Federal budget welcomes innovation investments
With the release of the 2021Federal Budget, presented by Deputy Prime Minister and Finance Minister Chrystia Freeland, the Government of Canada has made it clear that innovation, research, and advanced technology ecosystems will play a critical role in the economic recovery from the pandemic and will fuel growth, according to Gordon Harling, president and CEO of CMC Microsystems.
“We congratulate Minister Freeland and the Government of Canada on Budget 2021,” says Harling, of CMC, manager of Canada’s National Design Network (CNDN), a leading technology and innovation support organization in Canada.
Based on the contents of the budget, CMC notes the following investments in particular:
- $360M over 7 years to launch a National Quantum Strategy.
- $443M over ten years for the pan-Canadian Artificial Intelligence Strategy.
- $90M over five years for the National Research Council to retool and modernize the Canadian Photonics Fabrication Centre. (CPFC)
- $7.2B over seven years in additional funding for the Strategic Innovation Fund. (SIF)
“Quantum computing, artificial intelligence and photonics are emerging areas of advanced technology where Canada already has internationally recognized expertise. CMC is at the forefront of developing these technologies and enabling Canadian firms to compete globally” Harling says.
CMC also congratulates the Government for providing additional funding for the Strategic Innovation Fund (SIF), which promotes innovation and productivity initiatives with a pan-Canadian scope, including advanced manufacturing. Additional support for the Strategic Innovation Fund gives Canada an opportunity to strengthen its leadership in emerging areas of the innovation economy such as advanced manufacturing and developing specialty high-value products with high growth potential.
CMC also applauds investments in some of our partner organizations:
- $500M over three years to the Canada Foundation for Innovation (CFI) for bio-innovation laboratory upgrades.
- $500M over five years for the National Research Council’s Industrial Research Assistance Program (IRAP).
- IRAP will also receive additional funding for intellectual property protection services.
- $708M over five years to MITACS to create work-integrated innovation internships.
“Investments in leading edge opportunities like artificial intelligence, quantum computing, as well as supporting programs like the Strategic Innovation Fund (SIF) will pay dividends for all Canadians in the future” concludes Harling.