.