Mr. Speaker, I am pleased to speak today about Canada's aerospace industry and the importance this government places on this critical sector.
The aerospace industry is a cornerstone of the Canadian economy. In 2009 alone, Canada's aerospace industry recorded sales totalling over $22 billion, ranking it among the world's top five aerospace sectors.
While the economic slowdown undoubtedly challenged Canada's important aerospace industry, the government ensured that the right tools were in place to support this vital contributor to the economies of all regions of Canada, and we continue to do so.
Investing in innovation and creating new business opportunities for Canadian aerospace firms today will ensure that Canada is well positioned to full take advantage of tomorrow's opportunities.
The Government of Canada works closely with the Canadian aerospace industry in its pursuit of innovation and enhanced competitiveness. For instance, there are many benefits provided to industry through the Government of Canada's industrial and regional benefits policy, which leverages defence procurements to provide high value opportunities for Canada's aerospace industry now and for years to come.
Thanks to the federal government's investments to rebuild the Canadian Forces, aerospace and defence contractors hold obligations to invest approximately $20 billion in Canada. In July 2010, the Government of Canada announced its commitment to replace the existing fleet of CF-18 fighters with 65 F-35 Lightning II aircraft. The F-35 joint strike fighter program represents a unique opportunity for Canadian industry. Canada's participation positions our companies at the start of a multi-year, multi-billion dollar program where they will contribute to the development, production and sustainment of this highly advanced fifth generation fighter. Canadian companies have access to significant opportunities related to the production of the F-35, with more to come on sustainment.
In April 2007, the government created the strategic aerospace and defence initiative to support the vital research and development investments made by Canadian aerospace firms. To date, we have announced more than $800 million of repayable investments in 23 projects. With these funds, we have leveraged an additional $1.8 billion in research and development investments.
Five firms are already commercializing new technologies as a result of this program. It was through the strategic aerospace and defence initiative that the Government of Canada initially invested close to $20 million in Diamond's D-Jet project. This funding was awarded to Diamond to directly support its research and development efforts for this all new aircraft.
Diamond has since approached the government with additional financial requests, including a request for an additional $35 million loan. After a thorough review of Diamond's request by Industry Canada experts, the company was advised that the government, as the steward of taxpayer dollars, could not support the request. However, I am pleased to note that company officials have indicated that they continue to explore other financing opportunities to support Diamond's D-Jet project.
The government remains focused on what matters to Canadians, the economy. Our continued economic growth shows that Canada's economic action plan is working and that we are on the right track. Canada's economy has now grown for seven straight quarters, with over 560,000 net new jobs created since July 2009. While that is positive news, the global economic recovery remains fragile. We need to stay the course with our prudent low tax plan to protect the economy and create jobs.