Mr. Chair and committee members, good afternoon.
As vice-president of finance and corporate services at the Atlantic Canada Opportunities Agency, I'm here to talk to you about ACOA's strategic efforts to help build a competitive economy in Atlantic Canada. I am joined today by ACOA's director general of enterprise development, Janice Nishikawa.
Since its creation in 1987, ACOA has played an important role in developing and implementing a broad suite of policies and programs that strengthen Atlantic Canada's economy. The agency's policies and program tools have evolved since its inception, but the overall goal remains constant. ACOA is dedicated to helping the Atlantic region realize its full economic potential in terms of innovation, growth, productivity and competitiveness.
This is achieved by direct, proactive engagement with communities and businesses in the region and through a nimble and flexible approach to respond swiftly to economic changes and emerging opportunities.
The agency has a strong presence in the Atlantic region. It is headquartered in Moncton, New Brunswick, with a regional office located in each of the provincial capitals and 23 local field offices throughout the Atlantic region. ACOA also has a small office here in Ottawa.
ACOA, like the other regional development agencies, is a member of the portfolio of the Minister of Innovation, Science and Economic Development.
Our focus is on continuing to provide relevant programs and services to entrepreneurs and communities that support the government's innovation, economic development and diversification objectives, and that ultimately help the Atlantic economy grow and prosper. Given our agency's powerful track record and strong ties to the region, we are well equipped to translate the government's economic development priorities into tangible outcomes in Atlantic Canada.
ACOA works with a variety of partners throughout the region to help businesses grow, innovate, and export so they can create quality jobs in vibrant and robust communities. The agency uses an adaptable, multi-pronged approach to deliver on this strategy through three core programs.
ACOA's business development program, BDP, assists businesses at every stage and helps them improve their competitiveness, with an emphasis on developing innovative ideas and improving productivity.
The Atlantic innovation fund, AIF, encourages partnerships among the private sector, universities, colleges, and other research institutions to develop and commercialize products and services.
The innovative communities fund, ICF, invests in strategic projects that build on the strengths of Atlantic communities and provides the tools needed to identify opportunities available for their sustainable economic growth.
ACOA is now working to ensure that its existing programming is even better aligned than it has been with the government's commitments on innovation, high-growth firms, clean tech and inclusive economic development.
When it comes to innovation, our programming tools will allow us to respond quickly to the commitments outlined in Budget 2016.
In 2014-15, the agency invested over $105 million to help businesses bring new products and technologies to market, become more productive and competitive, and access support through incubators, accelerators, and commercialization networks.
Moving forward, ACOA will also target its investment to companies that demonstrate a strong potential for growth through investments that help small and medium-sized enterprises with innovation, productivity, and growth initiatives. ACOA is also an early partner in developing the high-impact firm initiative announced in budget 2016, and we are working with our partners to ensure Atlantic firms participate in and benefit from this pilot.
To support the clean growth shift, ACOA is developing a strategy to guide its work on this new key national priority. Starting in 2016-17, the agency will contribute to the goal of doubling investments by regional development agencies in clean technologies from $50 million to $100 million.
Indigenous businesses will also be a clear focus for ACOA. Over the past five years, the agency has invested over $22 million in 103 indigenous projects and has built and maintained networks with the indigenous community. Furthermore, ACOA is committed to implementing the Government of Canada infrastructure programs in our region until March 2018, including the Canada 150 community infrastructure program. As of March 31, 43 projects representing more than $8.7 million have been announced throughout the four Atlantic provinces.
Members of the committee, as you can see, ACOA plays many roles in helping to build and promote Atlantic Canada's economy.
Like other parts of the country, our region does face some challenges such as productivity gaps, lower oil prices, and a shortage of skilled labour. The agency is tackling these issues by continuing to work closely, on the ground, with its partners, communities and businesses to develop solutions and opportunities, and to build economic capacity in our region.
The agency has a long-standing commitment to collaborating with various partners, such as 17 universities and numerous community colleges in the region, other levels of government, as well as businesses to ensure that the federal programs that support innovation and commercialization, scientific research, and entrepreneurship are creating lasting and meaningful impacts in our economy.
Our record shows that the agency is successful. In fact, Statistics Canada data show that the business survival rate for ACOA-assisted firms stands at 76% after the crucial fifth year following start-up, and this is for the period of 2002 to 2012, which is 9% higher than unassisted firms. Additionally, our data indicate that each dollar invested directly into businesses through ACOA from 2008 to 2013 resulted in over $5.40 in gains to Atlantic Canada's gross domestic product, GDP. These are results that we are very proud of, that point to the positive outcome of our agency's activity.
Thank you again for your time today, Mr. Chair.
Janice Nishikawa and I will be pleased to take your questions.