Ontario government’s Fall Economic Statement a positive step for encouraging investment
November 16, 2018
The Chemistry Industry Association of Canada (CIAC) congratulates the Ontario Minister of Finance on delivering the 2018 Fall Economic Statement. We firmly support the government’s commitment to address the deficit and debt burden. We commend the government on its multi-faceted, Open for Business Action Plan to make the economic climate more attractive to start and grow a business and encourage more investment.
Among the initiatives contained in the 2018 Fall Economic Statement, CIAC is very pleased to see the province:
Commit to a target of reducing regulatory red tape by 25 per cent by 2020 and introducing one high-impact burden reduction bill each fall and spring throughout its mandate.
Advocate for and match federal measures to restore Ontario’s corporate income tax competitive advantage and advocate for the immediate expensing of depreciable assets similar to the United States.
Launch a review of current electricity pricing for industrial users.
Consult and release an integrated made-in-Ontario environmental plan.
Ontario’s $22-billion chemistry industry is the third largest manufacturing industry and second largest exporting sector in the province. The chemistry sector is a key employer in the Sarnia-Lambton, GTA/Niagara and eastern Ontario regions. Overall, the sector directly employs 46,000 Ontarians in well-paying jobs and supports another 220,000 Ontario jobs in other sectors. It provides important inputs to a range of key manufacturing sectors in the province including automotive, forest products, construction, and food and beverage. The chemistry sector is a key source of innovation and is an indispensable solutions provider to address the challenges climate change, clean air and water and waste recovery. Ontario’s chemical manufacturers must compete globally both for market share and investment.
The chemistry sector is the fastest growing manufacturing sector in the U.S. Over C$300 billion in investments have started or have been announced in the current business cycle, principally in the U.S. Gulf Coast and but also expanding into the Midwest U.S. regions. Ontario has an opportunity to benefit from this wave of investment.
CIAC is pleased to continue to work with the Ontario government on the many priorities to create a prosperous Ontario that is once again the economic engine of the country.