9 Jun 2011

Toronto board says more needs to be done to lure businesses to city

A new report finds that Toronto officials are not employing effective techniques in luring more businesses to come to the Greater Toronto Area.

In a 32-page report issued by the Toronto Board of Trade, called ‘Shifting into High Gear,’ members of the board list several things government officials and business owners can do to further enhance the city’s appeal to entrepreneurs.

“As the Toronto region’s economy goes, so goes Ontario’s,” said Carol Wilding, president and CEO of the TBT. “Our city-region lacks a coordinated economic strategy. To compete with the global regions of the world we need to be economically synchronized.”

While the report found Toronto’s business-friendliness could be improved upon, it’s already one of the leading cities for business generation. The TBT says 20 percent of Canada’s GDP comes from Toronto workers. A Profit magazine analysis recently found that some of Canada’s fastest growing businesses are in Toronto, which may explain why so many business storage units are sought after.

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