Industry Canada

Industry Canada

February 17, 2009 20:15 ET

Statement by the Honourable Tony Clement, Minister of Industry, on the Receipt by the U.S. Government of Restructuring Plans From General Motors and Chrysler

OTTAWA, ONTARIO--(Marketwire - Feb. 17, 2009) - On the issue of restructuring plans sent today to the U.S. government by General Motors Corporation and Chrysler LLC, the Honourable Tony Clement, Minister of Industry, made the following statement:

"I am encouraged that General Motors and Chrysler have submitted their long-term restructuring plans. I will not speculate on the content at this point. We look forward to receiving the restructuring plans for their Canadian operations on Friday.

"Our government understands the gravity of this situation with the North American auto industry. My officials and I continue to work closely with the companies and have been ready to provide repayable loans with certain conditions pursuant to the approach set out by Prime Minister Harper on December 20, 2008.

"As I have said before, there is a need for fundamental restructuring of the auto industry in order to achieve long-term sustainability. All stakeholders will have to contribute to making these companies viable and competitive in the long term. The government continues to make progress toward creating a positive business environment by imposing competitive tax rates, harmonizing regulations and making it easier for products to cross the border. We are promoting long-term investment, innovation and job creation across all sectors of the Canadian economy, and the auto industry is no exception."

Contact Information

  • Office of the Honourable Tony Clement
    Minister of Industry
    Pema Lhalungpa - Press Secretary
    Industry Canada
    Media Relations