GOVERNMENT’S EXTENSION OF THE ACCA COMES AT A CRITICAL TIME, CHEMISTRY INDUSTRY SAYS
The Chemistry Industry Association of Canada (CIAC) was pleased by the federal government’s two-year extension of the Accelerated Capital Cost Allowance (ACCA), announced today in the 2013-2014 federal budget.
Canada’s chemistry industry is poised for growth – with the potential to attract up to $10 billion in new investment over the next decade – but faces strong competition for global investment.
“Measures like the ACCA for new manufacturing machinery and equipment can make the difference between a company investing in Canada, or taking its business – and the stable, high-paying jobs that go along with it – elsewhere,” says Richard Paton, CIAC’s President and CEO.
“The ACCA could be what tips the balance and makes the winning business case for Canada.”
CIAC was also pleased by the federal budget’s focus on manufacturing, jobs and growth. Funding to encourage innovation and improve the competitiveness of Ontario’s manufacturing sector was especially welcomed, as 43 per cent of Canada’s chemistry industry is located in that province. The government’s plan to address skills and training – in partnership with provinces and employers – is also important for the industry, as it currently employs an aging workforce and faces skills shortages. CIAC looks forward to working with the government as it shapes these new initiatives.
The Chemistry Industry Association of Canada is the voice of Canada’s $47-billion chemistry sector. CIAC represents the interests of Canada’s leading chemistry companies – from petrochemical, inorganic and specialty chemical producers, to bio-based manufacturers and chemistry-related technology and R&D companies. Canada’s chemistry industry employs 87,000 Canadians directly, and supports another 435,000 jobs in the Canadian economy.