2019-20 DRR Minister’s message
It is my pleasure to present the 2019-20 Departmental Results Report for the Atlantic Canada Opportunities Agency. As Innovation, Science and Economic Development Canada (ISED) continues to mobilize industry and the research community to confront the COVID-19 pandemic, the various organizations in the ISED portfolio have coordinated their efforts to position Canada as a global innovation leader and shape an inclusive economy for all Canadians.
In Atlantic Canada, ACOA played a crucial role in our government’s response to the economic impacts of COVID-19. The Agency implemented the $110 million Regional Relief and Recovery Fund and the $38.1 million Canadian Seafood Stabilization Fund to support vulnerable sectors of the economy during this uncertain time. The Agency deferred payments for a period of six months, which allowed businesses to put those funds toward support for their employees and the local economy. Moreover, ACOA is working with communities across the region to help them navigate the pandemic so they can position themselves to emerge successfully from this historic challenge.
The timely measures in these unprecedented times have built on activities from the previous year, when ACOA continued to help small and medium-sized enterprises (SMEs) innovate, scale-up, attract and retain talent and bring their products and services to market.
For example, through the:
- Women Entrepreneurship Strategy – ACOA approved nearly $1 million to help women-owned businesses grow and export. This investment also helped non-profit, third-party organizations support the growth of women-led SMEs.
- Accelerated Growth Service – ACOA provided $8.3 million toward 42 projects from client participants to help them grow, upgrade their technology or expand trade.
- Atlantic Trade and Investment Growth Strategy – ACOA and the four Atlantic provincial governments approved more than $7 million for 24 projects to support export growth in 10 strategic sectors. This helped increase the value of Atlantic Canada’s export goods to a high of $28.7 billion.
- Atlantic Canada Agreement on Tourism – ACOA worked with Destination Canada and the four Atlantic provincial governments to strengthen the region’s tourism sector and position this key industry for continued growth.
ACOA aimed to deepen the well of labour and skills available in the region. The Agency promoted the inclusion of women, newcomers, Indigenous peoples, younger and older workers, and persons with disabilities in the Atlantic job market. This helped bridge the labour and skills divide while ensuring that the labour force better reflected these underrepresented groups.
ACOA engaged and involved governments, businesses and community stakeholders to help communities expand and diversify their economies including in official language minority communities. The Agency approved more than $88.6 million for 476 projects designed to help communities grow and become more economically diverse.
Supporting economic growth in Indigenous communities ensures a continued emphasis on reconciliation. As such, ACOA approved $14.6 million for 62 projects that aligned with Indigenous economic priorities, including Aboriginal economic development, research and business skills development.
These are just a few examples of Atlantic Canada Opportunities Agency's work on behalf of Canadians regardless of their background, region or generation. I invite you to read this report to learn more about how ACOA is helping to build an inclusive and innovative economy that offers all Atlantic Canadians an opportunity to thrive.
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