Madam Speaker, I will follow up on the comments made by the member for Acadie--Bathurst recently and again tonight as they pertain to the Atlantic Canada Opportunities Agency and the creation of jobs for Atlantic Canadians. I begin by reiterating what the minister said initially at the time.
ACOA has invested in some 4,100 commercial projects over the past five years alone helping to create and maintain over 62,000 jobs in the region. The unemployment rate in Atlantic Canada is 2.8% lower as a result of ACOA programming. A 2.8% result is not insignificant. It is a significant result and yes, there is no doubt we would like to see better.
ACOA clients accounted for over 30% of the total net growth in business employment in Atlantic Canada. Net employment in ACOA assisted firms increased by 15% compared to 18% for all of Atlantic Canada firms. As well exports from Atlantic Canada firms have increased very substantially, some 119% since 1993, going from $8 billion to $17.1 billion. A lot of the increase is largely as a result of the ACOA programs in place to help Atlantic Canada businesses.
Each dollar invested in federal-provincial tourism promotion activities has generated almost $9 in tourism spending in Atlantic Canada. That is a tremendous return, $9 for every dollar that governments have put forward.
Since 1997 ACOA has provided over 1,800 low interest loans to young entrepreneurs. These loans have helped create more than 2,400 new jobs in businesses that are run by young entrepreneurs in Atlantic Canada.
What is even more exciting is what is happening right now in Atlantic Canada as a direct result of the Government of Canada's investment in the region. The Atlantic Canada investment partnership will invest $700 million over the next five years to help Atlantic Canadians innovate and compete in the global knowledge based economy.
We have had a tremendous response to our first request for proposals under the innovation fund. ACOA has received 195 proposals, very much proving that businesses and our research community are more than willing to work together to increase and invest in the R and D capacity of the region.
ACOA investments are directed at economic capacity building. They go into the start up and expansion of Atlantic businesses and into providing Atlantic Canadians with entrepreneurial skills. All of these activities are beginning to work. Not only are new jobs being created in significant numbers but a fundamental change is taking place in the attitudes of Atlantic Canadians. The region is becoming more entrepreneurial, more forward looking and more innovative. Atlantic Canada is becoming more confident in its ability to compete globally.
Addressing unemployment in the Atlantic region requires taking a long term view. The Government of Canada is committed to a long term view and it will stay the course.
In conclusion, I share the member's concerns for unemployment in Atlantic Canada. The government intends to work to try to deal with the problem.