America's Business Forum (ABF):

Showcasing Toronto to the Hemisphere - All Wards

The Economic Development and Parks Committee reports having received the following report (August 23, 1999) from the Commissioner of Economic Development, Culture and Tourism and submits it to City Council for information:

Purpose:

The purpose of this report is to draw to the attention of members of the Committee and City Council the exciting business conference to be held at the Convention Centre's South Building November 1 and 2, 1999. It will also serve as additional background to the presentation to be made by the Department of Foreign Affairs and International Trade.

Source of Funds:

Costs associated with the hosting of the Americas Business Forum will be borne by the participants, corporate sponsors and the federal government. City expenses are included in the operating budget.

Recommendation:

It is recommended that the report be received for information.

Comments:

Five years ago a process was begun in Miami which will hopefully lead to the creation by 2005 of an Hemispheric Free Trade Agreement which is expected to have a very positive effect on the economy of the Country and our City. As such, the Canadian Government has played a significant role in moving this process forward. Now, for three days in November, the City of Toronto will be host to over 1000 business leaders from thirty four countries in North, Central and South America and the Caribbean.

This is the first time that these meeting will be held in Canada and only second time in North America. The Forum concludes with the opportunity to present the perspective of Business to the Foreign/Trade Ministers from the thirty-four countries who begin their meetings on November 3, 1999.

The Free Trade Area of the Americas (FTAA) process and the now annual Americas Business Forum provide an excellent opportunity for business leaders and other interested parties to help shape trade policy. The execution of an hemispheric free trade agreement would create the world's largest free trade zone. The market would exceed 800 million people and link, via trade, countries with a combined gross domestic product of $10.6 trillion.

The Opportunity for and Role of the City of Toronto

The City of Toronto sought and was successful in attracting the Americas Business Forum. It will be an official sponsor and will be host to the Opening Reception for the delegates. Funds for the event will come primarily from corporate sponsorship. The direct economic impact of a meeting such as the Americas Business Forum is estimated at between $1.2 and $1.5 million. The indirect and long term impacts are hard to quantify, but ABF, because of its participants, holds enormous potential for both direct investment and tourism.

Advertising packages for the ABF are being circulated through all of the Canadian missions in the hemisphere. Staff of External Affairs and International Trade are promoting the meeting in Toronto. The material before the Committee, being distributed to all major companies, the Chambers of Commerce and business associations throughout the 34 countries, sells Toronto. Over 200 journalists are expected to attend. As well, the local Consular Corps is promoting the ABF with their business contacts.

The conference, which will have simultaneous translation into four languages (English, French, Spanish and Portuguese) has as its theme "Connecting the Americas" . It will attract delegates who have only heard of Toronto but never managed to visit. It is a perfect platform to showcase the multicultural nature of Toronto. The City, which is naturally such a good host to visitors and especially to those for whom English is not the preferred language, can make many new friends and ambassadors.

Conclusion:

The City of Toronto was successful in its bid to attract the Americas Business Forum. It sought this meeting because it provided an unique opportunity to showcase Toronto to over 1000 business leaders from the hemisphere and host government ministers and officials from the thirty-four countries of North, Central and South America and the Caribbean. There is a significant immediate positive economic impact but more important is the future potential for tourism and trade created by this event. The Economic Development and Corporate Communications Divisions, Protocol Office and Tourism Toronto will work jointly to maximize the results of this event.

Contact Name:

Mr. Peter Finestone, 392-3376.

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Ms. Roberta O. Cross, Senior Trade Commissioner, Department of Foreign Affairs and International Trade, gave a presentation to the Economic Development and Parks Comittee, on "America's Business Forum (ABF): Showcasing Toronto to the Hemisphere", and filed a copy of her submission.

Ms. Brenda Librecz, Managing Director, Economic Development, encouraged Members of the Committee to submit names of businesses that would be interested in participating in this program.