Minister Morneau Highlights Budget 2016 Measures to Build a More Innovative Country
April 7, 2016 – Kitchener-Waterloo, Ontario – Department of Finance
During a visit to Kitchener-Waterloo, Finance Minister Bill Morneau today highlighted new investments in knowledge infrastructure that will encourage innovation and discovery as well as leading-edge training and research.
To ensure post-secondary and other research institutions continue to support our researchers and innovators, the Minister noted that Budget 2016 invests up to $2 billion over three years in a new Post-Secondary Institutions Strategic Investment Fund.
Minister Morneau also highlighted that, over the next five years, the Government will provide up to $3.4 billion on a cash basis for investments in federal infrastructure, including about $140 million to support science, research and innovation—the pillars of strong and advanced economies—through improvements to federal laboratories and other federal assets.
Minister Morneau added that Government investments in knowledge infrastructure will encourage innovation and discovery, and will help provide students access to leading-edge training and research experiences.
In Budget 2016, the Minister noted, the Government will implement a historic plan to invest more than $120 billion in infrastructure over ten years, to better meet the needs of Canadians now, and better position Canada’s economy for the future.
The announcement comes as part of the new Government’s first budget, Growing the Middle Class.
During a tour at Communitech Corporation in Kitchener, a facility dedicated to entrepreneurs, Minister Morneau also spoke to the Government’s commitment to innovation and growth, in partnership and coordination with the private sector.
And at a Facebook Live townhall with University of Waterloo students later today, the Minister will highlight new investments that benefit students and young Canadians in the budget.
"We have world-leading research institutions, creative and innovative entrepreneurs and businesses, and commercialization organizations that can transform breakthroughs in the laboratory into products that enhance the lives of millions. Our budget builds on that and will create jobs for the middle class, enhance home-grown talent, and help companies expand beyond our borders."
- Bill Morneau, Minister of Finance
Office of the Minister of Finance
Department of Finance