Harper Government to Help Canadian Businesses Become Innovation Leaders

MONTREAL, QUEBEC--(Marketwire - March 30, 2012) - The success of Monumental Technologies and the government's plan for innovation in Economic Action Plan 2012 were highlighted today by the Minister of Industry, Christian Paradis.

"Canada's long-term economic competitiveness depends on innovative businesses such as Monumental Technologies," said Minister Paradis. "That is why our government remains committed to investing in science and technology and taking innovative ideas into the marketplace where they can generate jobs, growth and prosperity."

Increasing business investment in research and development is crucial to Canada's long-term competitiveness, and programs such as National Research Council Canada's Industrial Research Assistance Program (NRC-IRAP) are helping businesses innovate.

Support for science and technology (S&T) has been a government priority since 2006, as exemplified by the introduction of the S&T Strategy in 2007 and the series of initiatives to build an innovative economy that followed. Federal S&T expenditures reached nearly $11.9 billion in 2010-11.

In Economic Action Plan 2012, the government announced that $1.1 billion over five years will go to directly supporting research and development and $500 million for venture capital. These investments and actions keep our economy strong, create high-quality jobs and ensure that Canada is a premier destination for the world's brightest minds.

To learn more about Economic Action Plan 2012, please visit www.budget.gc.ca.

To learn more about the Government of Canada's S&T initiatives, visit the Science and Technology for Canadians website (www.science.gc.ca).