By Teri Kirk
Manufacturers, particularly those in the auto sector, may receive higher levels of government support in the coming year, according to the Liberal Government’s Throne Speech, released on Sept 12.
Published once per year, the Throne Speech outlines the sitting government’s priorities for the upcoming legislative session. This year, the Speech seemed to indicate that the government intends to increase its support for Ontario manufacturers.
“The Jobs and Prosperity Fund has helped strengthen Ontario’s key sectors, including the automotive industry – which employs tens of thousands of highly skilled Ontario workers. And now, these workers have the opportunity to help invent the cars of the future – connected, autonomous cars and electric vehicles,” read the Throne Speech. “Your government will partner with manufacturers and automakers to attract new mandates and the next generation of advanced manufacturing and engineering talent.”
To date, the Jobs and Prosperity Fund has provided support to several companies in the auto sector, including: $85.7M to Honda; $70.9M to Ford; and $2M to Mitsui High-tec.
In an interview with QP Briefing, Economic Development Minister Brad Duguid said that including a reference to the auto sector in the Throne Speech is indicative of the Government’s intention to partner with the sector to attract increased levels of private sector investment.
In addition to increased support for manufacturers, the Throne Speech also touched on the Government’s intention to implement new measures to lower electricity costs for commercial and industrial ratepayers.
“When fully implemented, participating industrial customers will be able to find cost savings of up to 34%, depending on their ability to reduce peak electricity consumption,” read the Speech.
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Teri Kirk is Founder and CEO of Funding Portal. You can reach her by email at [email protected].