Thank you, MP Dykstra, a strong advocate for this region.
Good morning, ladies and gentlemen. Thank you to the Niagara College for hosting us here in such an inspiring setting. And thank you as well to the Niagara Economic Development Corporation or—NEDC—for being a part of today's announcement.
It's my pleasure to be here to deliver some great news for Canadians and for the Niagara region.
But first I'd like to say a few words about the area. Known for its natural beauty and landmarks, the area has numerous assets, and a great deal of potential. Truly, Niagara is one of the first words that come to mind for most people in the world when you say, "Canada."
We think of a dynamic tourism industry when we think of the Niagara region; but it's easy to forget that the Falls – one of the world's greatest natural wonders – exists close to some incredible man-made wonders such as the Welland Canal. There is also a rich agricultural base here, a world-class wine industry, and of course, the region boasts a very skilled population.
Recently, we are seeing some important strategic partnerships developing between stakeholders in the region. That's because they know progress happens more quickly when they work together.
And it's because of partnerships like these that we're here today.
We are here to highlight what our Government and its partners are doing to move past challenges that Canadians – many right here in the Niagara region – have faced in recent years. And we are here to talk about what opportunities the Government is working to create that will help bring lasting prosperity to this region.
We recognize that to compete in today's global economy, we need to give businesses the tools they need to help them develop and access new markets.
And in keeping with this, Canada's Economic Action Plan 2013 takes intentional steps to position Canada for success in the 21st century global economy.
Today's announcement is about promoting growth in an area that is central to our economy: manufacturing. We are focused on the revitalization of this central industry, and helping the small- and medium-sized businesses in this area realize their full potential.
That's why Canada's Economic Action Plan 2013 proposes a host of new initiatives to protect and create high-quality, value-added jobs. In fact, on the advice of the Canadian Manufacturing Coalition and others, we are providing $1.4 billion of tax relief over four years to the manufacturing and processing sector through a two-year extension of the temporary accelerated capital cost allowance for new investment in machinery and equipment.
This tax relief will encourage manufacturers and processors to accelerate and undertake additional investment in machinery and equipment, making their operations more productive and globally competitive.
And as Minister of State for the Federal Economic Development Agency for Southern Ontario, I am pleased to note, that Economic Action Plan 2013 provides $920 million over five years for the Agency, starting on April 1, 2014; with $200 million of this renewal support to be allocated for the delivery of a new Advanced Manufacturing Fund in Ontario.
Like most industries, manufacturing is evolving as the economy changes, as new customer requirements emerge, and as more of the world's manufacturing needs are being shifted to other markets.
But Ontario's economic base was founded on manufacturing, and these roots go deep. We know that manufacturers in Ontario have the capacity to remain competitive and grow with the right support.
This could mean upgrading their skills to meet new market needs, or taking advantage of modern technologies that will allow for lighter weight, or more efficient materials to be used in manufacturing for anything from machine parts to large-scale renewable energy projects. And these are just a couple of areas where innovations in manufacturing will have positive impacts.
And so, it gives me great pleasure to announce a total of up to $1.57 million in funding for Niagara College and the NEDC.
The funding is being provided through FedDev Ontario's Prosperity Initiative, designed to help businesses, not-for-profit organizations and post-secondary institutions undertaking projects to enhance productivity and diversify the regional economy.
Niagara College is receiving a contribution of up to $990,000 and will use the funds to develop the Industry Innovation Centre at Niagara (IIC@N) to provide small regional manufacturers access to facilities, equipment and expertise.
The NEDC is receiving a contribution of up to $580,000 and will use the funds to develop an initiative to support and revitalize the area's manufacturing small- and medium-sized enterprises (SMEs).
The IIC@N project will offer services to small regional manufacturers so they can undertake activities like product development, testing and prototyping, as well as technology upgrades and commercialization activities.
The NEDC's project will establish an initiative aimed at strengthening the overall manufacturing cluster and will include actions like business mentoring, industry-wide surveys and the creation of an interactive network for manufacturers in the area.
These investments will work together to help strengthen the Niagara region's manufacturing industry, ensuring that these businesses have the tools they need to innovate, access new markets and develop new and improved products.
The goal is to give our SMEs the tools they need to accelerate the development and commercialization of these products, particularly in key sectors where there is opportunity for growth such as automotive, aerospace, defence, construction, medical devices and renewable energy sectors.
The two projects will provide support services and mentorship for hundreds of companies combined.
That is great news for the region.
By supporting the Niagara-region manufacturing sector, our Government is not only helping to create more modern, efficient and market-ready manufacturers while creating jobs in Niagara, we are also strengthening Canada's position in the manufacturing sector in the global marketplace.
Niagara College and the Niagara Economic Development Corporation are creating the conditions and opportunities for a successful, well-equipped manufacturing cluster in this region.
I would like to wish both organizations the best of luck with these projects, and I look forward to seeing the positive impacts that result.
Thank you.
