The digital economy is the economy, says minister

By Staff | November 17, 2016 | Last updated on November 17, 2016
2 min read

In a period of low economic growth, Canada needs to invest in developing talent and skills. In particular, the country needs to prepare all Canadians to compete and collaborate in a global and digital economy.

This message was delivered by Navdeep Bains, Minister of Innovation, Science and Economic Development, at the 2016 conference of the Canadian chapter of the International Institute of Communications (IIC Canada). The conference was attended by representatives of the country’s telecommunications and digital sectors.

In his remarks, Minister Bains said Canada should also focus on turning start-up companies into globally competitive successes and using the government’s purchasing power to drive innovation. Minister Bains emphasized the need for government and the private sector to make smart investments in three key areas:

People: Expand work-integrated learning programs, such as internships, apprenticeships and continuous learning opportunities, for Canadians at every stage of their careers — from new graduates up to the highest-ranking executives. Technology: Set big-horizon goals and create broad-based partnerships to fund ambitious research projects that solve complex, large-scale problems and spark commercial opportunities for the private sector. Companies: Leverage the buying power of government, as the single-largest purchaser of goods and services, to support the growth of innovative companies that have the potential to be globally competitive.

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These priority areas emerged during a summer of public engagement on Canada’s innovation agenda, a plan to create well-paying jobs for the middle class, drive growth across all industries and raise the living standards of all Canadians.

“Today, the digital economy is the economy,” says Bains. “There is not a single industry that digital technologies don’t touch anymore. Digital technologies underpin every sector, from fishing and farming to mining and health. That means the number of jobs requiring people with digital skills will continue to grow.”

The IIC Canada 2016 Conference brings together business and government leaders in broadcasting, media, telecommunications and technology to engage on key issues affecting the future of the Canadian communications sector.

In the coming months, ideas from the conference will inform the government’s work on the innovation agenda, as well as Budget 2017.

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The staff of have been covering news for financial advisors since 1998.