Thank you very much, Chair.
Colleagues, I want to thank you for inviting me to HUMA today. As always, I want to thank all of you as committee members for your hard work on behalf of Canadians.
I would first like to point out that we are gathered on the unceded traditional territory of the Algonquin Anishinabe people.
Today's meeting is a welcome opportunity for me to highlight the progress being made on developing and growing Canada's future workforce and our plans for overcoming and capitalizing on the challenges we face, while at the same reinstating the long-held belief that for decades guided our country—the promise of Canada; that unwavering truth that young generations would be able to get a good-paying, middle-class job, afford a home, and do as well as, if not better than, their parents' generation if they just put in the work.
We all know the challenges we face, including the grey tsunami—the exodus of older workers who are leaving the workforce faster than we can replace them. On the other hand, we also need a generation of skilled green-collar workers in a world of automation and digitization.
Underpinning both these challenges is the trades boom—the Herculean effort of equipping businesses with workers needed today while ensuring an adequate and consistent supply of skilled tradeswomen and tradesmen to contribute to the economy and the opportunities of tomorrow.
Overall, we are facing the rapid loss of skilled workers, coupled with a shortage of workers with the skills that contribute to the increased productivity needed for a strong economy.
The challenges are great, but there is good news, including the fact that our fundamentals are in great shape. International investors, for one, are quite taken with us, and businesses are noticing. It's why we have the third-highest foreign direct investment in the world right now, and the highest in the world when you divide it by our population, ahead of all of our G7 allies. It's why Stellantis, Volkswagen, Air Products, Dow and Honda bet on us and our workforce to be partners in the economy of tomorrow.
That's why we've already begun equipping our workforce with the know-how needed to progress in an increasingly digital and changing global economy.
I have limited time, so I am going to highlight a few items of special interest that speak directly to those efforts. Of course, I'd like to shine a light on some budget 2024 measures and the role they will play in making the promise of Canada a reality again.
We're striving to integrate more workers into the job market. We already support students, through scholarships and interest-free loans. We intend to increase this support with $1.1 billion in new funding. Programs such as the student work placement program and Canada summer jobs help students and employers find the right path.
In the skilled trades, we invest nearly $1 billion a year in apprenticeship assistance, through grants, loans, tax credits, employment insurance benefits during in-school training, project funding and support for the red seal program.
We're also looking ahead, because it's not just about where the puck is so much as where it's going to be. The labour force of the future, in the context of achieving our net-zero goals, will depend on a workforce equipped with the right skills.
This is exactly why we introduced Bill C‑50, to ensure that Canada will meet its carbon neutrality goals without leaving workers behind.
That's also why we recently launched the sustainable jobs training fund, to support a series of training projects that will help more than 15,000 workers.
We're also launching a new union training and innovation program sustainable jobs stream under the Canadian apprenticeship strategy in the coming months that will benefit over 20,000 apprentices and journeypersons in the skilled trades.
In closing, colleagues, let me say this: Overcoming these challenges requires everyone.
As minister, I saw the incredible work done by unions, by companies, by polytechnics, by schools and by institutions to train the workforce of the 21st century.
Our support for these efforts will help to deliver on the middle-class jobs that our great workers deserve, the future they have dreamed of and the promise of Canada they have worked tirelessly to achieve.
We won't give in. We will not stop until that promise is made reality again.
Thank you, Mr. Chair and committee members.
I look forward to your questions about Canada's workforce.