Quebec investing $510 million in new aerospace strategy
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Quebec's premier Philippe Couillard expects the provincial cash to generate up to $2.8 billion in investment and intensify research and development.
In an effort to expand and diversify the province’s aerospace industry, Quebec will give $250 million in direct aid and another $260 million in the form of loans and other financing.
Announced by Quebec Premier Philippe Couillard on May 30, the investment is expected to generate up to $2.8 billion in investment.
The strategy has four prongs: support the existing aerospace industry, spur growth, encourage the small- and-medium-sized business that supply the industry, and intensify research and development.
Couillard said the government money will also help small- and medium-sized companies with foreign acquisitions.
Part of the government’s strategy is to try to entice another major player to invest in the province, Couillard said.
Quebec is currently home to four international aerospace firms: Bombardier, Bell Helicopter, Pratt & Whitney and CAE.
Quebec’s aerospace industry includes roughly 190 companies that employ about 40,000 people and have annual sales of $15.5 billion.
Aéro Montréal, Quebec’s aerospace cluster, was immediately supportive of the investment plan. “We are making a true leap forward today for the benefit of the entire Quebec aerospace chain,” said Suzanne M. Benoît, president of Aéro Montreal. “Supporting companies in transitioning to industry 4.0 and backing initiatives such as MACH FAB 4.0 or the greener aircraft catalyst project, training the workforce to meet future challenges and automation, attracting large companies, and consolidating our SMEs to make them Tier 1 and Tier 2 companies, are challenges that are at the heart of the new strategy.”