Cambridge Recognized for Foreign Direct Investment Strategy
Cambridge - FDI Magazine, part of Financial Times Ltd., one of the world’s leading business news organizations, has recognized the City of Cambridge in the American Cities of the Future rankings for 2011/12.
Cambridge was named eighth in the top 10 ‘Small Cities FDI Strategy’ category recognizing our efforts in attracting foreign direct investment.
“Canadian cities have traditionally fared very well in our location benchmarking exercises, and southern Ontario has proven to be a highly competitive region within North America. Cambridge is an excellent example of this strong competitive position and stands out for special recognition for its proactive and sensible yet ambitious strategy for attracting investment, which impressed the judges on our independent panel. This year, for the first time ever, we ranked cities across the whole of the Americas, and the fact that Cambridge places highly even in this broader field of competitors is an excellent testament to its FDI efforts,” says Courtney Fingar, Editor, FDi Magazine, FDi Intelligence, Financial Times Ltd.
“We are honoured to be among the leading cities for strategic development of our initiatives to attract foreign direct investment,” says Mayor Doug Craig.
The Economic Development division recently completed the long term strategy for the City called ‘Designing the Future’. The report recognizes the transformation of the local economy, evaluates the economic base and puts in place strategies for economic development in the short, medium and long term. The executive summary is located at this link.
“We are proud to be home to foreign-owned companies such as Toyota Motor Manufacturing Canada, and to have the services and infrastructure to support continued interest and investment from companies abroad,” says Bo Densmore, Director of Economic Development for the City of Cambridge. She notes the upcoming business development trip to China, led by our external economic development partners at Canada’s Technology Triangle, as another example of strategic targeting of investment.
Mayor Craig also comments the Waterloo Region presence is strong in this competition and commends the City of Waterloo for its success in making the top 10 list in three categories: Micro Cities of the Future Infrastructure, Human Resources and Quality of Life. Nearby City of Guelph was also recognized in the top 10 rankings for Micro Cities Infrastructure.
Full results of the rankings are available at this website and in the April/May issue of FDi Magazine.