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The Council of the Great Lakes Region, the University of Illinois system and the University of Toronto announced Thursday they are launching the Great Lakes Higher Education Consortium, a binational consortium that will focus on solving socioeconomic and environmental challenges.

The formation of the consortium will be administered by the council and co-chaired by the University of Illinois system and the University of Toronto.

“Great Lakes higher education institutions have played a vital role in building the region’s companies, industries, workforce and cities, turning the Great Lakes into the lynchpin of the United States-Canada relationship and North American commerce,” Mark Fisher, president and CEO of the Council of the Great Lakes Region, said in a press release. “By launching the binational Great Lakes Higher Education Consortium, the stage is set for positioning the region as a global leader in producing the talent of the future, solving global challenges through innovation, and supporting a new generation of entrepreneurs that will transform the region and drive commerce.”