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Focus on manufacturing critical for continued economic growth: CME

Published by Brad Fougere on January 06, 2015

Canadian Manufacturers & Exporters welcomed renewed commitments to support manufacturing highlighted in yesterday’s meeting between Prime Minister Stephen Harper and Ontario Premier Kathleen Wynne.

The Canadian economy depends on manufacturers to drive exports, commercialize most new technologies and create high paying jobs across a variety of industrial and services sectors so in many respects our economic prospects are directly tied to the future of manufacturing in Canada.

“Our governments have a very important role to play in helping to secure critical investments and product mandates, promoting new capital investment through accelerated depreciation, supporting investments in innovation, dismantling barriers to trade, investment, and labour mobility within Canada and abroad, ensuring that Canadians have the skills required by modern industry and ensuring access to reliable and cost-competitive infrastructure,” said CME President and CEO Jayson Myers. “The Prime Minister and the Premier both understand this and their commitment to supporting manufacturing investment is extremely important and it’s paying off.”

A lower Canadian dollar and a resurgent U.S. economy are both very positive for the sector, as is the short-term is the lower price of oil. But, short-term economic factors are no guarantee of long-term growth

“There are many reasons to be optimistic right now about growth prospects for manufacturers in Ontario and right across Canada,” Myers said. “But, there is still a lot of uncertainty hanging over the economy that is being aggravated by volatile commodity, currency and asset markets.

“In the long-term, the prospects for Canada’s manufacturing sector will depend on our ability to attract, retain and accelerate the investments that manufacturers are making in this country in order to expand production capacity, adopt advanced technologies, find customers in new markets, bring new and improved products to the market and upgrade the skills of their workforce.

“Advanced manufacturing technologies are revolutionizing products and production processes and competitive pressures remain extremely strong.”

During their meeting, the Prime Minister and Premier also discussed the importance of ongoing investments in infrastructure, lowering barriers to interprovincial trade and the opportunities of resource development in Northern Ontario.

“These issues are also very important for manufacturers,” Myers said, “as they point to some of the opportunities that lie ahead for the sector.”

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