Canada's Long-Term Economic Strategy Must Maximize Productivity

(Toronto – November 3, 2022) – Today, Rocco Rossi, President and CEO, Ontario Chamber of Commerce (OCC), released the following response in reaction to the Government of Canada’s 2022 Fall Economic Statement:

“It has never been more important to drive long-term business growth, investment, and competitiveness in Canada,” said Rocco Rossi, President and CEO, Ontario Chamber of Commerce. “While the last few years merited short-term strategies to support Canadians through the pandemic, we are pleased to see the federal government signal a shift to 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 support labour shortages; tackle bottlenecks along supply chains to ensure their reliability over the long term; boost research and development to increase innovation and productivity; and increase investments and tax incentives around clean energy to provide sustainable resources for future generations.

For Budget 2023, we would like to see the federal government:

• Increase Ontario’s allocation of economic immigrants under the Ontario Immigrant Nominee Program, address the backlog of immigrants, and streamline recognition of foreign credentialing for sectors with pressing labour shortages.
• Invest in supply chain infrastructure to address bottlenecks along the supply chain, especially at ports.
• Protect Canada’s clean energy advantage by optimizing existing assets – such as nuclear and hydroelectricity – as well as incentivizing long-term investments in emerging technologies such as carbon capture and zero-emission vehicles.
• Modernize regulatory frameworks to enable growth in industries like mining and cannabis.
• Prioritize working with provinces and territories to remove barriers to interprovincial labour mobility and trade.
• Increase Canada Health Transfer Payments to meet the current and future pressures facing Canada’s universal health care system.
• Reform the federal tax system to attract foreign direct investment, drive 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 for growth will yield economic benefits for all Canadians,” added Rossi.

OCC’s recommendations to the federal government are developed through its diverse 60,000 members.  Read OCC’s 2022 federal budget submission.