CIAC pleased to see support for economic growth in Ontario budget 

March 27, 2024

The Chemistry Industry Association of Canada (CIAC) congratulates the Hon. Peter Bethlenfalvy, Ontario Minister of Finance, on the tabling of the 2024 budget. 

CIAC is pleased to see the government continue taking steps to support long-term economic growth and prosperity. Of note in the 2024 Ontario budget, we highlight the following items: 

  • Additional $100 million for Invest Ontario (on top of the $100 million announced in the 2023 Fall Economic Statement) bringing total funding to $600 million since 2020. 
  • Incremental funding to support small and medium-sized businesses through the Regional Development Program’s Advanced Manufacturing and Innovation Competitiveness Stream. 
  • Additional funding for Ontario’s Critical Minerals Strategy to support better supply chain connections between industries and resources. 
  • Additional funding for the Skills Development Fund Training Stream and the Ontario Skilled Trade Strategy to help attract more workers, including apprentices, and job seekers get the skills they need to advance in their careers. 

As the government remains focused on critical minerals development, electric vehicle and battery manufacturing, our members’ Ontario operations produce important inputs that enable more efficient extraction and processing of critical minerals, chemicals and plastics that make safer, lighter and more fuel-efficient vehicles, and chemicals used in lithium-ion batteries. Ontario’s chemistry sector also supports other key industries including forest products, electronics, construction, and food and beverage.   

The chemistry and plastics industry is in the midst of two transformations – the transformation to net-zero carbon emissions and the transformation to a circular economy for plastics. We support the government’s actions on other initiatives including the roll-out of a province-wide extended producer responsibility and the development of a regulatory framework to enable the geologic storage of carbon.    

The chemistry and plastics sector is a key source of innovation and is an indispensable solutions provider in the area of global climate change, clean water, light weighting, electrification and managing plastic waste. The industry is global and Ontario’s chemical manufacturers must compete globally both for market share and investment mandates.   

We look forward to working with the government on its advanced manufacturing strategy and other initiatives to create the conditions that support growth, continued investment and the renewal of the chemistry sector in Ontario.