FEDERAL BUDGET STRENGTHENS THE BUSINESS CASE FOR INVESTMENT IN CANADA’S CHEMISTRY INDUSTRY
April 21, 2015
The Chemistry Industry Association of Canada (CIAC) applauds the federal government’s announcement in today’s budget to support the chemistry industry with a 10 year extension of the accelerated capital cost allowance (ACCA) for new investments in machinery and equipment.
“This fiscal measure will help stimulate new investments in chemistry manufacturing facilities and lead to economic growth throughout the entire chemistry-sector value chain.” said Richard Paton, President and CEO of CIAC. “The 10 year extension of the ACCA will improve our sector’s competitiveness and support innovation, productivity, and growth in the chemistry industry.”
The chemistry industry is the fastest growing manufacturing sector in North America. Canada’s chemistry industry – the second largest Canadian manufacturing sector exporter, is poised for growth and investment. The industry could attract more than $ 10 billion in new investments in the next five years. “The 10 year extension of the ACCA will support the growth of a predictable and competitive business climate in Canada and will help position Canada as a preferred destination for investment, said Paton. This measure will also help revitalize Canada’s manufacturing sector as a cornerstone of the economy.”
The Chemistry Industry Association of Canada (CIAC) is the voice of Canada’s chemistry industry and represents more than 50 members and partners across the country. The business of chemistry is a $53 billion industry, and accounts for approximately 7% of Canada’s annual manufacturing GDP. The sector employs directly 81,000 Canadians and supports another 410,000 in other sectors of the economy. Members of CIAC are signatories to Responsible Care – the association’s U.N. recognized sustainability initiative.