Investing in education and innovation in financial services

Toronto Receives $4 Million Boost for Skills and Technology

TORONTO - To help the Toronto Region attract and develop the best and brightest financial sector talent to compete globally, the Ontario government will help establish the Centre of Excellence for Education in Financial Services and provide it with $4 million over three years.

The Centre will be the first of its kind in Canada. Beginning in 2008-09, it will promote innovation and technology, attract more international students to Toronto, and facilitate export of Ontario financial educational services. It will work to maintain the breadth and quality of the intellectual and entrepreneurial capacity that drive economic success and competitiveness in this key sector.

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"Financial services and professional business services are major drivers of Ontario's knowledge economy. Financial services underline the point that this province is a great place to invest," said Ontario Finance Minister Dwight Duncan (http://www.fin.gov.on.ca/english/about/min.html). "We believe the Centre of Excellence will help secure our talent advantage and create a global hub for financial services education and training."

"Toronto is home to many innovative financial institutions that are world leaders in their markets," said Janet Ecker, President of the Toronto Financial Services Alliance (http://www.tfsa.ca/). "The Centre of Excellence is an ideal way for us to capitalize on Toronto's competitive advantage and attract even more talented people to work in Canada's most important industry."

<< QUICK FACTS

- Roughly 350,000 people are employed in Ontario's financial sector, with 213,000 of them in the Toronto area.

- Toronto ranks 15th internationally as a global financial hub, according to international surveys.

- Toronto's financial sector is the third largest in North America, behind only New York and Chicago, based on employment.

- Toronto region is home to 28 per cent of the Canadian financial services sector.

- Since 2003, employment in Ontario's financial services sector has increased by 12 per cent.