A Stronger Economy for Southern Ontarians
Industry Minister James Moore promotes the Harper Government's commitment to free trade within Canada
LONDON, ONTARIO--(Marketwired - Nov 3, 2014) - Industry Minister James Moore's cross-country tour today brought him to London, Ontario, to meet with business leaders on how Canada can continue to grow its manufacturing sector.
The Minister spoke to members of the London Chamber of Commerce, southern Ontario's largest organization serving the needs of its business community. Minister Moore committed to work with business to continue to create the right conditions to support the industry's continued success within Canada and in new markets around the world.
The Minister underlined the Harper Government's economic policies that make Canada the most attractive country in the world for investment: lower taxes, balanced budgets, less debt and an ambitious free trade agenda.
Quick facts
Manufacturing sales have bounced back and are up more than 25 percent since the recession.
Manufacturing employs close to 1.7 million Canadians, and almost all of these jobs are full-time.
In support of the manufacturing sector, the Harper Government has negotiated trade agreements that will expand market opportunities and create jobs. It has also eliminated tariffs on machinery and equipment, making Canada the first tariff-free zone for manufacturing inputs in the G20, and it renewed the accelerated capital cost allowance in 2013, providing $1.4 billion in deferred taxes to Canadian manufacturers that invest in machinery and equipment.
The government is investing in innovation in manufacturing through initiatives such as the Technology Demonstration Program for aerospace and defence and the Advanced Manufacturing Fund.
The government has also focused on establishing the right conditions for success, such as lowering taxes, cutting the corporate tax rate from over 22 percent in 2007 to 15 percent today, and removing the federal capital tax.
A key part of supporting manufacturers is ensuring that they have global markets for the goods they produce. Through the Global Markets Action Plan, the government has concluded seven different free trade pacts with 38 countries. It has also concluded or implemented foreign investment promotion and protection agreements with 22 countries and continues to deepen trade ties with the largest, most dynamic markets in the world.
Canada's two most recent trade agreements, the Canada-European Union Comprehensive Economic and Trade Agreement and the Canada-Korea Free Trade Agreement, promise to add at least $14 billion annually in new economic activity, equivalent to creating more than 90,000 new jobs.
Both the International Monetary Fund and the Organisation for Economic Co-operation and Development expect Canada to be among the strongest growing economies in the G7 over this year and the next.
In 2013, Canada leapt from sixth to second place in Bloomberg's ranking of the most attractive destinations for business.
According to KPMG, total business tax costs in Canada are the lowest in the G7.
Quotes
"To ensure that Canadian manufacturers remain strong, our government has kept taxes low, reduced red tape, and promoted trade abroad and skills training at home-all of which are necessary conditions to create jobs and grow our economy. Our focus remains on creating jobs and economic growth, and I look forward to continuing this work and creating the conditions for more innovation and prosperity in the years to come."
- James Moore, Industry Minister
"Our government is working to create the best business conditions possible for manufacturers in London and across Canada to create the jobs and growth that benefit Canadians. I thank my colleague, the Honourable James Moore, for coming to London to speak, hear and learn about London's economic opportunities moving forward."
- Ed Holder, Minister of State (Science and Technology)
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