By facilitating innovation, government is laying groundwork for future success of the automotive parts industry in Canada.
Mike Lake, parliamentary secretary to the Minister of Industry and Member of Parliament for Edmonton-Mill Woods-Beaumont, delivered that message at the Automotive Parts Manufacturers’ Association Annual Conference and Exhibition.
“The parts manufacturing sector plays a significant role in the Canadian economy and is integral to the overall automotive industry,” said Lake. “By making it easier for companies to innovate, our government is creating the right conditions for them to seize new opportunities in existing and emerging markets and to remain globally competitive.”
Parliamentary Secretary Lake spoke about the significant rebound in vehicle sales since the North American automotive crisis in 2008-09, which is good news for both Canadian parts manufacturers and related manufacturing industries such as steel, rubber and plastics.
He also outlined the Harper Government’s current fiscal policy, as set out in Economic Action Plan 2012, and highlighted its priorities concerning innovation.
“The auto industry’s shift toward more fuel-efficient and green technologies is driving the need to innovate, which will require investments in research and in capital equipment,” said Lake. “This is why Economic Action Plan 2012 focuses resources on private sector needs, improving support for high-growth companies, applied research, procurement opportunities and risk financing.”
The automotive parts manufacturing industry generated almost $9 billion in value-added GDP in 2011, and the more than 1,000 parts companies in Canada employ over 61,000 Canadians.