Canada: A global destination for investment, new technologies and top talent
Innovation Minister invites U.S. innovators and entrepreneurs to go north
May 2, 2017 – Los Angeles, California – Innovation, Science and Economic Development Canada
At a time when other parts of the world are turning inward, Canada remains an open society where the most creative and entrepreneurial people turn big ideas into innovations.
The Government of Canada is making smart, responsible investments to attract the most talented people, the newest technologies and the fastest-growing companies to this country. These investments will create better jobs and opportunities for the middle class and those working hard to join it.
That was the message delivered by the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development. Minister Bains delivered his remarks at the 2017 Milken Institute Global Conference, an international gathering of innovators, entrepreneurs and venture capitalists.
While in Los Angeles, Minister Bains held his first face-to-face meeting with his U.S. counterpart, Commerce Secretary Wilbur Ross. They discussed the benefits of Canada–U.S. trade, and Minister Bains stressed how this balanced trade activity is good for middle-class jobs on both sides of the border.
As part of its Innovation and Skills Plan, the Government of Canada is investing in a multi-year strategy to make this country a world-leading centre for innovation that will create more well-paying jobs and grow the middle class.
The Innovation and Skills Plan includes:
- $950 million over five years to create innovation superclusters, which are dense areas of business activity that contain large and small companies, universities and colleges, and specialized talent and infrastructure. These growth engines create jobs, encourage knowledge sharing, drive business specialization and attract global companies to invest.
- $125 million to attract and retain top researchers in the burgeoning field of artificial intelligence and deep learning.
- $400 million over three years to increase late-stage venture capital available to Canadian entrepreneurs.
- The Global Skills Strategy, launching on June 12, which will enable Canadian companies to recruit top international talent more quickly and easily.
- Innovation Canada, a new platform that will make it quicker and easier for Canadian innovators to access federal programs that support the growth of businesses.
“The world is on the cusp of new transformational change powered by emerging fields in which Canada has globally competitive advantages. These emerging fields include artificial intelligence, quantum computing and clean technology. And at a time when other parts of the world are closing their borders and turning inward, Canada continues to welcome people from all backgrounds. Our diversity gives Canadians a competitive edge in a global economy that depends on people’s ability to navigate through different cultures and languages. Diversity also drives innovation, which depends on good ideas that come from the largest pool of talent possible—a global pool. That’s why now is the time for the best and brightest from around the world to choose Canada.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
Follow Minister Bains on Twitter: @MinisterISED
Karl W. Sasseville
Office of the Minister of Innovation, Science and Economic Development
Innovation, Science and Economic Development Canada
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