DETROIT, MICHIGAN -- (Marketwired) -- 01/13/15 -- Industry Canada
Industry Minister James Moore today promoted Canada as a great place to build cars while meeting with the automotive industry during a visit to the North American International Auto Show (NAIAS) in Detroit, Michigan. The Minister highlighted the Harper government's decisions that make Canada the most attractive country in the world for investment, including:
-- creating and renewing the Automotive Innovation Fund (AIF), leveraging
up to $2.3 billion in research and development in Canada's auto
industry;
-- opening new markets for Canadian products and services by signing trade
deals with 38 countries, including the European Union, that will provide
Canadian businesses with market access to over half the global
marketplace; and
-- reducing Canada's federal corporate income tax rate to 15 percent, well
below the comparable rates of most other G7 countries.
Minister Moore also toured the NAIAS floor. He saw first-hand the breakthrough technologies and fresh designs traditionally associated with one of the largest gatherings of the global automotive industry.
Quick facts
-- Canada produces about 15 percent of vehicles assembled in North America.
-- The Economist has rated Canada's business environment as the best in the
G7 among auto-producing nations to 2015. A key part of supporting
manufacturers is ensuring they have global markets for the goods they
produce. Through the Global Markets Action Plan, the government has
concluded seven different free trade pacts with 38 countries. It has
also concluded or implemented foreign investment promotion and
protection agreements with 22 countries and continues to deepen trade
ties with the largest, most dynamic markets in the world.
-- Canada's two most recent trade agreements, the Canada-European Union
Comprehensive Economic and Trade Agreement (CETA) and the Canada-Korea
Free Trade Agreement, promise to add at least $14 billion annually in
new economic activity, equivalent to creating more than 90,000 new jobs.
-- CETA provides historic new market access opportunities for the
automotive sector and will allow significant increases of exports to
Europe. The removal of tariffs along with flexible rules of origin will
benefit vehicle and auto parts producers alike.
-- The Automotive Innovation Fund supports advanced, strategic R&D
initiatives by Canada's automotive companies to bring innovative and
more fuel-efficient vehicles to market.
-- The Automotive Innovation Fund will enhance Canada's automotive research
capacity, fuelling made-in-Canada innovation, increasing our ability to
compete internationally and bringing long-term benefits to the sector.
Automotive companies continue to invest in this country:
-- On January 12, Linamar, with support from the Government of Canada,
announced a $507-million investment in its Guelph facilities,
creating 1,200 new full-time, well-paying jobs.
-- In September 2013, Ford, with support from the Government of Canada,
announced an investment of $716 million at its Oakville assembly
facility to install a global platform and expand its R&D activities
in Canada. This investment yielded 1,000 new jobs at the Oakville
facility.
-- Chrysler has announced its commitment to make significant
investments in its Windsor Assembly Plant to produce its next-
generation minivan, as well as to produce the next-generation models
of the Charger, Challenger and Chrysler 300 in its Brampton Assembly
Plant.
-- GM is committed to investing a minimum of US$850 million in R&D
activities in Canada between 2009 and 2016 and in March 2013
announced it would invest $250 million at its CAMI facility.
-- Toyota has added 800 jobs at its Woodstock and Cambridge plants as a
result of projects Lexus and Green Light.
Quote
"In Detroit, Canada's numerous automakers proudly distinguished themselves among the top-quality vehicle manufacturers globally. The numbers speak for themselves: Canadian automakers made over 20 different types of vehicles in 2014 and saw record-breaking sales. Companies are now actively looking to invest in Canada, creating jobs and growth and securing the future of Canada's automotive sector. Our government is committed to setting the right conditions for Canada's world-class automotive industry to continue to succeed and deliver for Canadians."
- James Moore, Industry Minister
Associated links
- Canadian Automotive Industry home page
- NAIAS website
Follow us on Twitter: @industrycanada
Contacts:
Jake Enwright
Press Secretary
Office of the Minister of Industry
343-291-2500
Media Relations
Industry Canada
343-291-1777
media-relations@ic.gc.ca
