Navdeep Bains is the Minister of Innovation, Science and Economic Development of Canada
December 25, 2018 - by NAVDEEP BAINS, Minister of Innovation, Science and Economic Development of Canada
Just last year, through $795-million of federal backing, we attracted $7.2-billion in investments from our partners and created or maintained 50,000 jobs
In Canada – and around the world – innovation and the aerospace sector go hand-in-hand.
When I became Minister of Innovation, Science and Economic Development in 2015, I was told the previous programs to support the aerospace industry lacked flexibility, were not designed to address technology development and did not encourage business process innovation – something we need to help companies be more productive and create more jobs.
To address these problems, we created the Strategic Innovation Fund. This fund is better suited to meet the needs of industry. It is more flexible, it is more focused on business scale-up to create jobs and it is designed to attract global investment – a key to keeping Canadian businesses competitive internationally. Simply put, the Strategic Innovation Fund makes our government a better business partner with industry to create good middle-class jobs across the country.
As a result, it's been a boost to innovation in Canada both in and outside the aerospace sector, securing more than $6.1-billion in research and development commitments. Just last year, through $795-million of federal backing, we attracted $7.2-billion in investments from our partners and created or maintained 50,000 jobs.
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