$708M extends Atlantic development program for five years

Summerside, PEI – The federal government has renewed the Atlantic Canada Opportunities Agency’s investment partnership for a five-year with $708 million in funding.

"Five years ago, we started down a bold new road with the Atlantic Investment Partnership, a forward-looking strategy designed by Atlantic Canadians to help us compete in the global, knowledge-based economy," says Joseph McGuire, minister for ACOA. "Thanks to the first AIP, we have more research and development, more opportunities in rural areas, more exports and foreign investment, and more skilled entrepreneurs working in Atlantic Canada."

The flagship Atlantic Innovation Fund (AIF) has been allocated an additional $300 million over five years. The fund is designed to increase the region’s capacity to carry out leading-edge research and development and commercialize more of the technologies developed in Atlantic Canada. Approximately 100 projects were supported under Rounds I and II of the AIF. Proposals are now being accepted under Round III.

The National Research Council (NRC) will use new funding of $110 million to continue developing technology-based clusters in Atlantic Canada, focussing on sectors including information and communications technologies, life sciences and ocean technologies.

In addition to the innovation component, $175 million will be used to diversity the economies of communities across the region, $50 million will be used to foster entrepreneurship and business expansion by women and youth entrepreneurs, and $65 million will be used to bolster the region’s trade.