Manufacturers can help Canada through tough times. | So Good News
OTTAWA, ON, October 31 2022 /CNW/ – As the federal government prepares to release its fall economic statement on Thursday, the Canadian Chamber of Commerce and Exporters (CME) urged the deputy prime minister. Chrystia Freeland To cope with the challenges faced Don Producers For example, labor shortages and disparities in investment incentives are due to the US’. Inflation Reduction Act.
The Deputy Prime Minister said. Don The economy is facing tough days. That is why the government is focusing on making it stronger. Don clean electricity transition; Efforts to develop and manufacture electric vehicles and batteries Don Important metals sector. Manufacturers fully support and are fully positioned to assist with these strategic moves. Don We must be able to weather the economic storm.
Because almost 10 percent of the manufacturing sector. Don gross domestic product 2/3 of our product exports directly employed 1.7 million people across the country and sales were at record highs. $718.4 billion In 2021
However, challenges can hold back this progress. According to new survey results released last week by the CME, last year alone, the economy lost almost entirely due to labor shortages. 13 billion dollars. Meanwhile, 62 percent of manufacturers have lost or rejected contracts and are experiencing production delays due to labor shortages. $7.2 billion Penalties for late sales and lost delivery. Incentives offered in the US Inflation Reduction Act The investment front is very important. The U.S. plan offers consumers generous tax breaks on their electric car purchases, as well as directly incentivizing the production of batteries and electric cars. Between the once common playgrounds; Canada Now the US has been wiped out. Canada Catch up or risk losing future investments in these critical manufacturing sectors.
For these two reasons alone, Canadian manufacturers will need specific measures in the Fall Economic Statement to support them.
“To reduce labor shortages, the government should pursue more ambitious immigration targets, reduce application backlogs and provide financial support for employer-led training,” he said. Dennis DerbyPresident and CEO of CME;
The association said the government must close gaps in U.S. government manufacturing investment incentives. Don Caused by the US Inflation Reduction Act (IRA). CME promotes our similar programs; We call on the government to narrow the incentive gaps caused by the IRA by expanding the Net Zero Accelerator Fund and extending and expanding access to accelerated investment incentives.
“Canadian businesses and manufacturers in particular cannot afford to wait years for the government to address these two huge competition issues. Other countries are investing billions in their industrial sectors to find and train the workers they need to fill the jobs of the future.” Canada Failure to comply will result in a loss of manufacturing investment and the good jobs that come with it,” Darby concluded.
CME detailed these and other necessary measures in its 2023 pre-budget submission.
- It accounts for nearly 10 percent of the manufacturing sector. Don real gross domestic product.
- Manufacturers employ about 1.7 million people. Canada.
- Total manufacturing sales hit a record high. $718.4 billion In 2021
A source of Canadian manufacturers and exporters
For more information: Jane Taber; Vice President Public Affairs National Public Relations C: 902-209-9512 | [email protected]