Omar Alghabra, Parliamentary Secretary to the Minister of International Trade Diversification, announced $17 million over five years to expand the successful Canadian Technology Accelerator (CTA) program.
As outlined in the Fall Economic Statement 2018, this funding is part of Canada’s commitment to help small and medium-sized enterprises expand and diversify their exports.
“Creating international opportunities for growing Canadian technology firms to reach new customers and thrive in new markets is key to Canada’s prosperity,” said Omar Alghabra, parliamentary secretary to the Minister of International Trade Diversification. “The expanded CTA program will provide the vital tools and connections these companies need to do that.”
Parliamentary Secretary Alghabra made the announcement while speaking at an event in Toronto, Ontario. The event brought together Canadian companies that have benefited from the CTA program, as well as investors and tech entrepreneurs.
The funding will allow the expansion of CTA programming to global innovation centres: Berlin, Delhi, London, and Mexico City. This builds upon the recent expansion of the CTA to four Asian cities (Hong Kong, Taipei, Tokyo, and Singapore), funded as part of Budget 2018’s commitment to strengthen Canada’s diplomatic and trade support presence in Asia.
Since the program was established, the CTA has resulted in $510 million in capital raised, $190 million in new revenue, 996 strategic partnerships and 2,125 new jobs for 489 small, high-potential, high-growth firms in key technology sectors (information and communications technologies, life sciences, and clean-tech).
Through the Export Diversification Strategy, the government will invest $1.1 billion over six years to finance infrastructure to support trade, enhance trade services for Canadian exporters and provide Canadian businesses with new tools to grow and diversify their exports.
Canada has secured preferential access to 1.5 billion customers in more than 50 countries with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Canada-European Union Comprehensive Economic and Trade Agreement (CETA), and the new Canada-United States-Mexico Agreement (CUSMA).