Kitchener, Ontario, May 1, 2012
Archived - Harper Government Continues to Strongly Support Canada’s Manufacturing Sector
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The Honourable Jim Flaherty, Minister of Finance, today highlighted the Harper Government’s contributions to helping build a strong manufacturing sector and how key elements of Economic Action Plan 2012 will significantly strengthen the ability of Canadian businesses to grow and create high-value jobs.
Speaking at the Waterloo Region Manufacturing Innovation Network’s Manufacturing Summit in Kitchener, Ontario, Minister Flaherty said, “Manufacturing and exporting represent two major drivers of our country’s economy. Our Plan will allow manufacturers in Ontario, and businesses throughout Canada, to compete more effectively and to succeed in markets around the world.”
In Economic Action Plan 2012, the Harper Government has committed to enhance trade and investment relationships in large and fast-growing global markets. This includes strengthening ties with China, Canada’s second-largest trading partner.
The Plan will also consolidate Canada’s trade remedy system into one organization under the Canadian International Trade Tribunal. This will cut red tape and provide a single window for Canadian businesses to take action against unfair trade, while generating cost savings.
In addition, the Plan will leverage more private sector investments in early-stage risk capital. This includes a $400-million commitment to support the creation of large-scale venture capital funds led by the private sector.
These measures build on past efforts to create a competitive advantage for Canadian businesses. For example, since 2009, the Government has eliminated all tariffs on imported machinery and equipment and manufacturing inputs to make Canada a tariff-free zone for industrial manufacturers, the first in the G-20. As a result of federal and provincial tax changes, Canada now has the lowest overall tax rate on new business investment in the G-7.
“Our Government’s Plan looks ahead, not only over the next few years, but over the next generation,” Minister Flaherty said. “Its reforms are substantial, responsible and necessary. They will ensure that, all across government, we are focused on enabling and sustaining Canada’s long-term economic growth.”
For further information, media may contact:
Mary Ann Dewey-Plante
Office of the Minister of Finance
Department of Finance
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