CME welcomes Ontario’s commitment to invest in manufacturing

TORONTO — Canadian Manufacturers & Exporters embraces the Ontario government’s stated commitment to help build the province’s manufacturing sector, to help them save on energy costs, and to provide Ontarians with relief as they manage the impacts of inflation and a looming recession.

CME’s president and CEO Dennis Darby commented that the organization appreciates any measure that helps manufacturers save on energy costs and reinvest in their business to improve productivity.

“Our member companies can use all the help they can get,” he said in a statement.

In its response the CME specifically referred to the economic statement’s mention of $675 million in Ontario income tax relief over three years by temporarily allowing eligible businesses to immediately expense up to $1.5 million per year for certain capital investments.

The organization also appreciated the province’s stated plans to ensure more small and medium sized companies benefit from the lower 3.2 per cent corporate income tax rate, something the CME had specifically requested.

Furthermore, the organization positively received the planned $30 million investment towards the Skills Development Fund, which it anticipates will help resolve labour shortages.

The CME reported that 34 per cent of Ontario manufacturers have lost or turned down contracts and postponed or cancelled investment projects due to a lack of workers in the past year alone, costing the sector $4 billion.

For next year, manufacturers have said they hope to be part of an Advanced Manufacturing Council to take a deeper look at business competitiveness.

CME has said the 2022 FES signifies the Ford government’s intention to remain a partner for industry through consultation on further red tape reduction.