In Olivia Chow’s first international journey as Toronto’s mayor, she’s taking the city’s economic ambitions across the Atlantic. Landing in London this week, Chow kicked off a six-day trade mission aimed at strengthening Toronto’s business ties with the United Kingdom and Ireland – a trip that comes as the city faces mounting pressure to address its $1.5 billion budget shortfall.
The delegation, which includes Toronto Economic Development chair Councillor Alejandra Bravo and several business leaders, arrives at a critical time. Toronto’s post-pandemic recovery has been uneven, with downtown office vacancy rates hovering around 15 percent according to recent CBRE data. Meanwhile, the city’s financial challenges have intensified debates about how to fund essential services.
“Toronto needs more than just local solutions right now,” Chow told reporters at Pearson International Airport before departure. “This mission is about creating opportunities that bring investment and jobs back to our neighbourhoods while showcasing what makes our city a global destination for talent and capital.”
The timing has raised eyebrows among some critics. Councillor Stephen Holyday questioned the mission’s priorities, noting that “while the mayor travels abroad, we’re still grappling with fundamental budget challenges at home.” The mayor’s office countered that international engagement is precisely what’s needed to bolster Toronto’s economic foundation.
In London, Chow’s schedule includes meetings with Mayor Sadiq Khan and representatives from the financial services sector. The parallels between the two cities are striking – both face affordable housing crises, transit funding challenges, and are working to revitalize their downtown cores after the pandemic’s disruption.
The delegation is focusing on five key sectors: financial services, technology, film and television production, green building technology, and life sciences. Toronto’s film industry, which contributed over $2.5 billion to the local economy in 2023 according to city figures, stands to benefit particularly from strengthened UK connections.
“We’re not just selling Toronto; we’re building relationships that can sustain economic growth for years to come,” explained Councillor Bravo during a briefing session with the Toronto Region Board of Trade last week. “Every major global city needs to be present on the international stage.”
The Ireland portion of the trip will take the delegation to Dublin, where Toronto’s growing tech sector alignment with Ireland’s innovation ecosystem will be the central focus. Irish companies already employ approximately 14,000 people in the Toronto region, with potential for significant expansion according to the Ireland-Canada Chamber of Commerce.
John Tory, Chow’s predecessor, conducted similar international missions during his tenure, including trips to London in 2015 and 2018. Those visits resulted in several business expansions into Toronto, including British tech firms that have since established North American headquarters in the city.
The economic ripple effects of these trade missions can be difficult to quantify immediately. Previous city-led international delegations have faced criticism for their expense-to-return ratio. This mission’s projected cost of approximately $120,000, while modest in the context of the city’s overall budget, has nonetheless drawn scrutiny during a period of fiscal constraint.
Sean Mullin, executive director of the Brookfield Institute for Innovation and Entrepreneurship, sees value in the mayor’s outreach efforts. “Cities increasingly compete directly with one another for investment and talent. Toronto’s representatives need to be making the case in person, especially as other global cities step up their own promotion efforts post-pandemic.”
Some Toronto residents remain skeptical. “I’d rather see the mayor fixing potholes than flying overseas,” said Scarborough resident Maria Fernandes during a recent community budget consultation. “We need to get our own house in order first.”
Business improvement areas across Toronto have generally supported the mission. “Downtown needs more foot traffic and commercial activity,” noted Mary Fragedakis of the GreekTown on the Danforth BIA. “If international connections bring more business to our neighborhoods, that benefits everyone.”
The delegation returns next week, after which Chow has promised to provide a detailed report on outcomes and follow-up initiatives. City staff are already planning welcome receptions for potential investors identified during the mission, with hopes of converting introductions into concrete business development.
As Toronto continues navigating post-pandemic challenges and budget pressures, this trade mission represents Chow’s vision of economic development through international engagement. Whether it delivers measurable returns will likely become a benchmark for evaluating similar initiatives during her administration.
“We’re bringing Toronto to the world,” Chow said before boarding her flight, “so the world will bring their business to Toronto.”
