Western Economic Diversification Canada (WD) is receiving an additional $25 million to support research, development and innovation for firms in the region.
The announcement was made at Loop Energy Inc.’s headquarters in Burnaby BC earlier this week by Navdeep Bains, minister of Innovation, Science and Economic Development and the minister responsible for WD.
"There is no one-size-fits-all approach to diversifying the economy as each region has their own unique advantages. By providing departments like Western Economic Diversification Canada with the tools and funding to do their job, we are working towards building a stronger, more innovative and inclusive economy,” said Bains.
WD will continue to support communities, businesses, and First Nations by identifying opportunities to invest in innovative and emerging industries. This will diversify the western economy, improve the quality of life of Western Canadians, and create the well-paying jobs of today and tomorrow.
As part of a new approach to economic development through innovation, regional development agencies across the country, including WD, will be focused on strengthening innovation capacity by:
- supporting small and medium-sized businesses that want to adopt new technologies and boost their innovation capacity;
- nominating 50 firms across the country to participate in a federal program that will help them grow nationally and internationally;
- investing $100 million annually across the country in clean technology; and
- supporting a total of 250 Indigenous projects as they develop and diversify their economies.