Provincial government launches Building Ontario Businesses Initiative
by CM Staff
This legislative change will see the government targeting to spend at least $3 billion in contracts awarded to Ontario businesses annually by 2026.
TORONTO — The Ontario government is trying to strengthen the province’s supply chain security and economic growth through the Building Ontario Businesses Initiative (BOBI). BOBI will try and reduce barriers and provide companies in Ontario with greater access to public procurement opportunities, possibly helping them sell more goods and services, create jobs in their local communities and recover from the economic effects of the COVID-19 pandemic.
Details were shared by Ross Romano, Minister of Government and Consumer Services, joined by Victor Fedeli, Minister of Economic Development, Job Creation and Trade and Nina Tangri, Associate Minister of Small Business and Red Tape Reduction.
As part of BOBI, the government passed the Building Ontario Businesses Initiative Act, which mandates public sector entities to give Ontario businesses preference when conducting procurements for goods and services under a specified threshold amount. This legislative change will see the government targeting to spend at least $3 billion in contracts awarded to Ontario businesses annually by 2026, further creating immense economic opportunity for Ontarians.
“The Building Ontario Businesses Initiative will level the playing field for Ontario businesses vying to support our province’s procurement needs and will ensure they are able to compete with overseas businesses,” said Ross Romano, Minister of Government and Consumer Services. “By harnessing our immense buying power, BOBI will allow our government to build our businesses in every corner of our province and support new jobs for our workers. We are investing in our people and unlocking our true economic potential.”
These changes will apply to the province’s overall procurements, which amount to $29 billion in goods and services annually across all public sector organizations. This buying power will be leveraged to help Ontario businesses in the technology and manufacturing sectors grow, try and create good paying jobs for Ontario workers, and secure domestic supply for critical goods required in times of crisis.