Budget 2024

Tax and spend fiscal plan will inhibit growth

Statement by Goldy Hyder, President and CEO of the Business Council of Canada

Canada’s business leaders welcome the release of the country’s first critical minerals strategy. We were pleased to see government recognize that critical minerals are crucial to the future of Canada’s economy, from power generation to advanced manufacturing, electric vehicles, clean technologies, mobile communications, and agriculture. We also applaud government for acknowledging the need for new mechanisms to expedite and facilitate strategic critical mineral projects from investment and funding opportunities, through regulatory approvals and development, to production.  

What concerns us is the lack of clarity in terms of defining what those mechanisms will be or when they will be put in place and yield results. Other countries, including some that do not share our values and commitment to the energy transition, are moving far more quickly and have already secured significant positions in international supply chains. Canada can play a major role as a leading and responsible producer of critical minerals for the green and digital economy, but only if we act with greater urgency. Global decisions about investments and incentives are being made today.