Mr. Speaker, our government has shown a strong and long-standing 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. More important than simply having a strategy, we are taking action.
Economic action plan 2012 builds on this foundation, creating a comprehensive and forward looking agenda that will deliver high quality jobs, economic growth and sound public finances. It builds on our positive record of achievement to help further unleash the potential of Canadian businesses and entrepreneurs to innovate and thrive in the modern economy to the benefit of all Canadians.
By focusing on the drivers of growth and job creation, innovation, investment, education, skills and communities, we will solidify, strengthen and draw upon the Canadian entrepreneurial spirit as the driving force behind Canada's economy.
Supporting publicly funded research is important to the government. Our government's spending on science and technology for fiscal year 2011-12 is expected to exceed $11 billion. Sadly, the opposition continues to oppose every investment that our government makes in science and technology. Our government's investments help support world-class Canadian research and help us achieve key social goals, such as improving public health, building a strong and vibrant economy and ensuring a clean and healthy environment for future generations.
However, we recognize that despite high levels of federal support for R and D, Canada continues to lag in business R and D spending, commercialization of new products and services and thus productivity growth. That is why we asked an independent panel, led by Mr. Tom Jenkins, to review federal investments in business R and D and provide advice on optimizing this support.
Through its response to elements of the Jenkins panel report, budget 2012 also announced a new approach to innovation that would more actively support business-led initiatives to better meet private sector needs. In particular, we will transform the National Research Council, or NRC, to refocus its efforts toward business-driven, industry-relevant applied research that will help Canadian businesses develop innovative products and services. The model being developed will be built on proven approaches used by successful global innovation players, carefully adapted to the Canadian reality.
In addition, economic action plan 2012 invests an additional $110 million a year in the industrial research assistance program, or IRAP, to better support R and D by small and medium-sized companies.
Through these and other measures, we have taken action because we are committed to creating an environment where Canadian ideas and innovation can be turned into new marketable, competitive and beneficial products that result in jobs, growth and prosperity for all Canadians in the years ahead.