The Honorable Gary Goodyear, Minister of State (Science and Technology), kicked off PTX/Powder Show Canada Tuesday morning by delivering opening remarks to a standing-room only audience, on the importance of innovation, the adoption of new technologies, and the benefits of government-industry collaboration to create jobs, growth, and long-term prosperity.
"Our government remains committed to creating a favorable environment so that companies can grow their businesses and create jobs, growth, and long-term prosperity," said Minister of State Goodyear. "We've lowered taxes, cut the corporate rate to 15 percent, and removed the federal tax, and we are eliminating tariffs on machinery and equipment."
The Harper Government has established the right economic fundamentals to support Canada's manufacturers. This includes:
· investing $200 million over five years for the creation of an Advanced Manufacturing Fund, which will support investments by manufacturing firms in southern Ontario to create new and innovative products or processes
· providing tax relief for new manufacturing machinery and equipment by extending the accelerated capital cost allowance for two years, increasing support for manufacturers by almost $1.4 billion
· extending and expanding the Hiring Credit for Small Business for one year, supporting 560,000 small businesses, and allowing them to reinvent approximately $225 million in job creation in 2013
· increasing support for companies by doubling the budget of the National Research Council of Canada's (NRC) Industrial Research Assistance Program
· refocusing NRC on demand-driven, business-oriented research
· providing funding for venture capital activities, including $400 million to increase private sector investments in early-stage risk capital.
"In addition, investments in science and technology, and an aggressive trade agenda are supporting our manufacturers in their efforts to commercialize great ideas, and seek new markets," added the Minister of State. "For Canadian manufacturers to thrive, they will require ongoing breakthroughs, excellence in innovation, and new production technologies."
Manufacturers are major contributors to the Canadian economy, employing approximately 1.8 million Canadians in a wide range of industries, including food processing and packaging.
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