Investment in research and development and upskilling initiatives are just some strategies through which Canadian manufacturers can bolster resilience, productivity, and global competitiveness, according to the 2024 Future of Manufacturing report.
In particular, the report outlined six strategies:
- Investing in R&D to address productivity gaps and sustain international competitiveness
- Developing education partnerships and upskilling initiatives to handle skills shortages
- Leveraging artificial intelligence, the Internet of Things, and 5G to bolster efficiency and streamline operations
- Boosting local supply chains to minimize reliance on global markets and limit disruptions
- Streamlining regulations to support the implementation of advanced technologies and facilitate business growth
- Adopting safeguards for data and operations to mitigate cyber threats
The report, jointly published by the Vaughan Chamber of Commerce and the Regional Municipality of York's Economic Strategy Division, outlines strategies to help Canadian manufacturers overcome challenges. It was released after the 2024 Future of Manufacturing Summit on October 16.
The summit brought together industry leaders to tackle declining productivity, an aging workforce, and investment gaps. It also investigated automation, digitization, and workforce development opportunities.
“Canadian manufacturers are facing a period of significant transformation. The summit provided an invaluable platform for sharing best practices and identifying areas for strategic investment,” said Abdus. Samad, vice president of government affairs and strategic initiatives at the Vaughan Chamber of Commerce, in a statement.
Jonathan Wheatle, director of economic strategy at the Regional Municipality of York, explained that the report was aligned with the organization’s mandate to support manufacturers in the region.
“York Region is home to Ontario's third largest manufacturing industry cluster, and fifth largest in Canada, with over 2,600 local manufacturers and estimated 85,000 jobs in a range of key sectors,” he said. “We are pleased to partner with the Vaughan Chamber of Commerce to produce the Future of Manufacturing Summit output report as part of our mandate to support manufacturers across York Region in collaboration with local municipalities, industry associations and other economic development partners.”
The Vaughan Chamber of Commerce represents over 1,000 manufacturing, transportation, healthcare, and professional services businesses.
See the full report here.