- Member of Parliament
- Member of Parliament
- Liberal
- Nepean
- Ontario
- Voting Attendance: 67%
- Expenses Last Quarter: $104,578.46
- Government Page
- Apr/18/24 12:44:19 p.m.
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Madam Speaker, I will be sharing my time with the member for Milton.
I entered politics with three main objectives: first, affordable housing for all Canadians; second, provide secure retirement income security to 11 million working Canadians without workplace pensions; and third, ensure Canadian society and the economy remain robust and competitive in the global knowledge-based economy thus securing prosperity for our children and grandchildren.
On my first objective, in the budget, we have announced tremendous investments for housing, continuing our focus on what we had earlier introduced, the national housing strategy. On my second objective, we have reformed the Canada pension plan to secure retirement income for Canadians, and we have also introduced various targeted programs to support seniors. On my third objective on securing Canada's position in the changing global knowledge-based economy, we have redoubled our efforts through this budget.
Canada has been the best country in the world because of our rich natural resources like oil and gas, minerals and metals, strong agricultural sector, and the hard work of several generations of Canadians, including the present day seniors. However, there are major changes happening in the global economy that have a direct impact on the Canadian economy, which have consequences on Canadian prosperity.
Globalization as we knew it for last several decades has disappeared. Now we are moving toward onshoring, nearshoring and friend-shoring. The world is in this great transition phase and Canada has to act fast to secure our place in the new global economic order.
We foresaw this coming and hence adopted policies to strengthen our manufacturing sector and focused on the knowledge-based sector. We have made, and continue make, major investments in many economic sectors, including the manufacturing sector and sectors focused on advanced technologies.
Before I continue on the budget focus of advanced technologies, including artificial intelligence, let me first note few points.
In the fall, we set three very specific fiscal guideposts. In this budget, each one of the three objectives we set last fall are being met and so is our fiscal anchor, with a declining federal debt-to-GDP ratio over the medium term. In fact, Canada has the lowest deficit-to-GDP ratio and net debt-to-GDP ratio in the G7, and we continue to maintain our AAA credit rating. We have a vision for Canada’s future that is innovative, inclusive and industrious.
I wish to highlight the critical role that innovation and advanced technologies play in shaping the future of Canada’s economy. In a world that is rapidly transforming through technological advancements, it is imperative that Canada not only keeps pace but leads the charge in the global innovation race. Innovation is the cornerstone of economic resilience and growth. It drives productivity, creates high-quality jobs and fosters competitive industries.
Through advanced technologies, we can solve some of our most pressing challenges, from climate change to health care, and enhancing the quality of life for all Canadians while ensuring sustainable development. Canada’s commitment to technological advancement is evident in our strategic investments in sectors like artificial intelligence, quantum computing and clean technology. These sectors are not merely areas of academic interest; they are the engines of our future economy. By investing in these areas, we are setting the stage for a new era of industrial and technological leadership. Advanced technologies also bring tremendous economic benefits. They open up new markets, enable Canadian businesses to compete globally and attract foreign investment.
Every dollar invested in innovation multiplies across the economy, generating wealth and opportunities that extend through every province and sector. Moreover, the adoption of these technologies ensures that Canada remains a desirable destination for talented innovators and entrepreneurs from around the world. By embracing advanced technologies, we are building a robust ecosystem that nurtures creativity and turns innovative ideas into tangible solutions that benefit society as a whole.
As an example of our commitment, let me mention a subject that stands at the very heart of our future economic prosperity and global leadership, artificial intelligence, or AI. Our nation has already made significant strides in this field and it is crucial that we understand and support the ongoing efforts and strategic investments that will solidify Canada's position as a world leader in AI technology.
Since 2017, we have dedicated over $2 billion to nurture our AI ecosystem, establishing Canada as a beacon of innovation and expertise in the global arena. This dedication has borne fruit in numerous ways. We are globally recognized for our strong AI talent, research capabilities and a rapidly growing AI sector that leads the G7 in several key metrics, including the growth of women in AI and year-over-year growth of AI talent.
Our researchers and companies have not only kept pace but have set international benchmarks, publishing more AI-related papers per capita than any other G7 country since 2019. Our AI firms are also at the forefront of innovation, filing patents at three times the average rate in the G7 and attracting a significant portion of venture capital in Canada. Last year alone, the number of actively engaged AI professionals in Canada grew by 29%, underscoring a vibrant and expanding workforce dedicated to advancing this technology.
However, our ambition does not stop with past successes. Recognizing the transformative potential of AI, we have launched pioneering initiatives like the world’s first national AI strategy, the pan-Canadian artificial intelligence strategy, yet we face challenges that could stymie our progress.
Currently, most advanced computing capacity, which is crucial for AI development, is located outside Canada. This not only slows down our research and innovation, but also poses security risks and dependencies on foreign technology. To address these challenges and propel us forward, budget 2024 announced a historic investment in AI, $2.4 billion targeted at enhancing our AI capabilities. This includes $2 billion for establishing the AI compute access fund and the Canadian AI sovereign compute strategy, which aims to catalyze the development of Canadian-owned AI infrastructure and reduce our reliance on external resources. An additional $200 million will support AI start-ups and accelerate AI adoption in crucial sectors like agriculture, health care and manufacturing.
It is only through our collective effort and shared vision that we can realize the full potential of AI and secure Canada’s advantage on this critical frontier.
The importance of innovation and advanced technologies to Canada’s economy cannot be overstated. As we look forward, let us continue to invest in the technologies of tomorrow and ensure that Canada remains at the forefront of global innovation. Let us be bold in our ambitions and steadfast in our commitment to a prosperous, technologically advanced Canada.
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Madam Speaker, globalization collapsing and constraints in the supply chains have raised the prices of many goods in Canada. Also in Canada, several sectors are being controlled by a few corporate players, curbing competition. Competition is required so Canadians can get goods at very affordable prices.
I would ask the hon. member for his opinion on how we would strengthen the Competition Bureau through the bill before us.
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- Apr/18/23 12:51:26 p.m.
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Madam Speaker, Canada has made a remarkable recovery from the COVID recession. Canada’s economic growth is the best among the G7 countries. About 830,000 more Canadians are employed today than before the pandemic. Inflation has been falling for the last eight months. Our unemployment is at a record low, and in February, we had labour force participation for women aged 25 to 54 at a record high of 85.7%.
However, we also face many challenges. As we know, globalization is winding down. We see a sort of Cold War-style era returning to the world now. The unipolar world is no more. It is bifurcating into a bipolar or even a tripolar world. Multilateral agreements that were the basis for global trade are also taking a back seat, with the WTO Appellate Body almost unable to function because of vacancies that are not filled because of issues related to some major countries. What we are seeing now, more than bilateral trade agreements, are free trade agreements among blocs of countries; we are also seeing more friendshoring. In fact, this concept of friendshoring is just starting up.
While it is a challenge, this is also an opportunity for us. Protectionism is growing. This is not just from the traditional countries that were practising protectionism, such as developing countries; rather, protectionism is also growing in developed countries, especially countries like the United States.
A few years back, in this chamber, I talked about the importance of artificial intelligence and how that technology will not only affect the corporate sector and the economy but also the entire society. We are already seeing the impact of artificial intelligence and technologies like robotics and automation on this society.
I will be sharing my time with the member for Richmond Hill.
The budget talks about transforming challenges into opportunities. It mentions a need for investment to manage the structural changes, which will not be limited to one sector or one aspect of the economy. Broad-based investment will be required to grow our economy and create good middle-class jobs in the years to come. The scale of required investment is massive, and the private sector alone is unlikely to mobilize the level of capital required in Canada at sufficient speed. However, although we say the private sector alone cannot mobilize, it is expected to invest about $100 trillion in the global clean economy between now and 2050.
Many of the investments that need to be made will stretch over decades and involve high upfront costs, and that is where governments come in. Moreover, key sectors and technologies will have significant spillover effects by driving development of related industries. For example, fundamental inputs to clean production and the production of clean technologies, such as electricity; critical minerals; and carbon capture, utilization and storage, will provide foundations for an expanding clean economy. For related sectors, such as hydrogen and clean manufacturing, this will boost their productivity, support their resilience and help generate new middle-class jobs. Private investment decisions may not take full account of these spillovers, and this increases the risk of underinvestment.
Without the right policy framework, as stated in the budget 2023 document, Canada could see underinvestment in critical areas and a slow pace of innovation in new clean technology. Together, these factors would result in Canada falling behind the United States and other countries that are moving forward aggressively to build their clean economies, create middle-class jobs and ensure more prosperous futures for their people.
Canada must act decisively to ensure that it remains the location of choice for new investment in these sectors, particularly in the face of the U.S.'s recent passage of the Inflation Reduction Act. In addition to this act, we have to take notice of the U.S.'s CHIPS and Science Act, a $280-billion act. It will not only focus $80 billion on the manufacturing of semiconductors in the United States but also invest in around 20 technology centres focusing on advanced technologies, from transition energy and biotechnology to others.
This combination of the IRA and the CHIPS and Science Act is called a once-in-a-lifetime, once-in-a-generation policy of the United States. It has fundamentally rewritten the entire industrial policy of the United States.
We also have to consider the friendshoring that the U.S. is emphasizing now. That is a challenge for many countries in the world, but it creates opportunities for Canada that we are already seeing in the critical mineral sector. I will talk about this in a minute.
Budget 2023 proposes substantial measures as the next steps in the government's plan to “crowd in” new private investment by leveraging public investment and government policy. The goal of this approach is neither to substitute government for the private sector nor to supplement market-based decision-making. Rather, it is to leverage the tools of government to mobilize the private sector.
This approach is not about the government picking individual corporate winners in an effort to engineer a preferred vision for the economy in 2050. That approach did not work in the past, and it is even less likely to work in today's environment of rapid technological change. The tax incentives and investment supports proposed in budget 2023 are designed to set a framework for boosting overall investment while leaving the private sector to determine how best to invest based on market signals.
Canada has been rich and prosperous because of the natural resources we have and the hard work of several generations of Canadians, including present-day seniors. However, the future is changing with the digital economy and the new technologies that are coming up. We have an opportunity, in these challenging times, to invest and grow. One growth aspect is the critical minerals, which are very important for the clean economy that is being envisaged all around the world.
Before touching on that, I just want to mention two fundamental challenges. The first is that many of the investments that will be critical for the realignment of global supply chains and a net-zero future are large-scale, long-term investments. The second challenge, as I have already mentioned, is the U.S.'s IRA, with the related CHIPS and Science Act.
In budget 2022, last year, we committed $3.8 billion to Canada's critical mineral strategy. In March of this year, last month, the government launched the critical minerals infrastructure fund, announcing that this new fund will allocate $1.5 billion towards energy and transportation projects needed to unlock priority mineral deposits.
In addition to this funding, the federal government is entering into bilateral agreements with various provinces. Recently, we signed an agreement with Ontario, what we call the “Ontario table,” where the federal government and the province committed to work together to align resources and timelines and to have a common regulatory approach to promoting the critical minerals required for a clean economy.
I also have to mention that although we have critical minerals and announced investments, and although we have already attracted investments in battery manufacturing and electrical vehicles manufacturing, we still have the stumbling block of the long regulatory processes that are required to see a critical mineral mine start and become operational.
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