The federal government is setting aside $218 million over five years on a government agency intended to lure investment.

International Trade Minister Chrystia Freeland says the money will go to the Invest in Canada Hub, which was announced last month during the fiscal update.

Freeland says the agency will be operational next year and act as a one-stop shop for investors in an effort to boost employment and economic growth.

She says Canada may be the only industrialized nation in the West to be bucking the trend towards protectionism by continuing to stand up for an open society that welcomes immigrants and is open to trade.

Freeland made the announcement during a speech before the Toronto Region Board of Trade.

Read more about: