Feds provide $3M for economic development in North Bay

The federal government is providing more than $3 million for economic development and innovation projects in North Bay and area.

Friday's announcement of the Federal Economic Development Agency for Northern Ontario (FedNor) funding took place at Canadore College and of the $3 million, Canadore will receive more than $700,000.

That money will be used to implement Responsive Innovation 4.0, which will enhance the regional innovation ecosystem and support critical applied research needs.

"This is about preserving what we have and making life better for not only this generation but the next one,” said Canadore president George Burton.

“That's through application of technology, developing new products and processes, so that our products processes are sought after not only the boundaries of Canada but worldwide. From that we know the economic equation about new revenues, creating new programs and so on."

Nipissing Temiskaming MP Anthony Rota said economic diversification is key.

"When you travel around a lot of the industry in North Bay and the area, you find a lot of small companies that are doing very exceptional things,” Rota said.

“Not only are we making bigger companies and creating more jobs, we're creating more specialization in the area and more diversification of what we already have so it really is about the economy."

Rota said the funding will also create and expand up to 210 jobs across the region.