As with any country, economic development is highly important to Canada. To support economic development Canada has many programs in place and has launched a variety of different initiatives.
Innovation Superclusters Initative
This is just one of the many initiatives that the Liberal government launched. It has a lot of critics but there are many supporters of it as well. This program required the investment of $950 million dollars that was allotted to five regions within the country spanning a decade. The objective was to spur innovation.
Working Across the Country
The department of government responsible for economic development in Canada is the Innovation, Science and Economic Development Canada.
This department shares their support of economic growth across the country. To be effective they have developed a concise portfolio.
- Science and Technology: The government focuses on supporting both firms and non-profit organizations to be creative in developing new products and ideas.
- Trade and Investment: Canada is keen on trade and encourages both inside investments as well as foreign investment.
- Business Growth: The government believes that the strength of future economic growth lies within new business start-ups. To support this there are often incentives. Medium business growth is also encouraged for expansion.
- To create diversity emphasis is put on community growth.
Economic growth also partly relies on alliances with other countries. Government leaders work diligently to foster relations to the benefit of all parties concerned.
Overall Canada is considered to have stability in its economic status and is solid in its growth. It is Canada’s economy that often creates the desire for others to come and live in Canada. It is a country known for its innovation. Although there is still much that can be done and will be done to strengthen the economy even more. A strong economy is the backbone of the country.