TORONTO, March 24, 2021 / CNW / – Canadian Manufacturers and Exporters (CME) welcomes support for from ontario Budget 2021 to stimulate growth by from ontario manufacturing sector. Today’s budget reaffirms the province’s commitment to take action to help the sector reinvest and grow as it emerges from the current COVID-19 crisis.
“Manufacturing is the cornerstone of from ontario economy and we are happy to see that the Ford government has recognized this by putting in place numerous measures to support manufacturers in terms of productivity, investment and skills, ”says Dennis darby, President and CEO of CME.
Investment measures and programs: the government is on the right track
CME is happy to see immediate and direct action to support the investment. The most notable are the increase in the tax credit for the investment of regional opportunities from 10% to 20%, the new $ 400 million Invest Ontario Fund for manufacturers looking to expand and improve their overall manufacturing capabilities, and deferral of property tax assessments. “These measures are more than welcome in the current context where we need to stimulate investment through direct support,” adds Darby.
Ontario Made: renewed commitment to a successful program
CME applauds the million-dollar, one-year commitment to support the continuation of the Ontario Made program, in particular by expanding promotion in the retail space and increasing consumer awareness of all the amazing products made here in the province.
“In the first 8 months of this program, we saw over 2,100 manufacturers listing over 10,000 locally produced products. This renewed commitment will allow CME to expand our work with local manufacturers to increase their sales through local retailers and increase consumer awareness in Ontario. Manufactured brands, ”Darby said.
Skills and labor shortage: more support for skills upgrading
Labor and skill shortages are the most pressing challenges facing manufacturers today. Manufacturers find it difficult to keep up with the cost of training. Improving the skills of workers is the first step companies must take to invest in automation, new machinery and equipment.
The MEC is pleased to see that many measures have been put in place, including the introduction of a temporary and refundable Ontario vocational training tax credit, which would be an income tax credit. temporary and repayable staff that would support developmental careers and training for 2021., and new investments in Ontario’s Skilled Trades Strategy that add up to $ 288.2 million in 2021-2022.
“Important as these measures are, we are pleased that the government has recognized that its work is not yet done to support an innovative, growing and globally competitive manufacturing sector in Ontario. The commitment to develop an economic growth plan, which will focus in part on advanced manufacturing, should serve as a springboard for from ontario prosperity and growth for the next generation. We look forward to working with our members and the province to develop this action plan, ”Darby concluded.
Since 1871, Canadian Manufacturers & Exporters has helped manufacturers grow at home and compete globally. Our goal is to ensure that manufacturers are recognized as engines of growth in the economy, with Canada recognized as both a global leader and innovator in advanced manufacturing and a global leader in exporting. CME is a member-driven association that directly represents over 2,500 leading companies which account for approximately 82 percent of manufacturing output and 90 percent of from Canada exports.
For further information: Ady Stefan Calin, Manager, Communications and Branding, Canadian Manufacturers & Exporters, C: 514-293-3765, [email protected], @CME_MEC