Feds invest $49 billion for aerospace innovation
- June 19, 2019
The Federal Government of Canada is investing $49 billion in aerospace innovation to support competitiveness in the sector.
The investment under the Strategic Innovation Fund-National Ecosystems in the Aeroapce Industries Association of Canada. The initiative is aimed to bring together the best companies, resources and researchers in the aerospace sector to establish a national aerospace innovation ecosystem and accelerate the commercialization of new and improved products, as well as providing more high skilled jobs.
Navdeep Bains, minister of Innovation, Science and Economic Development, made the annoucement during his visit to the Paris Air Show.
"Our government is collaborating with our world-class aerospace industries, including small and medium-sized companies, to strengthen Canada's enviable position as a world leader in aerospace and space innovation. With our best researchers and most innovative companies from across the country working together on the next breakthroughs in the field of aerospace, more Canadians will find good work developing and building the aerospace technologies of the future."
In 2018, the aerospace industry contributed more than $25 billion in GDP and about 213,000 jobs to the Canadian economy.
Canada ranks first in the world for the production of civilian flight simulators as well as turboprop and helicopter engines, is the only country to be ranked in the top five in all civil flight simulator, engine and aircraft sub-segments.
Canada's aerospace manufacturing firms use advanced technologies nearly 50% more and key emerging technologies two times more than the manufacturing average.