Transform, substitute, diversify: the three pillars to counter American and European patriotism
The Fédération des chambres de commerce du Québec (FCCQ) has just released a study that could easily be taken up by chambers of commerce across the country. The study takes stock of the situation and sets out a dozen strategic considerations concerning the strengths and vulnerabilities of the manufacturing sector in the face of the challenges and opportunities posed by the proliferation of subsidies and protectionist measures, particularly in the United States, but also in Europe.
The report notes that if Quebec wants to avoid isolating and weakening its manufacturing sector in the face of the global resurgence of protectionism and subsidized industrial policies, new industrial and commercial approaches will have to be adopted, focusing on three strategic pillars: local processing (1st, 2nd, 3rd) of critical and strategic mineral and metal resources, the substitution of some of our imported manufacturing inputs (particularly from China), and the diversification of our export markets beyond the United States, particularly towards the European Union.
Access the PDF version of the study regarding “How to protect against protectionism? Strategic considerations for Quebec’s manufacturing sector.” (available in French only at this time).