CIAC voices budget recommendations to Ontario’s Finance and Economic Affairs committee
January 18, 2018
On January 17, 2018, CIAC President and CEO Bob Masterson addressed Ontario’s Standing Committee on Finance and Economic Affairs. The committee was in Ottawa on their province-wide pre-2018 budget consultation tour.
Masterson’s key message was that only robust economic growth, driven by new investment, would provide the economic opportunities and prosperity Ontarians want and desire.
He reminded the committee the chemistry industry already plays an important role Ontario’s fiscal equation — a $22 billion industry directly employing 45,000 well-paid employees — but noted that more has to be done to retain and attract new investment dollars from the global chemistry industry. In fact, Masterson noted, the province should be attracting a larger portion of the North American chemistry industry investments.
“We would have expected to see 12 to 15 global scale investments totalling $15 billion or more. Instead, until late last year, the province saw no global scale investments, and only about $1.5 billion or 10% of expectations in capital investment.”
CIAC’s recommendations are focussed squarely on improving Ontario’s fiscal and regulatory policies to make the province the “jurisdiction of choice” for new chemistry industry investments.
Read our submission to learn more: Ontario Chemistry Industry 2018 Pre-budget consultation.