Indiana builds momentum through memorandum of understanding with Ontario to advance cooperation and economic growth

Governor Eric J. Holcomb returned to Indianapolis yesterday, concluding a two-day economic development trip to Ontario, Canada, focused on advancing government, business and industry partnerships to accelerate sector growth, innovation and educational collaboration and exchange initiatives.

“Indiana and Canada share a strong and proven partnership, and I was pleased to be back in Ontario earlier this week as we worked to build on the ties that help us realize our shared vision for the future,” said Gov. Holcomb. “Our newest memorandum of understanding signed this week with Premier Ford further affirms our commitment to take decisive action fostering even deeper bonds that will shape the very future of opportunities in our respective regions.” 

In Ontario, Gov. Holcomb met with provincial leadership, including Ontario Premier Doug Ford, to foster ties between Indiana and Ontario and identify collaborations to advance economic growth across the two regions. The two leaders signed an official memorandum of understanding, building on Gov. Holcomb’s first trip to Canada in 2018 and further solidifying Indiana’s and Ontario’s joint efforts to accelerate economic growth and workforce development for tomorrow’s economy.

The agreement between Indiana and Ontario creates a framework for collaboration across economic development and investment, workforce development and regulatory cooperation, and aims to advance innovation and growth across key, shared sectors, including infrastructure, advanced manufacturing, automotive, aerospace and aviation, agriculture and agricultural technology, life sciences, energy, information and communications technologies and sports economy.

In Canada, Gov. Holcomb and a delegation from the Indiana Economic Development Corporation (IEDC) joined Ontario’s Minister of Energy and visited the Darlington Nuclear Generating Station in Ontario to meet with leadership from Ontario Power Generation – one of North America’s largest, most diverse electricity generators. The two groups discussed the push to meet the growing clean industrial power generation needs through leveraging storage advancements and renewable sources like hydrogen and solar.

Indiana has landed multiple commitments from companies like Canadian Solar, Doral Renewables and Bila Solar to advance solar energy. The state is also home to innovation on small modular technology, which the delegation identified as an opportunity for future collaboration.

Gov. Holcomb and the delegation also met with numerous Canadian and global business executives and industry officials during a roundtable hosted by the American Chamber of Commerce in Canada and at a reception hosted by the U.S. Consul General Baxter Hunt. The governor highlighted the state’s robust economic momentum, unprecedented investments in community development and quality of place through READI, and commitment to advancing entrepreneurship and innovation, pitching Indiana as a premier destination for business, investment and talent.

Indiana and Canada share strong economic ties, with more than $26.2 billion of goods exchanged between the two regions in 2022. Indiana is home to 78 Canada-owned business establishments – a number that continues to grow. Since 2017, 22 Canada-based companies have made plans to locate or grow in Indiana, together committing to invest $1.75 billion and create more than 3,700 new Hoosier jobs. Last year, Canadian Solar announced plans to locate its second U.S. solar module production facility in Jeffersonville, investing a projected $800 million at River Ridge Commerce Center and creating up to 1,200 new jobs, while Nova Chemicals Corporation, a producer of sustainable polyethylene, announced plans to establish its first mechanical recycling facility in Connersville, creating up to 125 new jobs.

This marks Gov. Holcomb’s 17th international economic development trip as governor and his second official trip to Canada. Indiana is home to more than 1,050 foreign-owned business establishments, representing more than 40 countries and territories – including approximately 78 from Canada. In 2023, 37 foreign-owned businesses committed to locating or growing in Indiana, together planning to invest more than $20.6 billion and create more than 8,509 new Hoosier jobs.