HAMILTON, ONTARIO--(Marketwire - Oct. 17, 2012) - The Honourable Christian Paradis, Minister of Industry and Minister of State (Agriculture), today delivered remarks at the Conference Board of Canada's Adding Value: Canada as a Platform for Global Manufacturing forum, in which he cited innovation, new technologies and new markets as the foundations of tomorrow's manufacturing.
"Our government does not see two separate economies-one based on resources and the other on manufacturing. We see one single, integrated economy grounded in solid fiscal fundamentals that give our manufacturers a strategic advantage," said Minister Paradis. "The future of manufacturing in Canada does not lie in some government program. It comes from our entrepreneurs, our innovators and our job creators. It comes from all of us-government, industry and research organizations-working together."
The government has taken significant actions to create jobs, support manufacturing and ensure the manufacturing sector's long-term growth:
- lowering taxes-cutting the corporate tax rate from over 22 percent in 2007 to 15 percent today-and removing the federal capital tax;
- eliminating tariffs on machinery and equipment, making Canada the first tariff-free zone in the G20.
- extending the temporary accelerated capital cost allowance to 2013, helping manufacturers to restructure and retool; and
- focusing on reducing red tape so that business owners spend less time filling out forms and more time running their businesses.
Other measures include increasing effective market access to the U.S. and expanding into the world's largest emerging markets. Since 2007, the Global Commerce Strategy has led to new trade agreements with nine countries, deepening trade ties with the largest, most dynamic markets in the world. Canada is taking a whole-of-government approach, along with business, to help make its manufacturing sector global and competitive.
Canada's manufacturing sector directly contributes almost 13 percent to the GDP and employs close to 1.8 million Canadians, more than 95 percent of which is in full-time jobs.