According to the latest Canadian Manufacturing Outlook from KPMG (
home.kpmg.com), the country’s manufacturing sector has “the skills, confidence and tools for growth”, but there is concern around economic risks and the volatility of foreign-exchange rates.
There is also a strong need for increased innovation and collaboration, plus a greater appetite for opportunities beyond the USA in order to stay competitive globally. A spokesman said: “While it is clear that Canadian manufacturers are targeting growth, they will need to increase the pace in R&D, innovation and speed to market in order to compete globally.”
The report says: “Nearly half of Canadian manufacturers see economic growth, currency fluctuations and pricing pressures as the top external factors that will impact their growth over the next three years.
"Although they are forecasting moderate growth for their companies and industries, their confidence in the Canadian and global economy is lacking. These attitudes are the cause of Canadians’ relatively low levels of investment in innovation, R&D and new market strategies, putting them at a disadvantage when it comes to competing against other countries.”
Bob Jolicoeur, head of industrial markets at KPMG, said: “Canada is known for its risk-adverse nature and its preference for staying close to home. Now, however, to be apprehensive about new markets, investing in R&D and
embracing supply-chain efficiencies is to leave markets and sectors open for the taking.
“The results of our Canadian Manufacturing Outlook survey show the need to push forward, move beyond traditions, and keep pace with the world.”