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Budget 2012 should help manufacture a new era for Canadian industry: CME

Published by Derek Lothian on March 27, 2012

Canadian Manufacturers & Exporters (CME), Canada's largest trade and industry association, is urging government leaders to balance fiscal responsibility with renewed support for business competitiveness and innovation in the 2012 federal budget, to be released Thursday.

With public sector operating cuts expected to approach $10 billion, industry is appealing to policymakers to invest in strategic programs that will sustain economic growth and create jobs at a time of significant market uncertainty.

"Manufacturing and exporting represent the two largest business sectors in the Canadian economy," explains CME President & CEO, Jayson Myers. "But Canada is also linked to global and highly volatile supply chains. It is imperative we manage spending in a way that mitigates risk and puts our companies in the best position to compete and grow."

In its annual budget recommendations tabled this past August, CME advocated for further enhancements to the tax system – particularly to the scientific research and experimental development (SR&ED) tax credit, which has been marred by complexity and lengthy approval processes.

CME is also encouraging the government to build on existing initiatives, including the border action plan, regulatory harmonization, and the Industrial Research Assistance Program (IRAP), facilitated by the National Research Council.

"Control of public debt has proved to be one of the most important determinants of Canada's resilience during the international financial crisis and current economic recovery," says Myers. "However, we must ensure manufacturers have the tools they need to invest in the right skills and the right technologies to be successful. It's time we shift Canada into a new era of modern manufacturing."

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