Madam Speaker, the hon. member for Elk Island keeps us all on our toes periodically, in this place as well as in the finance committee, and I appreciate his question.
ACOA has often played an important role in Atlantic Canada, even into the mid-1990s, by investing where no private sector venture capital players were doing so. Some of the technology companies that have since developed and emerged would not be there today had it not been for government investment.
The environment has since changed. I am aware of four active venture capital firms that are investing directly in Atlantic Canada. Investment banking activity is taking place. Some of Canada's smartest money is finding opportunities in Canada's smartest region and I am pleased to see that development.
Now that private sector money is being invested in Atlantic Canada, ACOA can perhaps act as a partner to such investment without necessarily making the decisions. It could play a transitional role in reducing overall risk without necessarily controlling investment. It could leave some of that control in private sector hands or, as I suggest and with which I believe the member concurred, the ACOA budget or part of it could be used to reduce corporate taxes in Atlantic Canada and thereby create greater economic growth and opportunity.
It is important to recognize that ACOA played an important and positive role for Atlantic Canada before private money began finding its way to these early stage companies. We can now be far more creative and innovative in terms of tax reform and economic development strategies.