The Honourable Christian Paradis, Minister of Industry, attended the 2013 North American International Auto Show in Detroit on Tuesday to promote Canada as a world-leading destination for automotive investment.
"Thanks to actions taken by our government, Canada is a premier place to do business and a great place to build cars," said Minister Paradis. "Given our low tax rate, solid fiscal framework, investments in R&D and highly skilled workforce, I look forward to further investments in Canada."
Canada's automotive industry is a key economic driver. It plays a significant role in the economy, contributing 12% of manufacturing GDP and 11% of total merchandise exports. The industry employs approximately 111,000 Canadians directly and another 338,000 indirectly. Five major manufacturers currently assemble vehicles in Canada: General Motors Company, Chrysler Group LLC, Ford Motor Company, Toyota Motor Corporation, and Honda Motor Company.
"Jobs, growth and economic prosperity continue to be our government's top priorities. We are serious about auto manufacturing in Canada, and the recently announced Automotive Innovation Fund underscores that commitment in a big way," added Minister Paradis. "We are ensuring Canada continues to be a centre of automotive innovation, a place where the 'car of the future' is built."
Earlier this month, Prime Minister Harper announced the renewal of the Automotive Innovation Fund (AIF), a five-year, $250-million investment that was first introduced in Budget 2008. AIF investments support leading-edge, innovative projects in automotive manufacturing and R&D to develop advanced and greener products and processes. To date, this highly successful program has leveraged up to $1.6 billion in investments in Canada's auto sector.