Calls on the province to capitalize on its strong growth through innovation and increased partnerships
November 3, 2016 – Niagara-on-the-Lake, Ontario – Innovation, Science and Economic Development Canada
Advanced economies around the world are facing a period of low economic growth. But low growth does not have to be Canada’s destiny. With the right plan, Canada can outperform the rest of the world.
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, provided an overview at the Ontario Economic Summit of the priority areas that have emerged as part of Canada’s Innovation Agenda. Minister Bains emphasized the need for government and the private sector to make smart investments in three key areas:
- People: Expand work-integrated learning programs, such as internships, apprenticeships and continuous learning opportunities, for Canadians at every stage of their careers—from new graduates up to the highest-ranking executives.
- Technology: Set big-horizon goals and create broad-based partnerships to fund ambitious research projects that solve complex, large-scale problems and spark commercial opportunities for the private sector.
- Companies: Leverage the buying power of government, as the single-largest purchaser of goods and services, to support the growth of innovative companies that have the potential to be globally competitive.
“In many ways, Ontario’s success is Canada’s success. This province has the largest population in the country. And it has a diversified economy with an established manufacturing base. Across Ontario, communities are building on their existing assets to move into a high-value, knowledge-based economy. This is a smart and forward-looking move. And with interest rates at historic lows, now is the time to invest in Canada—our people, companies and technologies—to keep our country globally competitive.”– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
- Presented by the Ontario Chamber of Commerce, the Ontario Economic Summit is an annual conference of leaders from the public and private sector to discuss issues related to the economic health of the province.
- In 2015, Ontario’s economy grew by 2.1 percent, driven by solid economic growth in the United States, reduced oil prices, lower currency, increased exports, low interest rates and sustained growth in household spending. The Conference Board of Canada forecasts Ontario’s economy to grow by an average of 2.2 percent over the next five years.
- The Ontario Chamber of Commerce is an independent, non-partisan business network whose mission is to support economic growth in Ontario by advocating for pro-business policies and defending business priorities at Queen’s Park.
- Canadians participated enthusiastically during a summer of public engagement on the federal government’s Innovation Agenda: 28 round-table discussions and thousands of digital interactions yielded over 1,300 ideas.
- In the coming months, these ideas will inform the government’s work on the Inclusive Innovation Agenda as well as the 2017 budget.
Follow Minister Bains on social media.Twitter: @MinisterISED
Philip ProulxPress SecretaryOffice of the Minister of Innovation, Science and Economic Development 343-291-2500
Media RelationsInnovation, Science and Economic Development Canada343-291-1777[email protected]