OTTAWA, March 21, 2013 /CNW/ - The Chemistry Industry Association of
Canada (CIAC) was pleased by the federal government's two-year
extension of the Accelerated Capital Cost Allowance (ACCA), announced
today in the 2013-2014 federal budget.
Canada's chemistry industry is poised for growth - with the potential to
attract up to $10 billion in new investment over the next decade - but
faces strong competition for global investment.
"Measures like the ACCA for new manufacturing machinery and equipment
can make the difference between a company investing in Canada, or
taking its business - and the stable, high-paying jobs that go along
with it - elsewhere," says Richard Paton, CIAC's President and CEO.
"The ACCA could be what tips the balance and makes the winning business
case for Canada."
CIAC was also pleased by the federal budget's focus on manufacturing,
jobs and growth. Funding to encourage innovation and improve the
competitiveness of Ontario's manufacturing sector was especially
welcomed, as 43 per cent of Canada's chemistry industry is located in
that province. The government's plan to address skills and training -
in partnership with provinces and employers - is also important for the
industry, as it currently employs an aging workforce and faces skills
shortages. CIAC looks forward to working with the government as it
shapes these new initiatives.
The Chemistry Industry Association of Canada is the voice of Canada's
$47-billion chemistry sector. CIAC represents the interests of Canada's
leading chemistry companies - from petrochemical, inorganic and
specialty chemical producers, to bio-based manufacturers and
chemistry-related technology and R&D companies. Canada's chemistry
industry employs 87,000 Canadians directly, and supports another
435,000 jobs in the Canadian economy.
SOURCE: Chemistry Industry Association of Canada
For further information:
Vice-President, Business & Economics
(613) 237-6215 ext. 229