MONTREAL, QUEBEC -- (Marketwired) -- 05/29/13 -- At a time when Quebec manufacturers are showing greater resilience and facing changes with better-than-expected flexibility, the industry is standing at a crossroads. With the return of manufacturing investment to North America as part of the reindustrialization of America and with the development of the Government of Quebec's brand new industrial policy, there are promising opportunities for the future competitiveness and sustainability of Quebec's manufacturing sector.
After the success of its first manufacturing roadshow, in which Deloitte presented an industry profile and proposed thirty-some solutions to re-energize the sector, Deloitte now wants to shed new light on the most recent opportunities: How to benefit from the reindustrialization of North America? What will be the opportunities for Quebec? How can the government's industrial policy be a game-changer?
"This manufacturing roadshow will focus on development opportunities in Quebec's manufacturing sector and showcase the province's industrial leaders that are major international players," said Louis J. Duhamel, Consulting partner and Deloitte's Corporate Strategy Leader in Quebec. "Quebec is about to become the first jurisdiction in North America to adopt an industrial policy, and it is crucial for Quebec manufacturers to mobilize and move quickly to revive this vital sector of the province's economy."
The reindustrialization of North America holds promise for Quebec
The future of Quebec's manufacturing industry hinges on a number of issues: in recent years, manufacturers have faced major challenges with regards to access to capital, markets and talent. Moreover, the rising value of the Canadian dollar is a significant hurdle for exporters. However, rising Chinese wages and transportation costs, among other factors, have compelled companies to relocate some of their plants to the United States and Canada.
Major U.S. corporations have recently reshored certain production capacities, leading to the net creation of hundreds of thousands of jobs since 2010 in the U.S. manufacturing sector. Those corporations will require a strong network of suppliers, which is where Quebec manufacturers could be called on to contribute.
Quebec manufacturers should participate in the development of the new industrial policy
The current Quebec government has announced a new industrial policy for the province, which could provide the support needed to relaunch its manufacturing sector. With a number of focus areas, including productivity, innovation, market diversification, enterprise growth, labour shortage, environmental debt, as well as the need to raise private investment levels, the industrial policy might become one of the most important development opportunities for the province since the North American Free Trade Agreement.
Manufacturing is essential to the economy through its indirect impact on the entire value chain. For every ten jobs created in the manufacturing sector, six others are generated in other sectors. According to Deloitte, manufacturing creates more wealth than any other economic sector. That is why Deloitte is inviting all stakeholders to participate in its Quebec-wide roadshow on the future of the manufacturing sector. After all, we are all manufacturers.
You can consult the calendar of events at:http://www.deloitte.com/view/en_CA/ca/industries/manufacturing/d9aa73eb0afa2310VgnVCM2000001b56f00aRCRD.htm?lgtog=lgtog
To obtain the entire study (French only), please contact Charles-Etienne Daoust.
Deloitte, one of Canada's leading professional services firms, provides audit, tax, consulting, and financial advisory services. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte operates in Quebec as Deloitte s.e.n.c.r.l., a Quebec limited liability partnership.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Hill+Knowlton Strategies Canada
514-395-0375 ext. 234
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