Speech Article from
Archived - Investing in Business Growth and Productivity Initiative Funding Announcement for Contract Pharmaceuticals Limited Canada
Member of Parliament for Mississauga-Streetsville
May 29, 2015
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Good afternoon ladies and gentlemen, friends and guests.
As a Member of Parliament for Mississauga-Streetsville, I am pleased to see how our Government's dedicated efforts are helping nurture business growth and prosperity for this region of Ontario.
Under the Economic Action Plan 2015, our Government will continue to implement initiatives and strategies to reduce taxes, support businesses and manufacturers and create exciting new job opportunities for this region, and across Canada.
For example, we are cutting taxes even further for small business owners, with a plan to reduce the small business tax rate to nine percent by 2019. This will be the largest tax cut for small businesses in more than 25 years.
We will continue to support small businesses and entrepreneurs, by giving them access to online platforms as well as networking and mentorship opportunities, through programs such as the Action Plan for Women Entrepreneurs and Futurpreneur Canada.
We are providing $1.5 billion in funding for long-term support for advanced research and development activities.
Economic Action Plan 2015 has also introduced important measures for the manufacturing sector, such as an accelerated capital cost allowance for machinery and equipment used in manufacturing and processing.
This new, 10-year tax incentive will result in a deferral that is expected to reduce federal taxes for manufacturers by $1.1 billion.
We are working to give Canadians the right tools and resources to succeed in today's economy. We are providing the necessary targeted investments to retain, attract and grow Canadian businesses.
A crucial part of this growth is supporting innovative and adaptable companies that have the capacity to produce high-quality products and extend their reach into new markets.
This is important for our region, given that there are more than 32,000 manufacturing establishments in southern Ontario, which contribute significantly to local economies.
Our Government understands the value of supporting this industry, and especially the ever-growing life science sector.
Here is this region, we have a solid manufacturing sector. We are especially strong in the automotive, aerospace and life science sectors. In fact, Mississauga is recognized as having the third largest life science cluster in Canada.
Contract Pharmaceuticals Limited Canada is a fine example of a company that is embracing the need to strengthen its manufacturing and service capabilities.
Our Government recognizes the need to support companies like Contract Pharmaceuticals Limited Canada so that they can continue to make advancements to their products and services, which will ultimately make their business grow and prosper in a competitive, global market.
With this in mind, I'm pleased to be here to deliver some great news.
To support innovation and the expansion of the pharmaceutical manufacturing sector, our Government, through FedDev Ontario, is providing Contract Pharmaceuticals Limited Canada with up to $8.9 million.
This funding will allow the company to introduce new technologies and develop a more automated platform, which will support product growth and market diversification. The company will also be leveraging an additional $26.9 million towards this project.
Through this project, Contract Pharmaceuticals Limited Canada will be able to develop and manufacture its products at a greater volume and efficiency, which will help them stay competitive and meet the demands of a growing market. This is good news for our region, as it will contribute to growth in the life science sector in the Greater Toronto Area.
I'm sure the community will be also be pleased to know that with this project, Contract Pharmaceuticals Limited Canada anticipates creating up to 155 skilled jobs here in Mississauga during the project, and an additional 20 jobs within two years of the project end date.
Our Government, and our Prime Minister believe that it is support like this that can help our businesses grow and remain sustainable over the long-term.
I want to extend my sincere thanks and congratulations to Contract Pharmaceuticals Limited Canada. I wish all of those involved every success.
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