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| News Release |
For Immediate Release: May 30, 2001
Ontario economy to benefit from $90-million boost to R&D
TORONTO – Energy, Science and Technology Minister Jim Wilson today announced that the Ontario Innovation Trust (OIT) Board has approved $90-million over five years for a new initiative - the Ontario Distinguished Researcher Awards. "This is one of the largest research infrastructure investments ever made in Ontario and will help bring the province closer to being the number-one location for R&D in North America," said Wilson. "We are investing in our top researchers today to create the jobs, prosperity and economic success of tomorrow."
The $750-million Ontario Innovation Trust is an arm's-length provincial endowment established by the Ontario government to support research infrastructure in the province. Since its inception in 1999, the OIT has committed more than $388 million to support research projects at Ontario's colleges, universities and research hospitals. OIT's partners have contributed another $641 million, bringing the total investment to more than $1 billion.
The Ontario Distinguished Researcher Awards will recognize Ontario's top researchers and further develop the province's leading-edge research capabilities. The new funding will ensure that Award recipients have access to the best research infrastructure available.
Wilson announced the new Awards at the second annual Ontario R&D Summit, a one-day forum attended by leaders from the province's business, research and development communities. The Summit was organized by the Ontario Research and Development Challenge Fund (ORDCF), a $500-million initiative that the government established in 1997 to increase Ontario's research capacity.
"The government is building bridges between the public and private sectors to ensure that the opportunities and benefits of research are realized right here in Ontario," said Finance Minister Jim Flaherty. "This collaboration is essential to Ontario's prosperity and to securing the province's position as a global leader in the knowledge-based economy."
"The Ontario government is to be commended for its commitment to science, technology and innovation," said Dr. Calvin Stiller, Chair of the ORDCF. "The investments the province has made – and continues to make – in support of our scientists and researchers will guarantee that Ontario remains at the forefront of innovation."
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