Foreign investment on the rise

Hershey in Granby, O-I in Montreal, Moderna in Laval, Creaform in Lévis are the main foreign direct investments that were announced in 2022 and that contributed to Investissement Québec’s record record in this area.

From April 1, 2022 to March 31, 2023, 125 projects materialized for total investments of 6 billion. This result compares to foreign investments of $2.3 billion in 2018-2019, before the creation of its Investissement Québec International (IQI) division. These figures were revealed by IQI at a press conference on Friday morning.

The majority of investments come from subsidiaries of foreign companies already established in Québec.

“I am proud to report absolutely fantastic results in foreign investment attraction and export support. We have more than tripled our results over the past four years,” said Guy LeBlanc, President and CEO of Investissement Québec, during a brief speech during the press conference.

In detail, the chocolate manufacturer Hershey is expanding its Granby factory at a cost of 30 million. Subsidiary of the American Ametek, Creaform, active in portable 3D solutions and engineering services, has a target of investing 80 million. Moderna is building a vaccine factory in Laval and O-I has purchased equipment for 70 million in order to modernize its production of glass containers.

IQI also has the mandate to stimulate exports. According to the organization, its 4,000 business accompaniments generated 3.1 billion in sales outside Quebec, more than three times the result obtained in 2018-2019.

Approximately 60% of exports were made to the United States, 31% to other countries and 10% to the rest of Canada.

“With great successes in Mexico, especially in the automotive field. We will be leading a new mission in two weeks, still in the automotive sector, and we hope that success will also be there,” said Hubert Bolduc, President of Investissement Québec International.

In order to diversify the markets of Quebec exporters, IQI launched a territorial strategy devoted to Africa and increased its workforce in Asia, Korea, Japan and Singapore, in particular to promote Quebec’s interest in the regard to the battery sector.

Mr. LeBlanc explained the success of his organization by the synergies resulting from its dual mandate, which consists, on the one hand, of attracting foreign dollars and, on the other hand, of stimulating the exports of Quebec companies abroad. , which gives a bidirectionality to IQI’s actions.

“I was in South Korea in March with Quebec companies and the export team, and also with investment attraction people,” LeBlanc said. We met Korean companies. To see that we had an ecosystem of Quebec companies that could eventually, if they came to Quebec, become their partners in the battery industry, it helps both to attract investment and our companies to export. We had several meetings and the results of these meetings will be announced shortly. »