Thank you, Chair. I appreciate that.
Thank you, everyone, for having me here today. As you know, this is my first appearance before the committee as Minister of Natural Resources. I'm very pleased to have the opportunity to meet with the committee so early in this new session of Parliament. I look forward to working with the committee and to having the benefit of your advice and counsel in the months ahead, as we work together to see Canada through these difficult times.
Let me begin with a brief description of our government's approach to assuring the contribution of the natural resources sector to our long-term prosperity and of how budget 2009 supports that vision while helping the sector address serious short-term challenges.
I'm sure I don't have to remind this committee of the importance of a healthy natural resources sector to Canada's economic well-being. This country is a natural resources giant, but in an increasingly competitive global marketplace, to maintain that stature we need to move strategically. Our government's focus is to build on our strengths, our deep and diverse resource endowment, the systems that support its development, and the people and the ideas that together are responsible for Canada's resource advantage.
For example, we are expanding our knowledge of our resource base with investments such as a $100 million geosciences program to search for new resource opportunities, especially in our north. Every dollar invested in geoscience leads to $5 in exploration spending by the private sector and $125 in resource discoveries. We've created FPInnovations, the biggest public-private forest research consortium in the world, and have made Canada a leader in key technologies. We continue to develop and refine the systems that support our resource sector, from the roads and the ports and other infrastructure we need to a tax and regulatory regime that is as competitive and effective as any in the developed world. Budget 2009 continues a strategic approach, while also supporting the sector's own efforts to address the immediate challenge.
Over the past two months I, alongside other members of our government, have travelled from coast to coast to coast to consult with Canadians on what they wanted to see in the budget. This was the most comprehensive and inclusive pre-budget consultation in Canadian history, with direct input from every province and territory, hundreds of organizations, and thousands of Canadians. It of course included stakeholders throughout our resource industries and in resource communities across the country.
We were able to shape a broad consensus on what actions needed to be taken to protect our economy, and the overarching message was very clear: our economy requires immediate stimulus, but we must not put Canada's long-term financial health at risk. Budget 2009 shows that we heard that message loud and clear. This budget will generate substantial economic activity now, protect Canadians hardest hit by the recession, and at the same time contribute to, rather than jeopardize, long-term prosperity.