Alberta Budget Supports Chemistry Industry Growth Through Investment
March 23, 2018
The Chemistry Industry Association of Canada (CIAC) is pleased that Alberta’s economy is emerging from the resource price downturn and that the 2018 budget will further support industry growth.
Improved energy pricing, a rebound in consumer sentiment and a gradual improvement in the jobs market are all helping the province get back on track. As these trends continue, the chemistry sector is poised to invest in Alberta, creating well-paying, highly skilled jobs.
“It is CIAC’s view that the Alberta government continues to lead in Canada in terms of its focus on investment attraction and economic diversification,” said Bob Masterson, President and CEO of CIAC. “Alberta’s recent efforts to diversify the energy economy have resulted in nearly $10 billion in completed, initiated and proposed chemistry projects. These new initiatives should lead to a further $10 billion or more in new investments.”
As was previously announced in the Energy Diversification Act, the 2018 budget made a strong commitment to the chemistry sector. The $500 million investment by round two of the Petrochemical Diversification Program will help attract value-added investment to the province. Additionally, the $500 million Petrochemicals Feedstock Infrastructure Program investment will ensure that Alberta’s resources are manufactured into high-value products before being sold to global markets.
The 2018 budget also included an extension of the Capital Investment Tax Credit which incents manufacturing and processing capital investment. Each of these initiatives will assist in attracting investments into existing and new capital infrastructure.