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Industrial Research and Innovation Fund announced Government will invest an initial $5 million in an Industrial Research and Innovation Fund to foster greater research and innovation within higher education institutions in the province. The fund will target high growth "clusters of excellence" in areas such as marine technology, pharmaceutical research, biotechnology, and the oil and gas industry. "We live in a rapidly changing global marketplace where knowledge and technology are the hallmarks of the new economy," said Industry, Trade and Rural Development Minister Judy Foote. "Investment in research and innovation is critically important for our province to remain competitive and capture new economic opportunities." The establishment of the Industrial Research and Innovation Fund is intended to leverage significant new research and development (R&D) investments from federal institutions, including the Canadian Foundation for Innovation, as well as the private sector to help close the innovation gap between Newfoundland and Labrador and the rest of Canada. Strategic partnerships between government, Memorial University, other provincial research institutions and the private sector will also be encouraged through this initiative to ensure the investments made have maximum value to the economy and take full advantage of potential commercialization opportunities wherever possible. The initial $5 million investment by the provincial government is expected to generate up to $25 million in new R&D for the province and will help ensure that world class researchers and institutions in Newfoundland and Labrador stay on the leading edge internationally over the long term. Details on the eligibility criteria will be released following consultations with Memorial University, the College of the North Atlantic and the private sector. The province will consider additional investments in the Industrial Research and Innovation Fund over time, based on the results and benefits obtained from this initial investment. Media contact: Tansy Mundon, Communications, (709) 729-4570. 2003 03 27 4:20 p.m. |
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