Projects part of federal government’s efforts to bring new business opportunities, export growth, and jobs to the region
July 9, 2014 – St. John’s, NL – Atlantic Canada Opportunities Agency (ACOA)
The Honourable Rob Moore, Regional Minister for Newfoundland and Labrador and Minister of State (Atlantic Canada Opportunities Agency), today announced that the Government of Canada is investing $9.6 million in four highly innovative research and development (R&D) projects in Newfoundland and Labrador through ACOA’s Atlantic Innovation Fund (AIF). This announcement is part of an overall AIF investment of $43 million in projects throughout Atlantic Canada, announced yesterday in Dartmouth, Nova Scotia.
Ranging from projects to improve healthcare delivery to the establishment of an innovative way to increase offshore oil recovery, the Newfoundland and Labrador projects that will receive AIF funding are diverse, market-focused and hold significant potential for the region. These investments involve individual businesses and partnerships between businesses, universities and R&D organizations to develop and bring to market new and innovative technologies and products, helping to boost the region’s innovation capacity and global competitiveness.
With a total project value of $123 million, the projects announced in all four Atlantic provinces this week are expected to leverage an additional 80 million from a variety of private and public sector sources.
In Economic Action Plan 2014, the Government reaffirmed its commitment to increasing business innovation, productivity and competitiveness in Atlantic Canada. As part of this commitment, ACOA will contribute $450 million over the next five years to innovation projects in the region.
Minister Moore confirmed that details will soon be announced regarding important enhancements to ACOA’s overall innovation programming.
Quick Facts:
- The AIF has been instrumental in helping move R&D from the lab to the marketplace. Since 2001, hundreds of technologies, products, processes and services developed through the AIF have been successfully commercialized, resulting in millions of dollars in incremental sales.
- The AIF has encouraged the growth of key sectors like information technology, biotechnology and ocean technology in Atlantic Canada. It has also helped build the region’s R&D capacity, for example by attracting researchers and creating over 900 research partnerships and collaborations.
- Since its inception, the AIF has committed $836 million in funding to 330 highly innovative R&D projects across Atlantic Canada, valued at $1.8 billion.
- In its 2010 Budget, the Government of Canada made ACOA’s Atlantic Innovation Fund a permanent and ongoing program.
Quotes:
“Our Government’s top priority continues to be creating jobs and long-term economic growth, and fostering innovation and commercialization are crucial to meeting these priorities. The projects we are announcing today will help bring new knowledge, new jobs and new business opportunities to all of Atlantic Canada. With these new Atlantic Innovation Fund investments, we are delivering on our Economic Action Plan 2014 commitment to increase business innovation, productivity and competitiveness in Atlantic Canada.”
- Honourable Rob Moore, Minister of State (Atlantic Canada Opportunities Agency)
Associated Links:
Contacts:
Kelsie Corey
Director of Communications
Office of the Honourable Rob Moore
Atlantic Canada Opportunities Agency
613-941-7241
kelsie.corey@acoa-apeca.gc.ca
Julie Afonso
A/Director, Public Affairs
ACOA Newfoundland and Labrador
709-772-2984
julie.afonso@acoa-apeca.gc.ca
