Mr. Speaker, it is a pleasure to serve with the member on industry committee, as I have since he was elected.
Our government has shown a strong and longstanding commitment to science and technology since the release of our science and technology strategy in 2007. The strategy recognizes the important link between knowledge and the capacity to innovate in the global economy. What is more important than having a strategy is that we have been implementing it.
Years one and two of Canada's economic action plan provided $6.3 billion in science and technology investment, and budget 2011 provided an additional $700 million. Every federal budget of this government has increased S and T investments. At a time when other countries are struggling to maintain the stability of their funding for research, science and innovation, Canada is moving forward.
Our country now attracts the best and brightest minds in many scientific fields. Over the summer, the Prime Minister announced the 2011 Vanier scholarships. These are valued at $50,000 per year for up to three years. We also announced the first recipients of the Banting fellowships, which provide $70,000 each year for two years to top-tier post-doctoral talent. In June, as part of budget 2011, we announced the creation of 10 new Canada excellence research chairs, a program that offers $10 million over seven years to internationally recognized researchers and their teams to conduct their work at Canadian institutions.
Through these programs and many others, our government is supporting academic research at the highest level. Measured as a percentage of GDP, Canada's higher education expenditures on R and D are the highest in the G7.
We have more work to do. We recognize that despite high levels of federal support for research and development, Canada continues to lag in business R and D spending, commercialization of new products and services, and thus in productivity growth. That is why we asked an independent panel of experts to review federal investments in business R and D and to provide advice on optimizing this support.
In October, the expert panel led by Mr. Tom Jenkins provided recommendations on maximizing the effect of federal programs promoting business innovation. We are carefully considering the panel's recommendations.
Our government has a plan that we set out in 2007. The real test is not putting out plans but implementing them. We have demonstrated that we are on the right track and we will stay the course in science, technology and innovation.