Investment attraction and the increase of trade opportunities in order to create jobs are key objectives for the Economic Development Division (EDD). While there have been many initiatives implemented by this division, increased competition for investment and trade has meant that Whitby's EDD has become more proactive in order to attract industry and job growth.
The main objective for the development of Whitby's foreign direct investment strategy is to guide the EDD in attracting new investment and trade into the community and help local companies' access foreign markets.
Whitby Town Council approved the FDI Strategy in 2013. This strategy recommended four key initiatives:
- Expand the business retention and expansion program
- Lever existing and local contacts to communicate the 'Whitby Advantage'
- Develop new promotional products and implement new methods to promote Whitby
- Increase outreach for new FDI lead generation.
Following the lead of senior levels of governments, Whitby Town Council also approved the Chinese Investment Attraction and Trade Strategy in 2013. This strategy lays out the following key initiatives:
- Expand Whitby's network of GTA Chinese contacts
- Develop friendship and economic partnership agreements with Chinese communities (e.g. City of Yixing, Peoples Republic of China)
- Implement a China marketing plan to establish and maintain contacts and increase Whitby's opportunities for investment attraction and business trade
- Increase outreach for new investment and trade lead generation and more proactive investor servicing.