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Resource development driving opportunity for Canadian manufacturers: CME

Published by Stephanie Brooks on May 31, 2012

Energy and resource projects have become an important source of business growth for manufacturers across Canada, and will become even more critical for the Canadian economy over the next ten years, according to Canadian Manufacturers & Exporters (CME) – the country's largest trade and industry association.

Energy and resource companies invested more than $85 billion in major capital projects over the past year, and are expected to invest half a trillion dollars in project start-ups over the next decade. For manufacturers, that means new demand for equipment, materials and other specialized support services.

"We often think of energy and resource development in remote terms – geographically removed from the lives of most Canadians," explains CME President & CEO Jayson Myers. "But the reality is that all Canadians stand to benefit in very real ways from the wealth created by these projects, which span oil and gas – including in Ontario and Quebec – as well as mining, electricity and clean technology."

 With much of the national conversation currently focused on whether Canada is suffering from 'Dutch disease,' Myers worries divisive politics are beginning to get in the way of future prosperity and jobs creation.

"It’s not petroleum prices pushing up the value of the Loonie; it’s a result of weakness in the US economy and its dollar," says Myers. "Diagnosing these challenges as 'Dutch disease' is simplistic and dangerous. Instead, we need to be talking about how to overcome important obstacles like skilled labour shortages and interprovincial trade barriers to ensure we have an innovative, high-value and globally competitive manufacturing sector for years to come."

Myers says we should be building up a world-class, competitive manufacturing technology and services sector and leveraging our immense energy opportunities.

Click here to read an interview with Myers on 'Dutch disease.'

Found in: cmenews news

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