Canada’s long-term economic strategy must maximize productivity
November 3, 2022
(Toronto – November 3, 2022) – Today, Rocco Rossi, President and CEO of the Ontario Chamber of Commerce (OCC), released the following response to the Government of Canada’s 2022 Fall Economic Statement:
“It has never been more important to stimulate long-term business growth, investment and competitiveness in Canada,” said Rocco Rossi, President and CEO of the Ontario Chamber of Commerce. “While the past few years have merited short-term strategies to support Canadians during the pandemic, we are pleased to see the federal government signal a shift toward a long-term economic focus that is driven by investment attraction and productivity.
We welcome the federal government’s intentions to increase the number of immigrants entering Canada to address labor shortages; addressing bottlenecks along supply chains to ensure their long-term reliability; stimulate research and development to increase innovation and productivity; and increase investment and tax incentives around clean energy to provide sustainable resources for future generations.
For Budget 2023, we would like the federal government to:
- Increase the Ontario Economic Immigrant Allocation under the Ontario Immigrant Nominee Program, address the immigrant backlog and streamline foreign credential recognition for sectors experiencing labor shortages -pressing work.
- Invest in supply chain infrastructure to remove bottlenecks along the supply chain, especially at ports.
- Protecting Canada’s clean energy advantage by optimizing existing assets – like nuclear and hydro – as well as encouraging long-term investments in emerging technologies like carbon capture and zero vehicles emission.
- Modernize regulatory frameworks to enable growth in sectors like mining and cannabis.
- Prioritize working with provinces and territories to remove barriers to interprovincial labor mobility and trade.
- Increase Canada health transfer payments to address current and future pressures facing Canada’s universal health care system.
- Reform the federal tax system to attract foreign direct investment, stimulate domestic business growth and innovation.
“Ontario is home to some of Canada’s most competitive industries, including manufacturing, critical minerals and clean energy. Supporting high performing and emerging industries in Ontario through strategic investments and by removing barriers to growth will generate economic benefits for all Canadians,” added Rossi.
CCO’s recommendations to the federal government are developed through its 60,000 diverse members. Read CCO’s 2022 federal budget presentation.
About the Ontario Chamber of Commerce
For more than a century, the Ontario Chamber of Commerce (OCC) has been the independent, non-partisan and indispensable partner of Ontario businesses. The OCC’s mission is to support Ontario’s economic growth by championing business priorities at Queen’s Park on behalf of the 60,000 diverse members of its network.
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