Foreign investment doubled in three years in Quebec

S’il est difficile de mesurer la contribution exacte du bras financier du gouvernement pour en arriver à ce fort effet d’attraction, le president-directeur général d’Investissement Québec, Guy LeBlanc, a soutenu en conférence de pressré, Montreal that The IQ’s performance in promoting Quebec City internationally has been outstanding And that his organization has aim straight.

A total of 121 projects were announced in 2021-2022. 85% of these investments come from subsidiaries of foreign companies already located in the province.

Last summer, for example, Denmark’s LM Wind Power, a subsidiary of General Electric, announced a $160 million expansion project for its Gaspé wind turbine blade plant. Of the 54 million in government aid, 29 million came from an interest-free loan that can be waived in part from IQ.

Since the fiscal year ended on March 31, hundreds of millions of investments in the battery industry in Becancourt (General Motors and POSCO Chemicals, as well as BASF) and for the creation of the Moderna plant in Greater Montreal have not been included. data disclosure. However, these amounts will make it possible to reach the target of $5.6 billion in foreign investment in 2022-2023.

The epidemic has hit. Despite the challenging months that followed, we adapted our practices, strengthened our teams, and added expertise in untapped markets and new high-potential markets. »

Quote from Guy LeBlanc, CEO, Investissement Québec

Investments by sector in 2021-2022

  • Information technology: $1.95 billion (42%)
  • Manufacturing: $749 million (16%)
  • Life sciences: $651 million (14%)
  • Ground and air transportation: $626 million (13%)
  • Agrifood: $250 million (5%)

Increase sales outside Quebec

After adopting the reform led by the Minister of Economy and Innovation, Pierre Fitzgibbon, 70 people from Export Québec joined Investissement Québec International. The business unit now has about 140 people out of a total of 1,090 employees.

More than 3,200 support has been registered for companies aiming to internationalize and market their products and services during the past fiscal year. Sales of $1.95 billion would have been to international buyers, nearly double compared to 2018-2019.

Crown considers other Canadian provinces as foreign countries in terms of exports, which currently account for 46% of Quebec’s GDP. milliards de dollars pour atteindre l’objectif de 50%, a expliqué le président de l’unité internationale, Hubert Bolduc. Avec la filière de la batterie, on devrait être capable d’atteindre ce chiffre.”,”text”:”Il faudrait augmenter nos exportations de 15 à 20milliards de dollars pour atteindre l’objectif de 50%, a expliqué le président de l’unité internationale, Hubert Bolduc. Avec la filière de la batterie, on devrait être capable d’atteindre ce chiffre.”}}”>The head of the international unit, Hubert Bolduc, explained that we would have to increase our exports by 15-20 billion dollars to reach the 50% target. With the battery industry, we should be able to get to that number.

What is the return on investment?

We could not know, in monetary terms, the return on investment from financial assistance or the support that IQ provided.

% des ventes fermes réalisées par les entreprises sont la suite logique d’un accompagnement financier, a néanmoins souligné M. Bolduc. En 2021, seulement 27% des ventes fermes sont tributaires d’un programme financier, donc 73% sont le fruit de l’accompagnement de nos gens.”,”text”:”Historiquement, environ 60% des ventes fermes réalisées par les entreprises sont la suite logique d’un accompagnement financier, a néanmoins souligné M. Bolduc. En 2021, seulement 27% des ventes fermes sont tributaires d’un programme financier, donc 73% sont le fruit de l’accompagnement de nos gens.”}}”>Historically, approximately 60% of corporate sales made by companies are the logical result of financial support, Mr. Bolduc emphasized. In 2021, only 27% of the company’s sales are based on a financial program, so 73% are the result of support from our employees.

Minister Fitzgibbon added that if there is a file Options menu Offered to companies (loans, loan guarantees, tax credits, capital), financial support is not always necessary. There are projects where we do nothing practical, He said. The company may simply be attracted to Quebec because of its lower electricity prices.

Average return “more than 9%”

In 2020-21, the IQ has generated an exceptional return of 25.1%, after a decline of 4.9% in the previous year.

CEO Jay LeBlanc says financial performance in 2021-22 will be known in June, but he already says the average return over the past three years will hold %”,”text”:”toujours à plus de 9%”}}”>always more than 9%.

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