Mr. Speaker, the counterfeiting of money is a worldwide problem that leads to billions of dollars of losses each year.
A company in my riding of Oakville is working with the banking industry, including the Bank of Canada, to create a more durable and more secure currency.
AGRA Incorporated, headquartered in Oakville, is the international engineering and technology company responsible for this technological advance.
It is the genius behind the reflective security patches for the $20, $50, $100 and $1000 bills. It is now working on a more durable plastic based bank note, one that would offer enormous cost saving potential to government and would act as a strong barrier to counterfeiting.
AGRA's success is a shining example of how Canadian companies are successfully competing in today's global economy.