Minister Morneau in Windsor to Talk Competitiveness With Local Business Leaders
August 13, 2018 – Windsor, Ontario – Department of Finance Canada
Helping Canadian businesses succeed is essential to our economic growth—it's how we will create more good, well-paying jobs, strengthen and grow the middle class, and build an economy that works for everyone.
The Government recognizes that Canada's auto manufacturing sector, which employs more than 130,000 hard-working Canadians, is a major contributor to the Canadian economy. Today, Finance Minister Bill Morneau took this message to Windsor, Ontario, where he toured the Fiat Chrysler Automotive Assembly Plant and met with local business leaders at the Windsor-Essex Regional Chamber of Commerce.
In his meeting, Minister Morneau noted that while the Canadian economy is doing well—Canada led the G7 in growth last year, and the unemployment rate is at a record low—the Government understands that businesses are anxious about what the future holds. Business leaders shared their concerns, and talks focused on how the Government and the business community can work together to build a more competitive Canada that works for everyone.
Today's events are part of a series of meetings that Minister Morneau is holding with business leaders across the country to help inform the Government's responses to immediate challenges, while supporting ongoing efforts to strengthen and grow the economy over the long term.
"Our job as a government is to help more Canadians and more Canadian businesses succeed, and to grow the economy for the benefit of everyone. I know that the ongoing renegotiation of the North American Free Trade Agreement, the recent tariff decisions by the U.S., and the potential impact of the U.S. tax reform are weighing heavily on business leaders across the country. That's why I'm listening carefully to what they have to say. Their collective experience will guide us as we respond to the immediate challenges while moving forward with our long-term plan to create more good, well-paying jobs, and strengthen and grow the middle class."
- Bill Morneau, Minister of Finance
Business investment growth in Canada has averaged about 9% since the end of 2016. This represents the fastest rate of growth in six years.
According to the Bank of Canada's Business Outlook Survey, business investment intentions are near their highest point since the recovery from the recession of 2008-2009.
The Canadian automotive industry is the eighth largest in the world, directly employing more than 130,000 Canadians. The automotive manufacturing sector contributes close to $18 billion to Canada's gross domestic product.
To give Canadian businesses access to new markets and the hundreds of millions of customers they represent, and to ensure that the benefits of trade are felt by more people, the Government has secured new trade and investment deals, including the Comprehensive Economic and Trade Agreement with the European Union, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
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Office of the Minister of Finance
Department of Finance Canada
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