Ontario finance minister 'confident' automakers will stay despite GM's pullback
Ontario Finance Minister Vic Fedeli says the government will continue to work with automakers to encourage them to maintain and expand their business in the province in the wake of General Motors Co.’s announcement of plant closures in 2019, which could affect its Oshawa Ont. facility.
Fedeli told BNN Bloomberg Thursday that the government is examining additional incentives to attract and keep automakers in Ontario.
“We’ll continue to work hard with GM and all of the other automakers,” Fedeli said. “I know the premier has spoken with every other automaker in Ontario and is confident of their continuation and their ongoing success.”
When asked if U.S. President Donald Trump pushing for companies like GM to increase production in the U.S. is a threat to the province, Fedeli said the government will continue to give the U.S. administration “a run for their money.”
“We got something that we’ve just put in our fall economic statement, an almost $700-million investment in capital cost allowance,” Fedeli said. “It’s a massive program when you’ve got capex decisions to make – Ontario versus the U.S. We’ve now got that very, very large advantage.”
In addition to the Ford government’s move to lower corporate taxes, Fedeli said the province’s measures to cut red tape is the biggest incentive for companies.
“We’ll be cutting almost 100,000 pieces of red tape out through legislation by 2020,” he said.