WATERLOO, ONTARIO--(Marketwire - March 30, 2012) - The Honourable Gary Goodyear, Minister of State for Science and Technology and for the Federal Economic Development Agency for Southern Ontario, delivered a speech today about innovation and Economic Action Plan 2012 at a gathering of the Greater Kitchener Waterloo Chamber of Commerce.
Following Minister Flaherty's tabling of the budget yesterday, Minister of State Goodyear spoke about the government's comprehensive agenda to bolster Canada's long-term economic strengths and promote job growth.
"Our long-term economic competitiveness depends on supporting businesses that innovate and create jobs," said Minister of State Goodyear. "By focusing on the drivers of growth and job creation-innovation, investment, education, skills and communities-the new measures in Economic Action Plan 2012 will solidify, strengthen and draw upon the entrepreneurial sector's role as the fundamental force behind Canada's economy."
Economic Action Plan 2012 proposes $1.1 billion over five years to directly support research and development and makes available $500 million for venture capital, to realign the government's approach to promoting innovation and create better opportunities for businesses. This includes helping high-growth firms access risk capital, increasing direct support for business innovation, supporting private and public research collaboration, supporting innovation through procurement, refocusing the National Research Council Canada, and improving the Scientific Research and Experimental Development tax incentive program.
For more information on Economic Action Plan 2012, visit the Economic Action Plan 2012 website(www.budget.gc.ca/2012/plan/toc-tdm-eng.html).
Contact Information:
Director of Communications
Office of the Honourable Gary Goodyear
Minister of State (Science and Technology)
(Federal Economic Development Agency for Southern Ontario)
613-947-2956
Media Relations
Industry Canada
613-943-2502