$98-million investment will create jobs, expand research and foster innovation

/EINPresswire.com/ -- TORONTO, ONTARIO -- (Marketwired) -- 07/28/16 -- Innovation, Science and Economic Development Canada

This document corrects and replaces the press release that was sent today at 10:04 AM EDT.

Canadians will be better equipped for the well-paying middle-class jobs of today and tomorrow as a result of a $98-million investment in the University of Toronto.

This joint federal-provincial investment was announced today by the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development; the Honourable Kirsty Duncan, Minister of Science; the Honourable Deb Matthews, Ontario Minister of Advanced Education and Skills Development; and Mr. Han Dong, Parliamentary Assistant to the Minister of Advanced Education and Skills Development.

The Government of Canada's Innovation Agenda aims to make this country a global centre for innovation-one that creates jobs, drives growth across all industries and improves the lives of all Canadians. This investment is a prime example of that vision in action.

The funding will support the Lab Innovation for Toronto (LIFT) project, which will renew 546 labs across the university's three campuses. Of the $98-million investment, $83.7 million will come from the federal government and $14.3 million from the Province of Ontario. The University of Toronto will contribute an additional $91.8 million for a total investment of $189.8 million.

In total, universities and colleges throughout Ontario will receive more than $1.9 billion from the Government of Canada, the provincial government, the institutions themselves and private donors. The funding will be allocated through the Post-Secondary Institutions Strategic Investment Fund, which will enhance and modernize research facilities on Canadian campuses and improve the environmental sustainability of these facilities.

As a result of these investments, students, professors and researchers will work in state-of-the-art facilities that advance the country's best research. They will collaborate in specially designed spaces that support lifelong learning and skills training. They will work in close proximity with partners to turn discoveries into products or services. In the process, they will train for-and invent-the high-value jobs of the future. And their discoveries will plant the seeds for the next generation of innovators.

That is how the Strategic Investment Fund will jump-start a virtuous circle of innovation, creating the right conditions for long-term growth that will yield benefits for generations to come.

Ontario is making the largest investment in public infrastructure in the province's history-about $160 billion over 12 years-which is supporting 110,000 jobs every year across the province with projects such as hospitals, schools, roads, bridges and transit. Since 2015, the Province has announced support for more than 475 projects that will keep people and goods moving, connect communities and improve quality of life. To learn more about infrastructure projects in your community, go to Ontario.ca/BuildON.

Quotes

"This once-in-a-generation investment by the Government of Canada is a historic down payment on the government's vision to position Canada as a global centre for innovation. That means making Canada a world leader in turning ideas into solutions, science into technologies, skills into jobs and start-up companies into global successes. This investment will create conditions that are conducive to innovation and long-term growth, which will in turn keep the Canadian economy globally competitive."

- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development

"Encouraging scientific awareness in Ontario and across Canada depends on supporting our world-class scientists and researchers. Through investments such as those under the Strategic Investment Fund, we are strengthening the foundation for building Canada as a global leader in scientific excellence."

- The Honourable Kirsty Duncan, Minister of Science

"Our government is proud to support this important project, which will give University of Toronto students access to the renewed facilities they need to prepare for successful careers in science and research. We know that providing access to high-quality education and training facilities is critical to building the skilled workforce we need to support good jobs and economic growth for today and tomorrow, and this investment will help us to do it."

- The Honourable Deb Matthews, Minister of Advanced Education and Skills Development

"The LIFT project will equip our brilliant scholars, students and staff with the cutting-edge facilities they need to learn, collaborate and discover. The modernization of these labs will also reduce our greenhouse gas emissions significantly. The University of Toronto greatly appreciates the federal and provincial governments' support of post-secondary education and research, as well as their leadership in ensuring Canada secures its place among global leaders in science and technology."

- Meric S. Gertler, President, University of Toronto

Quick facts

--  The Government of Canada and the Government of Ontario are providing
    more than $950 million for research infrastructure at institutions
    across Ontario. $98 million has been awarded to the University of
    Toronto for the Lab Innovation for Toronto (LIFT) project.
--  The Government of Canada's recently launched Innovation Agenda is
    designed to ensure Canada is globally competitive in promoting research,
    translating ideas into new products and services, accelerating business
    growth and propelling entrepreneurs from the start-up phase to
    international success.
--  The targeted, short-term investments under the Post-Secondary
    Institutions Strategic Investment Fund will promote economic activity
    across Canada and help Canada's universities and colleges develop highly
    skilled workers, act as engines of discovery, and collaborate on
    innovations that help Canadian companies compete and grow
    internationally.
--  The Post-Secondary Institutions Strategic Investment Fund supports the
    Government of Canada's climate change objectives by encouraging
    sustainable and green infrastructure projects.

Associated links

--  Post-Secondary Institutions Strategic Investment Fund website
--  Post-Secondary Institutions Strategic Investment Fund backgrounder
--  Innovation Agenda backgrounder
--  BuildON

Follow Minister Bains on social media.

Twitter: @MinisterISED

Instagram: ministerised

Follow Minister Duncan on social media.

Twitter: @ScienceMin

Instagram: sciencemin

Follow Minister Matthews on social media.

Twitter: @Deb_Matthews

Follow MPP Han Dong on social media.

Twitter: @HanDongMPP

Contacts:
Philip Proulx
Press Secretary
Office of the Minister of Innovation, Science
and Economic Development
343-291-2500

Veronique Perron
Press Secretary
Office of the Minister of Science
343-291-2600

Media Relations
Innovation, Science and Economic Development Canada
343-291-1777
ic.mediarelations-mediasrelations.ic@canada.ca

Allison Buchan-Terrell
Press Secretary
Office of the Minister of Advanced Education
and Skills Development
416-314-5475

Heather Irwin
Communications Branch
Ministry of Advanced Education and Skills Development
416-325-2434
Heather.Irwin@ontario.ca