Where Investment Opportunities Abound
For tourists seeking the ultimate in outdoor adventure, Northwestern Ontario is an unparalleled destination. Its towering forests, dramatic granite cliffs and crystal-clear lakes are a mecca for a growing number of travelers interested in true wilderness experiences.
For tourism investors, Northwestern Ontario represents a rare opportunity to get in on the ground floor.
“We’re a bit of a ‘best-kept secret’ because of our relative geographic remoteness,” says Paul Pepe, Manager of Tourism for Thunder Bay, a sophisticated urban centre of 120,000 that sits at the edge of 526,000 square kilometres (200,000+ square miles) of wilderness and anchors the region. “We have all the ingredients certain types of investors are looking for and they have yet to be mined.”
Not surprisingly, the focus is on attracting high-end, quality investments that capitalize on sustainable wilderness experiences.
The region got a boost in fall 2007 when the Canadian government established the Lake Superior National Marine Conservation Area. At 10,000 square kilometres (nearly 4,000 square miles) of water it’s the largest fresh-water conservation area in the world. It boasts more than 70 species of fish, including herring, walleye, yellow perch, lake white fish and trout. Ring-gilled and herring gulls, cormorants, great blue herons and white pelicans all feed in these waters. Human presence in the area dates back at least 5,000 years – and there may also be as many as 50 shipwrecks, including one legendary explorer Jacques Cousteau characterized as the most beautiful wreck in the world.
“There’s amazing potential here for investors specializing in destination experiences, eco-adventure, dive and cruise experiences and shoreline services,” says Mr. Pepe.
Calling prospective investors
The Northern Ontario Heritage Fund Corporation has six programs which invest in the economic growth and prosperity of Northern Ontario, including the tourism sector.
Under the Northern Energy Program, the fund helps public and private tourism partners invest in energy generation and conservation. The Enterprises North Job Creation Program provides financial assistance of up to $1 million to the private sector in order to support initiatives which bring new jobs and economic benefits to Northern Ontario.
For further information on the NOHFC’s programs, please visit: www.nohfc.com
Tourism Visitation Facts in 2007
- 924,000 visitors experienced the Thunder Bay District. More than half stayed in the area for one or more nights with the majority being Ontario residents.
- 768,800 visitors enjoyed the Kenora District. Of these, over 80% stayed in the area for one or more nights. The majority of visitors were from the U.S. (40%), with visitors from other Canadian provinces accounting for 48% and Ontario residents accounting for 20%.
- 647,000 visitors experienced the Rainy River District with 41% staying for one or more nights. The majority were from the U.S. (75%). Ontario residents accounted for 16%; visitors from other provinces accounted for 9%.
For more information on tourism investment opportunities throughout Ontario, please visit: www.investinontario.com/tourism/regionalinvest.asp.