This is a problem that has long vexed all governments. It is frustrating to newcomers that the federal government is principally responsible for selecting economic immigrants through the federal skilled worker program, which is based largely on education, skills, and experience. Yet, when they arrive here, the 20% of economic immigrants who fall within regulated professions often find themselves unable to get clear answers on their applications for credential recognition from one of the over 440 licensing bodies that exist in the ten provinces. The resulting chronic underemployment has led to the tragic joke about our having the best-educated cab drivers in the world.
I agree completely with Ms. Chow, Mr. Bevilacqua, and others who have raised this concern. We don't want to be bringing skilled people, who are often from the top economic tier of their countries of origin, to chronic underemployment in Canada. It's bad for them. It's a waste of talent. It's an opportunity cost for us. That's why in 2006 we created the Foreign Credentials Referral Office, with a $32 million budget. We wanted to invest in helping people begin the process of accreditation before they arrive in Canada. This was done to cut down on the time between arrival and accreditation. We are doing this through the Canadian immigration integration project, which will shortly be expanded and rolled out in additional missions. We're doing this through our innovation fund—providing these services in Korea, Taiwan, China, the Philippines, and India. We are giving people an opportunity now, either through the Internet or through those offices, to begin to make their applications and to understand how to get their credentials recognized.
More important, in January the prime minister, for the first time, exercised federal political leadership on this vexatious issue. He said to the ten premiers that this was something we had to get right, that we were letting down too many newcomers, and that we needed a pan-Canadian, national approach. Remarkably—I never thought I'd see the day—he got all ten premiers and the three territorial leaders to sign off on an accord. This accord will create an open labour market in Canada by 2014, where there will be mutual recognition of international credentials, and cause a framework to be developed that will accelerate credential recognition for foreign-trained professionals.
That's what we announced yesterday. It was the consequence of a $50-million investment in the economic action plan. We announced that we've identified with the ten provinces eight professional licensing agencies across the country, licensing bodies that include engineers and pharmacists, among others. By the time the system starts, people applying for recognition from one of these professional bodies will get an answer within a year.