Following the completion and adoption in 2014 of the Eastern Ontario Economic Development Strategy by both the Eastern Ontario Wardens’ Caucus and the Eastern Ontario Mayors’ Caucus, a key action item of the strategy was the creation of a regional economic governance model, tasked with coordinating strategic, regional, economic development in Eastern Ontario.
The EOLC's mandate is to lead the implementation of the regional economic development strategy. Each member organization contributes financially to provide the funding required to advance projects as well as the creation of three working groups, being:
- Integrated, Intelligent Transportation System
- Workforce Development and Deployment
- Technology Integration and Innovation
Through the working groups, the EOLC also serves to:
- Act as a conduit for information and policy positions with various stakeholders, including the Province of Ontario;
- Track and report on the performance of the Eastern Ontario economy, as it relates to the priorities of the Economic Development Strategy;
- Undertake advocacy on key economic issues; and
- Identify resources and provide recommendations on funding opportunities.