Mr. Speaker, on October 1, I had the opportunity to kick off the fall season with an announcement from our government for shipbuilding in Canada. The Minister of Finance and I announced tariff relief for new ships.
The new duty remission will lower costs for the industry by waiving the 25% tariff on imports of all general cargo vessels and tankers. Shipowners will be able to reinvest $25 million per year over the next decade. This will help the shipping industry save money, become more competitive and reduce its environmental footprint.
In St. Catharines, this announcement benefits Algoma Central Corporation directly, as it employs 300 people. Algoma Central Corporation is ready, and it is prepared to meet the needs of its industry, expand our economy and take the lead in the shipping industry when it comes to our environment.
The new duty remission framework will ensure a stronger Canadian economy and a brighter future for the marine transportation service sector. With a global competitive advantage, we can ensure Canada's recovery will mean success in the long term.