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CME welcomes announcement of Automotive Innovation Fund renewal

Published by Stephanie Brooks on January 04, 2013

Today's announcement by Prime Minister Stephen Harper of a $250-million investment to extend the Automation Innovation Fund represents an important commitment to advancing the innovation, competitiveness, and economic contribution of Canada's vital automotive sector, according to Canadian Manufacturers & Exporters (CME).

Announced at a Ford Motor Company plant in Oakville, Ontario, the renewal will allow the federal government to continue making strategic investments in automotive innovation and make Canada a more competitive location for automotive investment and new product mandates.

"This move will strengthen the competitive performance of Canada's most important manufacturing sector," says CME President & CEO Jayson Myers, who attended the announcement. "And due to the vast number of businesses that rely on this sector, these investments will help create high-quality, high-paying jobs across the country."

The government says the extension is only one part of its action plan for Canada's important manufacturing sector and for creating good jobs.

"Today's announcement is an important part of the Government of Canada's support for manufacturing, reflecting the critical role the sector plays in the Canadian economy," says Myers.

The fund, introduced in 2008, provides resources for leading-edge innovation in automotive manufacturing and R&D. To date, investments have leveraged up to $1.6 billion, including promoting enhanced R&D capacity, leading-edge engineering and design, and made-in-Canada innovation.

To read the government's news release, please click here.

 

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