Mr. Speaker, the Minister of Finance recently tabled economic action plan 2012 which lays out an effective and comprehensive plan on jobs, growth and long-term prosperity. Through this budget, we are investing an unprecedented amount to support entrepreneurs, innovators and world-class research. Support for science and technology has been a government priority since 2006, as exemplified by the introduction of the S and T strategy in 2007 and the series of initiatives to build an innovative economy that followed. The federal S and T expenditures reached nearly $11.9 billion in 2010-11.
Innovation by business is a vital part of maintaining a high standard of living in Canada and building Canadian sources of global advantage. As indicated recently by the Prime Minister, investments in science, technology and innovation remain a priority for the Government of Canada. Economic action plan 2012 provided additional funding for CIHR, boosting its industry-academic research partnership initiative by $15 million to support advanced health related research. Economic action plan 2012 also allocated $60 million to Genome Canada to help maintain Canada's research leadership in genomics.
In budget 2012, we allocated $400 million to venture capital funds led by the private sector to help increase sector investments in high growth and innovative firms. Our government also committed $110 million per year to the National Research Council of Canada to double support for the popular IRAP program. This investment was accompanied by $14 million over two years for the industrial research and development internship program and $12 million per year to make the business-led Networks of Centres of Excellence program permanent. All together, economic action plan 2012 announced $1.1 billion over five years to directly support research and development and $500 million for venture capital.
It is unfortunate that the NDP stands ready to vote against these important investments in science, technology and innovation for all Canadians. Unlike the opposition, I can assure hon. members and Canadians that we are still focused on jobs and job creation.
I want to assure the member that Canada remains a choice destination for the pharmaceutical industry. For example, GSK Canada, a subsidiary of GSK, a British-based pharmaceutical multinational enterprise, announced in 2011 the creation of a new Canadian-specific $50 million venture capital fund to support early stage research. This will have a positive impact on Canada's life sciences clusters, including the one in Montreal.
We have been focused on science, technology and innovation. We are getting the job done.