$500 million investments in Quebec’s innovative manufacturing sector
- May 03
- Posted by: AerospaceU
- Category: Investments,
The Ministry of the Economy, Science and Innovation announced the allocation of $500 million over three years from the funds of Investissement Québec (IQ) and the Economic Development Fund to support the innovative manufacturing sector across the province. This announcement was made recently by Dominique Anglade, Minister of Economy, Science and Innovation and Minister Responsible for the Digital Strategy.
“Building on the innovative manufacturing sector with a concerted approach of the leading organizations dedicated to the economic development of Quebec is providing our businesses the tools and a more effective development levers to increase the success of their efforts,” concluded the minister.
The Québec aerospace industry is ranked sixth in the world in terms of jobs, and encompasses nearly 200 companies, including fifteen prime contractors and first-tier suppliers, and some 177 subcontractors or manufacturers.
Quebec aerospace industry in numbers
- In 2015 the Quebec aerospace industry amassed sales of $ 15.5 billion and an average annual growth of 6.6% (period 1990-2015).
- Approximately 50% of total sales in Canada.
- Over 70% of Canadian R & D in aerospace is conducted in the Montreal area.