Investments in university research announced in Tuesday’s federal budget will allow Canada to achieve global leadership in knowledge and innovation, say leaders of the country’s universities.

The budget established the Canada First Research Excellence Fund with a $1.5 billion investment over 10 years and increased funding for Canada’s research granting councils. The Natural Sciences and Engineering Research Council, the Social Sciences and Humanities Research Council and the Canadian Institutes of Health Research will receive an additional $37 million a year for advanced research and $9 million for indirect costs on an ongoing basis.

UWindsor vice-president, research Michael Siu said the budget has some excellent news for researchers on this campus.

“The Research Excellence Fund will boost UWindsor research, most of which is designed around and aimed to enhance our national as well as regional economic advantage,” he said. “Stable funding to the Tri-Council is great news and much appreciated. Funding to the automotive sector as well as a new bridge will also bring indirect benefits to UWindsor and our research enterprise.”

In a statement released by the Association of Universities and Colleges of Canada, AUCC chair David Barnard called 2014 “a pivotal moment” for research excellence and innovation in Canada.

“The establishment of an ambitious new research excellence fund, coupled with the commitment of enhanced funding in discovery research through the federal granting councils, represent a catalytic investment,” he said. “This shows that the government is taking a strategic approach to creating prosperity in Canada, and recognizes that a vibrant, innovative and competitive Canadian economy needs a world-class research system.”

AUCC represents the interests of 97 Canadian public and private not-for-profit universities and university degree-level colleges. Read the full release on its website.