Ontario, Canada ranks top 5 for FDI into North America

In a world in economic flux, the greenfield trends fDi Report reveals the province’s FDI investments show no sign of slowing down

Ontario fared well in fDi Intelligence’s latest Global Greenfield Investment Trends, which documents investment numbers from 2021. The report talks about a “world in flux seen through an FDI lens,” citing a global transformation in the areas of sustainability, the digital economy and supply chain restructuring due to COVID-19.

The report reflects that, amidst a recovering pandemic economy, Ontario’s investment numbers showed no sign of slowing down.

For 2021, the province ranked third for foreign direct investment (FDI) into North America by capital investment and fourth for FDI into North America by project numbers. In terms of capital investment, Ontario ranked higher than U.S. heavy-weights New York, California and Ohio—in part due to the province’s support in attracting investment in key sectors during economic uncertainty.

“The business landscape continues to evolve due to geopolitical instability and the ongoing impact of COVID-19,” says Trevor Dauphinee, CEO of Invest Ontario. “Investors are looking for investment locations offering stability while not hampering opportunities for growth and innovation—and that’s what they find in Ontario. Working closely with investors and providing customized services and supports, we are able to better and more efficiently address investor needs and attract significant projects.”

Ontario’s success continued into 2022, receiving some of our most notable investments in the life sciences, technology and advanced manufacturing sectors, including several multi-billion dollar auto and electric vehicle (EV) deals.

In early 2022, Stellantis and LG Energy Solution (LGES) made the largest auto investment in the province’s history: a joint venture of $5 billion to build an EV battery manufacturing facility in Windsor, Ontario. This is in addition to investments from other global giants such as Umicore, GM and Honda throughout the year, securing Ontario’s position as a global leader in the automotive space.

In the information technology sector, Invest Ontario won a $340+ million investment from tech giant Nokia for a redevelopment project that will transform their Ottawa facility into a world-class telecommunications and technology hub.

For life sciences, OmniaBio announced a new biomanufacturing facility in the province, contributing to an overall project investment exceeding half a billion dollars.

Canada overall has been excelling in FDI. Invest in Canada reported that foreign direct investment in Canada reached a 15-year high in 2021 at $75.5 billion, with a cumulative value of FDI in the country reaching $1.1 trillion (a 26.5% increase over the 10-year average).

With Ontario receiving the title as the best place in Canada to invest by Site Selection magazine, along with top rankings in tech talent, cities of the future and the global liveability index, it’s no wonder Ontario is drawing major foreign direct investment from around the globe.

Discover more reasons why companies are choosing to invest in Ontario.