Investment by automotive assemblers up 28%, but none comes to Canada

Investment by automotive assemblers announced last year was mostly directed to China and the United States, according to the Automotive Parts Manufacturers’ Assocation. APMA is Canada’s association representing automotive suppliers. It tracks announcements of investment by major automotive assemblers.<br>
“Canada has historically ranked well when comparing locations by country for investment dollars, however in 2003, Canada recorded no new investment announcements, while other jurisdictions did, led by China ($12.7 billion), United States ($3.6 billion) and Spain ($2.1 billion),” states an APMA press release.<br>
APMA president Gerry Fedchun remarks, “the survey results confirm a long-term downward trend for investment in Canada. Investment in China and the United States continues unabated and will have an affect on Canadian manufacturers.”<br>
In the last six months of 2003, total worldwide investments by major automotive assemblers equalled $14.7 billion, up 28.5% from the same period in 2002. According to APMA, the increase reflects “expectations of significant growth in Southeast Asia and Eastern Europe, a continuing strong market in North America, ongoing efforts to develop more flexible manufacturing facilities, and replacement of old and inefficient assembly plants.”<br>