September 20, 2007 15:56 ET

Dollar Parity: Canadian Chamber Wants Action on Canada's Competitiveness

OTTAWA, ONTARIO--(Marketwire - Sept. 20, 2007) - As the Loonie reached par today for the first time in thirty-one years, the Canadian Chamber of Commerce renewed its call for Ottawa to help Canada's economy become more competitive.

"All companies are facing growing dramatic changes in the marketplace, and the stronger dollar will add to the pressure on manufacturers who are forced to cope with low cost foreign competition and weakening U.S. domestic demand. There will be a new Throne Speech on October 16. The government should use it to set out its plan to help Canadian companies become global champions," says Perrin Beatty, President and CEO of the Canadian Chamber of Commerce.

"Changes in technology and the explosion in emerging markets like India and China mean the pace will never again be slow. Competition will only get fiercer. Governments and business need to work together to improve Canada's competitiveness," added Mr. Beatty.

The Canadian Chamber will press for a series of policy reforms, including:

- A competitive tax system that positions Canada as the location of choice for business.

- Further reducing the federal debt. In turn, savings from lower interest payments on the debt can be returned to taxpayers, putting Canada on a more competitive footing.

- Targeting federal spending on areas that directly affect Canada's competitiveness, like post-secondary education and infrastructure.

- Cutting burdensome regulation that limits Canada's competitiveness and ability to attract investment. Canada's regulatory environment must be efficient, flexible and transparent.

"The issues Canadian businesses face are urgent," said Mr. Beatty. "How Ottawa responds will affect the living standard of every Canadian family."

Contact Information

  • The Canadian Chamber of Commerce
    Katie Anderson
    Director, Communications
    613-238-4000, ext.231
    Cell: 613-797-1860