ONTARIO MANUFACTURERS PROPOSE IMMEDIATE ACTIONS TO PRESERVE COMPETITIVENESS, LAY A FOUNDATION FOR A BROADER ECONOMIC STRATEGY
TORONTO, Feb. 23, 2023 /CNW/ - Canadian Manufacturers & Exporters (CME) provided the Ontario government with practical recommendations to make manufacturing investment attraction and retention a key focus of the 2023 provincial budget, following recent US investments incentives committed as part of the Inflation Reduction Act and related legislation.
At a roundtable discussion with the Honourable Peter Bethlenfalvy, Minister of Finance, CME was joined by CEOs of Ontario manufacturing companies to discuss the need for a strong, timely response from provincial policymakers to support Ontario's manufacturing sector.
"The US has already drawn over $49 billion in new manufacturing investment since Congress passed the Inflation Reduction Act (IRA) just a few months ago," said Dennis Darby, President and CEO of CME. "As the largest sub-national jurisdiction and engine of Canada's industrial economy, Ontario must set the tone of our country's economic strategy, as it did with its automotive plan and the over $16 billion in investment that followed."
To build and preserve Ontario's competitiveness, CME members discussed three key themes during the roundtable discussion with Minister Bethlenfalvy:
- Establishing the competitive investment incentives to address the IRA;
- Getting the workers we need; and
- Lowering the cost of doing business.
"These three pillars are imperative to making an Advanced Manufacturing Strategy a reality. We look forward to working alongside the province to develop a strategy that will ensure long-term investments are safeguarded for Ontario," concluded Darby.
ABOUT CANADIAN MANUFACTURERS & EXPORTERS (CME)
From the first industrial boom in Canada, CME has advocated for and represented member interests. 150 years strong, CME has earned an extensive and effective track record of working for and with 2,500 leading companies nationwide. More than 85 per cent of CME's members are SMEs and collectively account for an estimated 82 per cent of total manufacturing production and 90 per cent of Canada's exports.
SOURCE Canadian Manufacturers & Exporters
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