This statement is attributable to Deborah Yedlin, President & CEO at the Calgary Chamber of Commerce
“The Calgary Chamber of Commerce welcomes the targeted investments in labour force development and capital attraction outlined in the federal government’s Spring Economic Update. We are pleased to see the $6 billion commitment to recruit, train and hire up to 100,000 workers, as skilled trades will play a fundamental role in building the housing, community infrastructure and major projects needed to provide opportunities for businesses while increasing competitiveness and boosting productivity. Moreover, the whole-of-government competition plan has the potential to return significant benefits across sectors of the economy by removing or reducing inefficient or duplicative government policies.
“We also applaud the creation of the Canada Strong Fund, which sends a strong signal to global investors that Canada is serious about attracting $1 trillion in investment and is prepared to deploy capital to help achieve that goal. To strengthen the Fund’s effectiveness, we are looking for the government to clearly define its mandate and the establishment of a governance structure that ensures independence from political influence.
“We encourage the federal government to complement these measures by reducing regulatory barriers and project approval timelines. Without further action, capital will not flow into Canada at the scale required, nor will investment be deployed at the pace needed to build the country. We also encourage greater emphasis on small-and-medium sized enterprises, as these businesses are facing increased costs and fluctuating consumer demand amid global uncertainty. While we are pleased with the reduction in CPP payments, we urge the government to address the capital gains tax treatment for small businesses that encourage companies to scale or recycle capital into new ventures.
“Lastly, we recognize the $11.5 billion reduction in this year’s fiscal deficit – and are pleased to see the government’s acknowledgement of the role played by higher oil prices in narrowing the deficit. However, we remain concerned about the broader fiscal outlook and lack of clear path to balance in the years ahead. We are committed to working with the government to advance economic growth through labour, investment and regulatory change, while maintaining the fiscal responsibility needed to build a strong economy.”
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About the Calgary Chamber of Commerce
The Calgary Chamber exists to empower our business community to advance a prosperous Calgary and Canada. As the convenor and catalyst for a vibrant, inclusive and prosperous business community, the Chamber works to build strength and resilience among its members and position Calgary as a magnet for talent, diversification and opportunity. As an independent, non-profit, non-partisan organization founded in 1891, we build on our history to serve and advocate for businesses of all sizes, in all sectors across the city.
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