An increase in overall global competitiveness is required to make the Toronto Region one of the world’s top 10 financial centers, according to a new report released by The Boston Consulting Group (BCG) for the Toronto Financial Services Working Group.
The report identifies four priority opportunities that have the potential to drive a projected incremental 25,000-40,000 jobs and $4-5 billion in annual GDP over a five-year time horizon. A common theme is building world-class hubs of expertise or activity. The priorities are:
- Establish a global institute for risk management
- Entrench Canada’s position as the leading global hub for mining, metals, and energy financing and trading
- Become a global leader in retirement financing solutions
- Grow skilled financial services activity clusters.
Moving forward: a call for partnership and action
Translating the themes for action into results needs to be a priority of the financial services industry and all three orders of government. There is considerable support at this time within the industry and all orders of government in carrying this initiative forward. It is imperative that support is turned into action so that good intentions yield real results.