Thank you very much.
Mr. Chair, members of the committee, thank you for this invitation. I would like to point out that I am accompanied by the President of the Atlantic Canada Opportunities Agency, Paul LeBlanc.
It is clear to us that ACOA plays a pivotal role in fostering a strong regional economy in Atlantic Canada in many ways: helping entrepreneurs to improve their business skills and productivity, supporting innovation and its commercialization, which we believe are the spearheads of economic progress, promoting the development and adoption of new technologies and processes, and helping to increase access to international markets.
In summary, to achieve these objectives, ACOA has three main programs: the Business Development Program (BOP), which provides repayable contributions to start up, expand or modernize small- and medium-sized enterprises; the Innovative Communities Fund, which allows us to make investments that lead to long-term employment and economic capacity in rural communities; and finally ACOA's third core program, the Atlantic Innovation Fund (AIF), a catalyst for private-public partnerships that drive research and development and its commercialization. Through this fund, ACOA has spawned numerous patents and licensing arrangements and attracted highly qualified researchers and scientists.
With these three programs that are financed through robust and predictable budgets, ACOA obtained very positive results in 2011-12.
I'm especially proud of the results from our Atlantic shipbuilding action plan, which was launched by ACOA to help communities and small to medium-sized businesses in all four Atlantic provinces benefit from our $33-billion shipbuilding strategy. This unprecedented investment will create jobs, foster innovation, and help build a world-class industry in both rural and urban communities in Atlantic Canada.
To date, over 1,000 small and medium-sized enterprises from rural and urban communities in Atlantic Canada have participated in one or another of our activities, benefiting from information and advice and making the business contacts they need to tap into this and other supply chains in the future.
Another tangible result of our Atlantic shipbuilding action plan is that SMEs have already started to take advantage of ACOA programs to obtain the certifications, equipment, and technology they need to ready themselves.
Over the past year, ACOA has also been very active in international trade. Last year alone, ACOA helped 200 small and medium-sized enterprises explore and diversify into growing international markets such as India, China, Brazil, and the Caribbean.
We continue to target lucrative markets in the United States, with excellent results. For example, a $140,000 investment by ACOA allowed a delegation of Atlantic companies to attend the International Boston Seafood Show, resulting in immediate sales of $5.5 million, with anticipated sales over the next year expected to reach over $8.7 million.
We have implemented a method for measuring the impact of the investments we make in such initiatives. The results show that we are really getting good value for the taxpayers’ investment in these initiatives.
Energy is another sector that holds great promise for Atlantic Canada, and the Muskrat Falls development in Newfoundland and Labrador is a prime example of such an opportunity.
Last September, I joined my colleague, Minister Oliver, at the national energy ministers conference in Charlottetown to announce the results of significant research undertaken through the Atlantic energy gateway. The research identified significant potential benefits from this collaboration among provinces, utilities, and stakeholders in Atlantic Canada, including the real potential for our businesses to develop renewable energy technologies.
I also accompanied a delegation from Canada to Dublin last October for the international conference on ocean energy. The delegation comprised some 22 companies and organizations, primarily from Atlantic Canada. Also, there I had the pleasure of announcing that Halifax will be hosting the next international conference on ocean energy in 2014. This is more evidence that Atlantic Canada and Canada are recognized as leaders in the ocean energy industry.
Some of the most exciting research and development in this field is being done right now in Nova Scotia. Few people over there realize the potential—even people within our own country don't—of the Bay of Fundy, which pushes over 160 billion tonnes of water on every tide. That is more than all of the freshwater rivers and streams in the world combined, and this within seven hours, so the possibilities for developers and researchers are exciting, as is the potential for the development of renewable power for generations to come.
As you may know, Atlantic Canada is also home to the Fundy Ocean Research Centre for Energy, located in Parrsboro, Nova Scotia. This centre is a leading-edge research and demonstration facility dedicated to tidal energy technology. Research into tidal energy is also being undertaken on the campuses of two Atlantic universities, namely, Acadia and Dalhousie.
Although I am satisfied with the progress of the past year, I am also aware that these exciting opportunities bring their own challenges. One of these challenges is the skilled labour shortage. If we are to take advantage of opportunities before us, we must ensure our businesses have the skilled workers they need to grow, to compete and to prosper. We need to make sure that our own citizens, especially our young people, have the programs and training they need to get those jobs.
Our government will continue to work closely with the four Atlantic Provinces, our universities and community colleges, industry clusters and our other partners to meet this challenge. There is no doubt in my mind that Atlantic Canada has everything it takes to address the challenges of today and tomorrow. And our government will continue to be there to help the region realize its full potential.
Thank you, Mr. Chair, I am going to conclude my remarks here and of course try to answer any questions from the committee members.