Thank you very much, Mr. Chairman.
I would also like to thank the witnesses who travelled to be with us today.
My first question is for you, Professor Hanel. You indicated earlier that Canada now ranks 20th with regard to investment in research and development. I was surprised to hear this. I feel that this ranking does not reflect the standing a G7 country should have in the world.
Notwithstanding the fact that I find it unfortunate that we are trailing in research and development, I would like you to take a few moments to explain the consequences of this situation on the Canadian economy and for our SMEs.