TORonTO – The Canadian Manufacturers & Exporters (CME) issued a statement Friday applauding the new ontario budget, and its potential impact on manufacturing in the province.
The lauded it as “a positive step forward in revitalizing the provinces manufacturing sector”, and anticipated it would create jobs and support business growth.
The CME, the countrys largest trade and industry association, commended the government for mirroring the federal decision to extend the accelerated depreciation for manufacturing and processing equipment through 2015.
They believed the move will result in $265 million in savings for ontario companies as well as the formulation of a new $295 million youth employment and mentorship fund, which could help encourage more youth to explore opportunities in in-demand manufacturing-related careers.
We are pleased to see the government formally recognize the importance of manufacturing to the provinces economy, stated Ian Howcroft, vice president, CME Ontario.
The success of this entire budget starts with manufacturing, and we will continue to need strong leadership in the coming months from all stakeholders and all parties to implement policies that spur investment and keep us moving forward.
While CME also noted its support for the governments commitment to reduce the deficit, other moves in the budget received a less favourable response. In particular, the elimination of a threshold exemption for large employers on employee health taxes is expected to drive down competitiveness.
Overall, this budget is a good signal that the province wants to work closer with industry, said Howcroft.
The rest of Canada and the rest of the world wont wait for us. We need to work together to ensure ontario is ready to lead in job creation, in investment attraction, in export development and that growth must start with a vibrant, innovative manufacturing sector.
Recently the CME founded the ontario Council of Manufacturing Executives (oCME) – a group of senior industry leaders, who have come together to speak about issues impacting the provinces manufacturing sector.
www.ontariomanufacturing.ca
