Post-Secondary Institutions Strategic Investment Fund Announcement at the University of Toronto

Speech

Speaking Points

The Honourable Navdeep Bains, PC, MP
Minister of Innovation, Science and Economic Development

Toronto, Ontario

July 28, 2016

Check Against Delivery


Introduction

Thank you, Meric [Meric S. Gertler, President, University of Toronto].

And thank you to the University of Toronto for being such great hosts today.

I'm delighted to be here with my friend and colleague Kirsty Duncan, Minister of Science.

Innovation Agenda

Ladies and gentlemen, we are here today to celebrate a once‑in‑a‑generation investment.

This investment represents a historic down payment on our government's vision to position Canada as a global centre for innovation.

That means creating good‑paying jobs for the middle class, driving growth across all industries and improving the lives of all Canadians.

Our government was elected on a promise to strengthen the middle class.

That's because Canada is at its most prosperous when everyone has a fair chance at success.

We are delivering on that promise by focusing on innovation as a national priority.

Innovation fosters a thriving middle class by creating high‑value, good‑paying jobs.

It opens the country to new economic, social and environmental possibilities.

It is essential in shaping our future.

Our government's Innovation Agenda is a plan to create the conditions that attract investment and encourage long‑term growth.

This will result in state‑of‑the art learning, research and manufacturing facilities.

It will result in support for researchers to pursue science excellence.

It will result in opportunities for all Canadians at all stages of life to acquire new knowledge and learn new skills, equipping them for the jobs of tomorrow.

And it will result in programs that help companies get their products to market faster.

Our government is planting the seeds for the next generation of innovators to keep the Canadian economy globally competitive.

Today's investment is a prime example of that vision in action.

Post‑Secondary Institutions Strategic Investment Fund

Through the Post‑Secondary Institutions Strategic Investment Fund, our government is promoting research excellence.

This $2‑billion program will improve research and innovation facilities at universities and colleges across the country.

As a result of these investments, students, teachers and researchers will work in state‑of‑the‑art facilities that support the country's best research.

They will collaborate in specially designed spaces that support lifelong learning and skills training.

They will work in close proximity with partners to turn discoveries into products or services—and get them to market faster.

Their discoveries will plant the seeds from which the next generation of innovators will grow.

And the critical mass of brain power on Canadian campuses will attract the best and brightest people from around the world.

What I'm describing is a virtuous circle of innovation that will yield benefits for generations to come.

We're not taking on this challenge alone.

We are working with the provinces and territories in delivering this program.

Here in Ontario, the Government of Canada will invest a total of nearly $780 million.

That's in addition to the investments from the Government of Ontario and contributions from institutions and private sources.

That translates to a total of $1.9 billion to improve Ontario's research and innovation facilities.

Conclusion

Ladies and gentlemen, our vision is to make Canadians innovation‑ready—ready to spot opportunities, imagine possibilities and discover new ideas.

We are positioning Canada to be globally competitive in promoting research excellence and innovation.

We are supporting current and future generations of young people as they train for—and invent—the high‑value jobs of the future.

Now, it is my distinct pleasure to welcome Canada's Minister of Science, Kirsty Duncan, who will give us more detail about how these investments will benefit the University of Toronto.

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