Mark McQueen says economic growth in Ontario won’t come from the auto sector

Ontario’s Liberal government needs to pay more attention to the innovation sector and less to an economy focused on things that worked in the past, says one expert.

Mark McQueen, President & CEO of Wellington Financial, was on BNN’s “The Street” today to talk about the forthcoming Ontario budget.

McQueen says the news that Toyota will move the production of Corolla from Cambridge, Ontario to Mexico demonstrates the government’s misplaced priorities.

“The Liberal government of Ontario would put $200-million into an engine plant in Ontario to save 93 jobs and then the innovation economy in Ontario gets a $50-million investment over a five year period,” said McQueen, adding: “we really need to be smart about where these investments are going.”

Ontario Finance Minister Charles Sousa will deliver his budget on April 23. The province is projecting a $10.9-billion deficit.

Toyota says it will move the production of the Corolla from Cambridge to Guanajuato, Mexico, where it is investing a billion dollars in a plant. The Toyota plant opened in Cambridge in 1988 and has undergone two expansions. The Corolla is currently the best selling car in the United States.

Mark McQueen said the timing of the news is poignant.

“Hopefully they will recognize that autos are not the future, sadly, for many workers in Ontario,” he said.

Click here for the full interview

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