Mr. Speaker, as many of us have noted today, the closure of the General Motors plant in Oshawa is devastating news. As a member of a community with a strong automotive sector, Fiat Chrysler in Brampton, and many suppliers, such as Magna, I can understand the devastation today's news has brought to those in Oshawa and others all around Canada.
I cannot reiterate enough that we stand behind all the affected workers and their families. We are taking every step possible to make sure that we continue to support Canada's automotive workers and protect Canadian jobs. There is no doubt that our automotive industry is vital to Canada's economy and that we will be working together with the province, the unions and all stakeholders involved to minimize any potential impacts from General Motors' global restructuring plan.
GM Canada is one of five automotive original equipment manufacturers operating in Canada and currently employs 8,100 workers, with approximately 2,500 at its Oshawa assembly facility. It has been an integral part of the Oshawa community for over 100 years, and I cannot imagine what the closure means to the community. As a government, we are committed to supporting Canada's automotive workers, who are vital to our national economy.
The automotive industry is one of Canada's largest manufacturing sectors and largest export industries, contributing over 130,900 direct jobs and $18 billion to Canada's GDP. Canada is home to an incredible automotive ecosystem. We have approximately 700 suppliers, 40 academic institutions and a world-class workforce that produces high-quality products. Our integrated supply chain with the United States means that an automotive part can cross the border up to six times before it ends up in a finished vehicle, a testament to the importance and strength of Canada's automotive environment.
Canada is also home to world-renowned experts who work in many of the technical areas that contribute to automotive innovation and are redefining the car of the future, including cybersecurity, battery or fuel cell technology, ICT, sensors, lightweight materials and alternative powertrains.
Since November 2015, our government has invested $389 million in the automotive industry, leveraging nearly $4.1 billion in investments in the sector and contributing to a total of $5.6 billion in automotive sector investments. The recently released fall economic statement is proposing to provide a further $800 million over five years to the strategic innovation fund to accelerate support for business innovation in Canada and to continue to support innovative investments in Canada's automotive sector.
The fall economic statement is also proposing to improve competitiveness in our automotive sector by allowing the full cost of machinery and equipment used in the manufacturing and processing of goods to be written off immediately for tax purposes and by introducing accelerated investment incentives to support investment by businesses of all sizes and across all sectors of the economy. It also introduces the export diversification strategy, which is aimed at increasing Canada's overseas exports by 50% by 2025.
Through a range of current and previous federal programs, the Government of Canada has worked to attract and support high-quality business investment, promote technology development, accelerate areas of economic growth and job creation and strengthen and expand the role of Canadian firms in regional and global supply chains.
We recognize that our highly skilled workforce is the driving force behind the success of our automotive industry and is on the front line of innovative and clean technologies. This is why the government's innovation and skills plan focuses on people, technologies and companies to help to position Canada as a leader in the global economy, with commitments to grow Canada's automotive footprint. The plan aims to equip Canadians with the skills necessary for the digital economy and to connect Canadian employers and research institutions with the world-leading talent that will accelerate innovation, help build Canada's future workforce and create opportunities for Canadians.
We are committed to assisting those who have directly been affected by today's decision and will deliver benefits to those employees who are entitled to them. We will continue to engage actively with affected workers to ensure that those workers and their families have the assistance they need. A suite of services and programs is currently available and can be quickly deployed to assist workers. These include income supports through employment insurance and counselling, job search assistance and training and skills development programs delivered by provinces and territories through labour market transfer agreements.
Today's news is devastating for all of Canada, but we remain committed to supporting the automotive industry.