Leaders set agenda for financial services sector|
| || ||
Leaders from the Toronto Financial Services Alliance (TFSA) today agreed on an
agenda to strengthen the city's position as a global financial services centre.
Industry leaders put aside competing issues and discussed common goals,
challenges and industry priorities.
The partnership is key to enhancing Toronto's position in the face of
world-wide trends such as globalization, advances in information technology and
As competition among rival cities intensifies, it is becoming increasingly
important that the City of Toronto take a co-ordinated public-private sector
approach to promoting the city's opportunities.
"Bay Street and Main Street work well together," said Deputy Mayor Case Ootes.
"Residents and business need a strong financial services sector that will
compete globally. This level of co-operation between the City and the financial
services sector is new for us and will achieve many benefits for Toronto."
Today's meeting paves the way for the implementation of an action plan that has
been in development for the past year. The forum focussed on four key areas:
· Competitiveness - Identifying strengths to market our services
internationally. Determine and correct impediments to success.
· Public policy and regulation - Working together to address areas of shared
· Promotion - Communicating the importance and capabilities of the sector
locally, nationally and internationally.
· Human Resources - Increasing the dialogue between all stakeholders to ensure
the industry continues to attract the most talented and best trained people to
work in the financial services sector.
Toronto's financial services sector employs 176,000 people and an additional
300,000 jobs are linked to the industry. The TFSA, formed in December 2001,
brings together representatives from various levels of government, the
financial services sector, affiliated business services and academia.
The TFSA will be releasing its first report at the October 10 meeting of the
Economic Development and Parks Committee, to be held at Toronto City Hall,
Committee Room 1, at 9:30 a.m.