Jobs and growth will come through innovation, Feds tell APMA

Automotive parts manufacturing plays a significant role in the Canadian economy, and innovation is the key to success, Mike Lake, Parliamentary Secretary to the Minister of Industry and Member of Parliament for Edmonton-Mill Woods-Beaumont, told the Automotive Parts Manufacturers’ Association Annual Conference and Exhibition on Thursday.

“The parts manufacturing sector plays a significant role in the Canadian economy and is integral to the overall automotive industry,” Lake said. “By making it easier for companies to innovate, our government is creating the right conditions for them to seize new opportunities in existing and emerging markets and to remain globally competitive.”

Lake spoke about the significant rebound in vehicle sales since the North American automotive crisis in 2008-09, which is good news for both Canadian parts manufacturers and related manufacturing industries such as steel, rubber and plastics.

“The auto industry’s shift toward more fuel-efficient and green technologies is driving the need to innovate, which will require investments in research and in capital equipment,” he said. “This is why Economic Action Plan 2012 focuses resources on private sector needs, improving support for high-growth companies, applied research, procurement opportunities and risk financing.”

The automotive parts manufacturing industry generated almost $9 billion in value-added GDP in 2011, and the more than 1,000 parts companies in Canada employ as many as 61,000 Canadians.