../Morning Post
Posted November 2, 2009
____________________
2009 Auto Restructuring

Minister Clement Introduces Changes to Automotive Innovation Fund

TORONTO - At a meeting held October 30, 2009, with the Canadian Automotive Partnership Council (CAPC), Tony Clement, Minister of Industry, introduced changes to the Government of Canada's Automotive Innovation Fund (AIF) in order to increase investment in automotive research and development (R&D). The total investment threshold required to qualify for AIF funding has been lowered from the initial $300 million over five years to $75 million over the same time frame.

"Continued investment in R&D is a catalyst for success in the auto industry," said Minister Clement. "Reducing the threshold allows the AIF to be extended to a broader spectrum of automotive companies throughout the country, which we expect will generate further investments in automotive R&D."

The reduction to a $75-million threshold over five years is expected to attract additional strategic projects, which in turn will increase automotive R&D capacity in Canada and secure knowledge-based jobs.

The AIF, created as part of Budget 2008, provided $250 million over five years to automotive firms in support of strategic R&D projects to build innovative, greener and more fuel-efficient vehicles.

CAPC is a private, sector-led council that was created in 2002 to initiate dialogue between key automotive industry stakeholders and government.

For more information on CAPC, please visit the CAPC website (http://capcinfo.ca).

Submit press release to pressrelease@exchangemagazine.com - Editor Jon Rohr - Content published on this site represents the opinion of the individual/organization and/or source provider of the Content. ExchangeMagazine.com is non-partisan, online journal. Privacy Policy. Copyright of Exchange produced editorial is the copyright of Exchange Business Communications Inc. 2009/*.*. Additional editorials, comments and releases are copyright of respective source(s) and/or institutions or organizations.

 


Contact a Account Manager

Current Issue November/December 2009
Subscribe to Exchange Online today



Subscribe to Exchange News Daily











Top North American
Exchanges


Toronto
Montreal
American
Chicago
Nasdaq
New York

Submit Press Release
Visitor Centre
Weather
Advertising Inquires
Email
Tel: 519.886.0298

Subscribe to Exchange Magazine Print Edition

Contact Information:

Publisher:
Exchange Business Communication Inc.
Waterloo, Ontario, Canada
Tel: 519.886.0298

Editor-in-Chief
Jon Rohr
editor@exchangemagazine.com

Account Manager
John Hobin
advertise@exchangemagazine.com