Ontario Launches Building Ontario Businesses Initiative
“Today, the Ontario Government launched the Building Ontario Businesses Initiative (BOBI) which builds upon the Building Ontario Businesses Initiative Act that was passed as part of the Red Tape package this winter.
The first new component that the government announced today is a new requirement expanding procurement bid evaluations to include social and economic considerations to ensure that Ontario businesses have a greater opportunity at securing these bids.
The second new piece that the government launched today is the Industrial Regional Technology Benefit (IRTB) requirement on contracts valued at over $10M. The IRTB will embed economic development considerations into the procurement process. These considerations would include the investment the winning vendor would make in the province, the jobs it will create or sustain, or how the procurement could spur research and innovation. This adds new criteria to large procurements as the government will be looking to leverage large procurements as economic development levers.
The third previously announced change was passed in the Building Ontario Businesses Initiative Act which requires public sector buyers to give preference to Ontario businesses under trade thresholds of $10,000. The government has also targeted $3B in contracts being awarded to Ontario businesses annually by 2026 through this legislative change.
It is important to note that each of these changes will apply to Ontario Public Sector and Broader Public Sector Organizations, and will include ministries, agencies, hospitals, and school boards.
More info on today’s announcement can be found here:
Originally published on News.Ontario.CA