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North Okanagan seeks foreign investment

Reinvigorating the North Okanagan’s economy could partially depend on global interests.

The City of Vernon has received $25,000 from the federal government to attract and retain foreign investment.

“It helps create the presence of international markets,” said Kevin Poole, Vernon’s economic development officer.

The federal grant will be matched by the city and the primary focus will be a promotional video and an inventory of land in the region.

“This fits because of our major businesses and developments already here like Sparkling Hill, tekmar Control Systems, Okanagan Spring and Rogers Foods,” said Poole of the firms with foreign parent companies.

Recently,  Poole met with a representative for a Chinese investor.

“They want to purchase an existing company here. They want to grow the business and add positions,” said Poole.

“There’s a significant amount of Asian investment looking at Vernon and the North Okanagan.”

Poole believes the land inventory is crucial.

“We want to showcase what local opportunities exist.”

The federal funding comes from the Invest Canada-Community Initiatives.

“Both the federal government and municipalities share the objective of bringing new investment to communities across Canada,” said Colin Mayes, Okanagan-Shuswap MP.

 

 

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