Thank you, Mr. Chair. It is always a pleasure to meet with the committee members.
Thank you very much.
I'm joined today by Lorraine Royer from Williams Energy and Ken Faulkner from NOVA Chemicals, two of our members who have spent the last day and a half with a contingent of members in meeting about 150 MPs on the Hill to talk about manufacturing, the importance of manufacturing, and a number of challenges and opportunities facing the sector.
I'd like to focus on one specific set of issues. I've distributed copies of our latest membership survey, as well as some of the recommendations we've made in our pre-budget submission. I'd like to focus on two challenges or opportunities.
One is investment in some of the technologies that are radically changing the business of manufacturing, from 3-D printing to the Internet of Things, new materials, and mechatronics. We're facing right now a time when manufacturers need to make these investments simply to be competitive with the rest of the world. The second is the ongoing competition for investment, and the need to make a good business case for investment in new product and to retain product mandates here in Canada.
The one policy measure that I would like to speak to is the accelerated depreciation for investment in machinery and equipment. This has been an exceptionally important measure for manufacturers. It has given them an upfront cashflow of about 10.4% on every dollar of investment. As a result of this, we are now seeing record levels of investment in machinery and equipment in Canadian manufacturing. It's a very, very successful tax measure, not only to incent investment but also to attract the investment that we need to grow this very important sector.
I'd like to ask Lorraine Royer to say a few words. She's much more literate than I am on this issue, and she can speak to how important it is in her own business.