Good morning.
Thank you for that kind introduction. It is a pleasure to join you this morning. Thank you all for getting up so early to be here.
Ladies and gentlemen, since becoming Minister of Industry, I have criss-crossed the country to speak with business groups in cities and towns, both large and small.
I have engaged with Canadian companies at local round tables because I wanted to hear directly about the opportunities and challenges they face.
Being here today is yet another opportunity to engage with you—our business leaders and entrepreneurs—because you are the drivers of economic growth, job creation and long-term prosperity in our country.
As we look outside our borders, uncertainty continues to affect the global economy.
Two weeks ago, I was with the Prime Minister when Canada hosted German Chancellor Merkel. We all know Europe faces some serious challenges, such as persistent unemployment, weak growth and burdensome sovereign debt. But these are not their challenges alone; they are faced by the global economy as a whole.
Even in emerging economies like India, China and Brazil, strong currencies and slowing growth present new challenges. So when we look at Canada's position in the world, we can be proud.
Canada benefits from a strong and stable government, a sustainable and long-term approach to the economy, a forward-looking and determined commitment to free trade, a triple-A credit rating, and a fiscal plan to restore balance over the medium term.
Thanks to our government, we also have one of the most inviting investment climates in the world. We know foreign investment provides access to new capital, allowing companies to expand, innovate and create jobs for Canadians.
We have made some targeted improvements to the Investment Canada Act to provide more flexibility in enforcement, greater information to the public and a stronger investment climate.
Canada is leading the developed world. We are a premier place to invest. And we are open for business. But we must ensure these investments strengthen our country, benefit our businesses and are in the best long-term interests of the Canadian economy.
Our government is taking the necessary steps to ensure that we continue to attract investments that promote economic growth, job creation and prosperity in Canada.
And these world-leading efforts have been recognized on the global stage by the International Monetary Fund, the Organisation for Economic Co-operation and Development, the World Economic Forum and Forbes magazine.
As a nation, we must press these advantages. The world is becoming smaller and more digital. For Canada to succeed, we must fully engage in this new world. We must create its technology, capture its potential and reap its benefits.
This means investing in research and creating new products and services. It means finding new markets, improving productivity and learning to do business differently. Growth will be driven by innovation in every sector of our economy.
And it is that innovation that will drive our high-growth firms, that will create tomorrow's jobs and that will propel Canada to the forefront of the digital economy.
Our government has been a strong supporter of Canadian science, technology and research—the key building blocks of innovation. Since coming to office, our government has made significant investments in science and technology. We know that tomorrow's successes rest firmly on today's investments. That science powers commerce.
In Economic Action Plan 2012, we doubled our support for the National Research Council of Canada's Industrial Research Assistance Program—or IRAP. For those who don't know, IRAP is our government's premier innovation assistance program for small and medium-sized enterprises. It is a cornerstone of Canada's innovation system, and it is regarded worldwide as one of the best programs of its kind.
We have also launched a new pilot program that is specifically designed to help businesses adapt to and grow in the digital world. The Digital Technology Adoption Pilot Program—or DTAPP—gives small and medium-sized firms access to expert advisors to help them integrate new digital technologies into their business models.
We know that technology is directly linked to productivity. And it is only through the adoption of cutting-edge technology that we will increase the productivity of our nation.
We must drive product and service innovations and propel them into every corner of our economy. That is where our future lies and, to get there, we must invest, adapt and innovate.
With the right investments at the right time, we are able to take ideas from design to delivery—and grow our businesses in the process. Our government is there to support ideas designed for a digital world.
We are investing $400 million to provide early-stage risk capital and create large-scale venture capital funds. This is in addition to the $100 million we made available through the Business Development Bank of Canada.
In today's economy, firms need greater access to this kind of risk capital to get their ideas off the ground and into the marketplace.
Capital leads to opportunities for collaboration between government, academia and the private sector. And, in many cases, it acts as a catalyst for much greater private investment.
But let's be clear: while we may give these companies the opportunity to succeed, they create their own success. That is a very important distinction.
So far I have spoken about Canada's strong foundation and how our government is modernizing its policies to support growth in the digital economy.
But that is only half of the equation.
I believe—and I think that many in this room would agree—that the government's role is to give our best and brightest the opportunities they need to succeed and then get out of the way.
Put simply: growth and job creation in today's modern economy start with businesses not government, and it will be driven by innovation in every sector of our economy.
We all have a role to play but we cannot act independently. The 21st century economy is too fast-paced. We—academia, governments and the public and private sectors—need to work together.
This means that our provinces and territories need to make tomorrow's skills a priority today in their education systems. Our colleges, universities and polytechnics must work together and embrace partnerships with the private sector. Industry must bring forward more private investment, particularly in early-stage risk capital and to support larger-scale venture capital funds. And companies must drive product and service innovations and propel them into every corner of our economy.
To create jobs, to grow and to maintain our prosperity over the long term, we must work together. People like you are making decisions every day that, when taken together, help shape the destiny of this country—and that is an immense responsibility.
I will launch a Canadian-made digital economy strategy by the end of the year. One based on my conversations with you. One that challenges our innovators. One that drives new technology. And one that, through technology, benefits our entire economy.
But, I have said it before, as a nation, we need to take more risks, think more creatively and act more boldly to claim our place in the global economy.
Ladies and gentlemen, as Canadians, we can count ourselves fortunate. We have accomplished a great deal. Thanks, in no small part, to the drive of the entrepreneurs and innovators in this room and across this country.
We have shown the world the strength of the Canadian economic model. But to sustain this, and to carry it forward, we need the hard work, talent and investments of people like you. When we work together, nothing can stand in our way.
Thank you.
