On June 5, Innovation, Science and Economic Development Minister Navdeep Bains launched the Strategic Innovation Fund, a new program to attract and support business investments across all sectors of the economy.
Announced in Budget 2017, the $1.26 billion fund is intended to attract and support high-quality business investments across all sectors of the economy.
The announcement and the new fund were warmly welcomed by the Chemistry Industry Association of Canada (CIAC).
“Consistent with the articulated goals, this fund will assist in attracting and retaining large scale chemistry investments in Canada,” said Bob Masterson, CIAC President and CEO. “Today, more than $12 billion in chemistry investments are under consideration and approaching final investment decision.”
These projects are identified as economic growth priorities for the provinces of Ontario and Alberta.
“Engagement and support by the federal government sends an important signal to project investors, indicating that Canada is open for business for global scale investments in the chemistry sector,” Masterson added.
CIAC has long been an advocate for allocation of federal funding programs through a merit-based process open to all sectors, rather than restricting opportunities to a small number of targeted sectors. CIAC also continues to call on the federal government to ensure its identified economic growth priorities are well-aligned with those of major economic growth regions such as Ontario and Alberta.
In the past year, those provinces have placed priority on attracting global-scale chemistry investments through:
- Ontario’s $2.5 billion Jobs and Prosperity Fund; and
- Alberta’s $500 million Petrochemicals Diversification Fund, which attracted sixteen expressions of interest totalling over $20 billion in new investment.
CIAC looks forward to working with its member-companies to facilitate access to the new fund. CIAC will continue to work with the federal government to identify additional measures to attract a growing share of the significant new investments taking place in the global chemistry industry.