Canada announces $17 million in funding to help technology firms expand into new global markets

From: Global Affairs Canada

News release

March 7, 2019 - Ottawa, Ontario - Global Affairs Canada

The Government of Canada is focussed on supporting Canadian businesses of all sizes to expand their opportunities to sell innovative products and services around the globe while creating high-quality middle-class jobs for Canadians across the country.

Today, Omar Alghabra, Parliamentary Secretary to the Minister of International Trade Diversification, announced $17 million over five years to expand the successful Canadian Technology Accelerator (CTA) program. As outlined in the Fall Economic Statement 2018, this funding is part of Canada’s commitment to help small and medium-sized enterprises expand and diversify their exports.

Parliamentary Secretary Alghabra made the announcement while speaking at an event in Toronto, Ontario, bringing together Canadian companies that have benefited from the CTA program, as well as investors and tech entrepreneurs. The funding will allow the expansion of CTA programming to global innovation centres: Berlin, Delhi, London and Mexico City. This builds upon the recent expansion of the CTA to four Asian cities (Hong Kong, Taipei, Tokyo and Singapore), funded as part of Budget 2018’s commitment to strengthen Canada’s diplomatic and trade support presence in Asia. 

Quotes

“Creating international opportunities for growing Canadian technology firms to reach new customers and thrive in new markets is key to Canada’s prosperity. The expanded CTA program will provide the vital tools and connections these companies need to do that.”

- Omar Alghabra, Parliamentary Secretary to the Minister of International Trade Diversification

Quick facts

  • Since the program was established, the CTA has resulted in $510 million in capital raised, $190 million in new revenue, 996 strategic partnerships and 2,125 new jobs for 489 small, high-potential, high-growth firms in key technology sectors (information and communications technologies, life sciences and clean-tech).

  • Through the Export Diversification Strategy, the government will invest $1.1 billion over six years to finance infrastructure to support trade, enhance trade services for Canadian exporters and provide Canadian businesses with new tools to grow and diversify their exports.

  • With the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Canada-European Union Comprehensive Economic and Trade Agreement (CETA), and the new Canada-United States-Mexico Agreement (CUSMA), Canada has secured preferential access to 1.5 billion customers in more than 50 countries.

Related products

Associated links

Contacts

Isabella Brisson-Urdaneta
Press Secretary
Office of the Minister of International Trade Diversification
343-203-7332
Isabella.Brisson-Urdaneta@international.gc.ca

Media Relations Office
Global Affairs Canada
343-203-7700
media@international.gc.ca
Follow us on Twitter: @CanadaTrade
Like us on Facebook: Canada’s international trade - Global Affairs Canada

Page details

Date modified: