OTTAWA, ON, April 19, 2021 /CNW/ - Over the past year the role and importance of the manufacturing sector has been on full display. As manufacturers have demonstrated on countless occasions during the pandemic, manufacturing is not only vital to our economic success, but essential to helping our country face our toughest challenges. From the production of PPE to the manufacture of vaccines and medicines, a strong and healthy Canadian manufacturing industry is in Canada's best interests.
Canadian Manufacturers & Exporters (CME) commends the federal government for recognizing the importance of the manufacturing sector and addressing many challenges faced by Canadian manufacturers in today's budget. Recapitalizing investment supports like the Strategic Innovation Fund, enhancing accelerated capital write-offs, extending the wage subsidy, helping companies transition to net-zero, investing in skills training and childcare, are all very positive initiatives that will help industry recover from the pandemic.
However, the government missed an opportunity to address fundamental issues plaguing the long-term health and growth of the manufacturing sector. Longstanding requests from CME to significantly drive technology investment and scale-up and commercialization through a comprehensive, targeted manufacturing strategy are largely missing.
"As we inch closer to the end of the worst parts of the pandemic, governments around the world are investing massively in the manufacturing sector. Today, the federal government missed an opportunity to have a more comprehensive approach which would have helped to make our manufacturers more competitive. A lot of the measures announced today are positive and will help, but there is not enough in there to move the needle and drive long-term growth." said Dennis Darby, President and CEO of CME.
The lack of a comprehensive manufacturing strategy as recommended by the Government's own Industry Strategy Council in today's budget is placing our sector in a difficult situation. This is not the plan that will launch our industry forward or see us win the global race. "We look forward to working with the government in the days ahead, but there is still a lot of work left to be done so we get this right. Now is not the time for words, but it's the time to deliver." added Darby.
The manufacturing sector represents more than 10% of Canada's gross domestic product.
Manufacturers directly support more than 1.7 million jobs in Canada.
The total manufacturing sales in 2019 surpassed $685 B.
SOURCE Canadian Manufacturers & Exporters
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