Mr. Speaker, as this is small business week, I want to speak on the importance of small and medium size businesses to the Canadian economy.
There are nearly 2.4 million small businesses in Canada. Small businesses account for 43 per cent of all private sector business in this country. Sixty per cent of Canada's economic output is produced by small business. Eighty-eight per cent of new job creation comes from companies that employ 50 people or less. These numbers are impressive.
Because we are aware of the crucial role these businesses play in Canada's economic health, we have taken measures to alleviate the burdens placed on them.
Since 1993, 20,000 new businesses have been created. We have worked toward reducing restrictive regulations, paperwork, taxation and duplication. We have improved access to capital, streamlined business registration and efficiency and provided more support services.
Thanks to initiatives such as the program for export market development, Canadian-