Paradis cites innovations as foundation of tomorrow’s manufacturing

Innovation, new technologies and new markets are the foundation of tomorrow’s manufacturing, says Christian Paradis, the federal Minister of Industry and Minister of State (Agriculture).

Paradis made the remarks on Wednesday at the Conference Board of Canada’s Adding Value: Canada as a Platform for Global Manufacturing forum in Hamilton.

“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 Paradis in his speech. “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.”

He said the government has taken significant actions to create jobs, support manufacturing and ensure the manufacturing sector’s long-term growth, including:

• Lowering taxes-cutting the corporate tax rate from over 22 per cent in 2007 to 15 per cent 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.

Canada’s manufacturing sector directly contributes almost 13 per cent to the GDP and employs close to 1.8 million Canadians, more than 95 per cent of which is in full-time jobs.