Christian Paradis, minister of industry has announced the final enhancement to the Industrial and Regional Benefits Policy.
The newest change will encourage long-term private sector investments in inventive Canadian small- and medium-sized enterprises in areas related to research, development and commercialization.
“Our government’s top priorities are jobs, growth and long-term prosperity,” says Paradis. “Canada’s small- and medium-sized enterprises play a crucial role in our economy, punching well above their weight in terms of jobs, gross domestic product and exports.”
“This [development] will leverage hundreds of millions of dollars in new private sector investments in small- and medium-sized companies to help them get their ideas from the drawing board to the marketplace.”
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Through the Industrial and Regional Benefits Policy, firms that are awarded major contracts are required to reinvest 100% of the contract value back into the Canadian economy.
The investment framework being launched provides incentive for contractors to meet their Industrial and Regional Benefits Policy obligations by partnering with innovative Canadians.
In 2009, the Harper Government announced seven enhancements to the Industrial and Regional Benefits Policy aimed at maximizing access to international business opportunities and improving the commercialization of our technology. This is the final change.
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