Ontario Fall Economic Statement addresses business competitiveness
November 07, 2019
The Chemistry Industry Association of Canada (CIAC) congratulates the Ontario Minister of Finance on delivering the 2019 Fall Economic Statement. We are very pleased with the steps taken so far to address business competitiveness and that the province recognizes that more work remains to be done to win new business investments. CIAC firmly agrees that Ontario must remain vigilant in eliminating the budgetary deficit.
Among the initiatives contained in the 2019 Fall Economic Statement, CIAC is very pleased to see the province:
- Establish the Premier’s Advisory Council on Competitiveness to determine the essential elements that will help Ontario win large scale business investments and more well-paying jobs.
- Continue the commitment to eliminate unnecessary red tape that adds cost, time and complexity that do not serve a public interest.
- Relaunch of the Eastern Ontario and Southwestern Ontario Development Fund programs.
- Lowering the small business corporate income tax and employment payroll costs.
- Review existing power generation contracts to find saving opportunities.
- Official Annual Day of Action on Litter beginning May 12, 2020.
Ontario’s $24-billion chemistry industry is the third-largest manufacturing industry and second largest exporting sector in the province. The sector is a key employer in the Sarnia-Lambton, GTA/Niagara and eastern Ontario regions and directly employs 46,000 Ontarians in well-paying jobs and supports another 220,000 Ontario jobs. Our sector 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 of 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 United States. 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 Midwest. Ontario has an opportunity to benefit from this investment wave.
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.