OTTAWA, ONTARIO--(Marketwired - Feb. 11, 2014) - Today's federal budget targets challenges facing manufacturers and exporters across Canada, according to Canadian Manufacturers & Exporters (CME), Canada's largest industry and trade association.
"Behind the headline news that the federal Government plans to run a fiscal surplus in 2015, the budget contains a number of measures that will assist manufacturers and exporters in finding and training skilled workers, lower regulatory compliance costs, and help win major new automotive investments in Canada", says CME President & CEO Jayson Myers.
"The good stuff is in the details of the budget," Myers says. "We are particularly pleased that the Government will be providing an additional $500 million over the next two years to top up Canada's Automotive Investment Fund. That should help Canada win new product mandates in a key sector of our manufacturing economy with a wide range of benefits not only to communities and suppliers in Ontario but across the country. Opportunities to win major assembly operations do not come around every day; now we know that the Government has the funds that will help us compete with the rest of the world to secure new investments. "
CME also applauds the additional investments the Government will make to support the modernization of Canada's wood products industry, accelerate the construction of critical infrastructure projects, expand access to broadband internet service, and promote 'Made-in-Canada' products to Canadian consumers.
"There are however some initiatives in the budget we will want to keep a close eye on," Myers added. "Proposed legislation to prevent unjustified cross-border price discrimination and consultations on multinational tax planning are two items that need to be implemented with full and detailed input from Canadian industry."
CME is already working closely with the Government to improve support for business innovation in next year's budget.
"This year was about balancing the budget," Myers noted. "The auto fund investment was an important bonus. Next year, we expect the Government to do more to support business investment in new technologies and product development by extending accelerated depreciation for manufacturing equipment and introducing new measures that will leave more money in the hands of companies that are developing new products for domestic and international markets."