that although the sector was undoubtedly wounded by the global health crisis, it was not the only reason businesses are having trouble bouncing back. Over the recent years, manufacturing output in the North American nation have grown at a much slower pace in comparison to other developed nations, and this is largely on account of a steady decline in manufacturing investments and “the lack of a comprehensive industrial strategy at the federal level”.
“As we now emerge from the pandemic and we look to chart our path forward for decades to come, we must ask ourselves what type of country and economy we want to build,” the CME noted.
Accordingly, the trade association called for the implementation of a national strategy that would restore Canada’s manufacturing sector’s leading position. “CME’s goal in the upcoming federal election is to have all parties adopt a pro-jobs and pro-growth manufacturing strategy as part of their election platforms that will drive a manufacturing renaissance in Canada,” the statement read.
The group pointed out that if over $2.5 trillion invested in the OECD’s manufacturing sector, Canada’s goal should be capture more of this share, at least 2 per cent, or $50 billion, from the annual manufacturing investment directed towards the intergovernmental organisation each year.
In order to achieve this goal, CME highlighted the need for a comprehensive strategy that is focused on four pillars, workforce, investment in innovation, exports and a net-zero policy. With less than a month away from the Canadian federal election, the association said: “[…] Canadian manufacturing is ready for its next challenge and ready to lead again. However, we need a partner in the federal government.”
