Statement from the Canadian Chamber of Commerce ahead of the Fall Economic Statement

Our economic landscape is shifting, while our attractiveness and our competitiveness as a destination for capital is slipping. That’s bad news for Canadian business and all Canadians. In an era when Canada is struggling to maintain our position in the global competition for investment, we can’t miss out on the unprecedented opportunities for growth, renewal, and innovation that are staring us in the face.

We need to nurture growth driven by the private sector, and the government needs to recognize that a pro-business vision, and the associated policies that make this vision a reality, are pivotal to our future. We can leverage the power of Canadian business, and we know that Canadians want us to do so. And it doesn’t need to be expensive – regulatory reform and the removal of internal barriers are the low-hanging fruit that will generate wealth and spur investment.

By enabling growth and investment by the private sector, we’ll see sustainable development of our energy and natural resources. Collaboration between policymakers and the business community can equip us to focus on the necessary trade infrastructure projects and avoidable taxation pitfalls that are holding us back. While a pragmatic, concerted effort to bolster Canadian innovation can ensure we remain global leaders in Artificial Intelligence (AI), cybersecurity, and digital health. 

However, we have reached a critical point where companies and government must invest jointly in major decarbonization projects to meet our net-zero goals, or we risk chasing away investment capital in a way that could undermine our domestic economy for the foreseeable future. 

Bold commitments to carbon capture and storage projects, carbon contracts for difference, and long-term major infrastructure projects will allow us to decarbonize our energy sector. But business cannot do this without clear programs, incentives and direct partnerships between government and industry. We’re seeing nations around the globe understand this – and act in the interest of their economies and people. Our failure to do the same will have profound consequences for the Canadian economy and all Canadians.

Matthew Holmes, Senior Vice President of Policy and Government Relations, Canadian Chamber of Commerce

About the Canadian Chamber of Commerce — The Future of Business Success

The Canadian Chamber of Commerce is Canada’s largest and most activated business network — representing over 400 chambers of commerce and boards of trade and more than 200,000 business of all sizes, from all sectors of the economy and from every part of the country — to create the conditions for our collective success. The Canadian Chamber of Commerce is the undisputed champion and catalyst for the future of business success. From working with government on economy-friendly policy to providing services that inform commerce and enable trade, we give each of our members more of what they need to succeed: insight into markets, competitors and trends, influence over the decisions and policies that drive business success and impact on business and economic performance.

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Contact
Karl Oczkowski
Senior Director, Corporate Communications & Public Relations
Canadian Chamber of Commerce
koczkowski@chamber.ca