VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 20, 2016) - Innovation, Science and Economic Development Canada

In a period of low economic growth, Canada needs to invest in developing the talent and skills of its people. The Government of Canada is committed to supporting post-secondary institutions as they help equip young Canadians with the education and training they need to contribute to a strong, healthy middle class. Canada also needs to focus on scaling up companies and providing support to drive innovation. Investing in clean technology will help diversify Canada's economy, open access to new markets and create well-paying jobs.

This is the message that the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, delivered during his two-day tour of the Vancouver area. During his visit, he announced investments in clean technology and innovative businesses as well as in post-secondary infrastructure through the Post-Secondary Institutions Strategic Investment Fund. The funding announced included:

• $45 million for 17 innovative clean technology projects across Canada;
• $1.8 million to OSI Maritime Systems Ltd.; and
• $39.7 million to the University of British Columbia's Vancouver campus.

Over the course of his visit, the Minister also met with local trade groups and organizations to emphasize the need for both government and private sector investment in talent, research and scale-up. Furthermore, he outlined how the Government of Canada's Innovation Agenda will put in place the conditions to create well-paying jobs for the middle class and those working to join it.

Quote

"Our vision is to be a global centre for innovation with well-paying jobs and a growing middle class. The Innovation Agenda, backed by the investments I've announced over the past two days, will help make that vision a reality in British Columbia and across Canada."

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

Quick facts

• The Government of Canada's Innovation Agenda is designed to ensure Canada is globally competitive in promoting research, translating ideas into new products and services, accelerating business growth and propelling entrepreneurs from the start-up phase to international success.
• The targeted, short-term investments under the Post-Secondary Institutions Strategic Investment Fund will promote economic activity across Canada and help Canada's universities and colleges develop highly skilled workers, act as engines of discovery, and collaborate on innovations that help Canadian companies compete and grow internationally.
• The Government of Canada has committed $1.2 billion over the next four years to support the development of clean technologies across a number of industries.

Associated links

- Post-Secondary Institutions Strategic Investment Fund website

- Post-Secondary Institutions Strategic Investment Fund backgrounder

- Innovation Agenda backgrounder

Follow Minister Bains on social media.

Twitter: @MinisterISED