Pri­vate sec­tor urged to spend more on R&D

Times Colonist - - Business -

TORONTO — Fed­eral In­no­va­tion Min­is­ter Navdeep Bains is call­ing on the pri­vate sec­tor to spend more on re­search and devel­op­ment to pre­pare for the rise of the dig­i­tal econ­omy.

Speak­ing at a con­fer­ence Thurs­day in Toronto, Bains said Canada ranks 22nd out of 34 eco­nom­i­cally ad­vanced OECD coun­tries in terms of spend­ing on R&D as a pro­por­tion of GDP.

Bains said the amount Cana­dian com­pa­nies in­vest in tech­nol­ogy per worker is less than half of what their coun­ter­parts in the U.S. spend.

He said that puts Canada at a com­pet­i­tive dis­ad­van­tage, es­pe­cially in a global, dig­i­tal econ­omy.

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