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PM announces renewal of Automotive Innovation Fund
"Our Government remains focussed on creating jobs, growth and long-term prosperity and to keeping Canada's automotive manufacturing sector globally competitive and innovative," said Prime Minister Harper. "The Automotive Innovation Fund has a proven track record of generating results for Canadians in terms of jobs, prosperity and foreign investment in Canada."
The AIF provides support for leading-edge innovation in automotive manufacturing and research and development (R&D) to build advanced, greener products and processes.
The AIF was first introduced in Budget 2008. To date, investments have leveraged up to $1.6 billion in R&D and innovation investments in Canada's automotive sector, including promoting enhanced R&D capacity, leading-edge engineering and design, and made-in-Canada innovation. Since AIF's inception, the following companies have benefitted from the Fund: Ford Motor Company of Canada, Linamar Corporation, Toyota Motor Manufacturing Canada Inc. and Magna International.
Canada's automotive industry is a key economic driver, contributing 12 percent of the country's manufacturing GDP and 12 percent of total merchandise exports. The industry employs approximately 111,000 Canadians directly and another 338,000 indirectly.
