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Tax assistance for sectors of
excellence: the Government
of Québec introduces a very
attractive new targeted program
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The Canadian dollar’s parity with its U.S. counterpart makes incentive programs more relevant and necessary than ever. The KPMG Competitive Alternatives study (2008) published recently indicates that the combination of R&D tax credits offered by the Governments of Québec and Canada is the reason why Greater Montréal has succeeded in maintaining a significant cost advantage compared to the average of U.S. cities in the R&D sectors.
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Investments in high
technology sectors
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On May 1st, 2008, Morgan Stanley, the second leading U.S. investment bank, announced its intention to establish a new software development centre in Montréal. The cost of the operation will be $200 M and will lead to the creation of 300 new jobs within 5 years, and the transfer of 200 jobs from Compuware, a subcontractor of the company.
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Investments in other
strategic sectors
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On April 17, 2008, the new President and Chief Executive Officer of the Montréal Port Authority (MPA), Patrice M. Pelletier, unveiled the MPA’s Vision 2020 strategic plan, including four development phases intended to optimize and develop new infrastructures in the Port of Montréal by 2020. Vision 2020 is a $2.5 B project, which should generate economic spinoffs of $3.4 B a year for Greater Montréal and the creation of 41,400 jobs.
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Historic agreement between
the City of Montréal
and
the Government of Québec |
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On June 12, 2008, the City of Montréal and the Government of Québec entered into a historic agreement, awarding Montréal the status of Québec’s Metropolis. The City thus will benefit from fiscal and administrative autonomy, like Toronto, as well as new revenue sources.
Continued >>>
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Report of the
Competition Policy
Review Panel: opening up
to foreign investment
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On June 26, 2008, the Competition Policy Review Panel, chaired by L.R. Wilson, submitted its report, entitled Compete to Win, to the Government of Canada. The Review Panel was formed in July 2007, with the mandate to evaluate Canada’s competition and foreign investment policies.
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Integration of international students
into the Canadian job market:
modification of open
work permits
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Since April 21st, 2008, international students who graduate from an eligible program (minimum two years) offered by a recognized Canadian post-secondary institution may apply for a three-year open work permit, under the Post-Graduation Work Permit Program.
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Institute of Cultural Affairs
International moves to Montréal
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On June 25, 2008, in collaboration with Montréal International (MI), the Institute of Cultural Affairs International (ICAI) officially inaugurated its Secretariat, located in the heart of downtown Montréal. The international organization, previously based in Brussels (Belgium), brings together a network of 31 national organizations dedicated to promoting the role of culture in human development.
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Montréal will host the 18th
World Congress on Information
Technology in 2012 |
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On May 20, 2008, the Palais des congrès de Montréal, the Information Technology Association of Canada (ITAC), Montréal International (MI) and Tourisme Montréal announced that the World Information Technology and Services Alliance (WITSA) will hold the 18th World Congress on Information Technology (WCIT) in Montréal in 2012. Being awarded this convention is significant for Montréal’s information and communications technology industry, as the event will draw 2,500 delegates, including the world’s top executives in the ICT sector, a key component of Montréal’s economy.
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Montréal International’s
2007 results:
$670 M in foreign investment
and three new
international organizations
for Greater Montréal
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Through its promotion and prospecting activities, Montréal International (MI) in 2007 helped to:
- Attract $670 M in foreign investments, mainly in the high-tech sectors. It is important to note that nearly half of the foreign investments attracted by MI in 2007 correspond to new set-ups
- Attract three new international organizations to Greater Montréal: the Finance Alliance for Sustainable Trade (FAST), the International Federation of Interior Architects/Interior Designers (IFI) and the Global Campaign on Climate. MI’s 2007 achievements also include the maintenance of the presence of the World Anti-Doping Agency (WADA) in Greater Montréal for ten more years after 2011, up to 2021. We should mention that in addition to these projects recorded in MI’s official results, the region welcomed two additional international organizations in 2007: the Public Population Project in Genomics (P3G) and the International Forum of Public Universities (IFPU)
- Process 724 files of foreign workers and their families, which represent more than 1,100 persons assisted.
These results were announced at the 12th Annual General Meeting of MI on April 24, 2008, attended by over 150 representatives of members and partners.
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Attractiveness Indicators 2008:
Greater Montréal among
the most attractive
high-knowledge areas |
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On June 16, 2008, Montréal International released the 3rd edition of its publication, Attractiveness Indicators, which highlights Greater Montréal’s advantages. Based on the main location factors considered by foreign investors, the study confirms the Montréal metropolitan area’s power of attraction compared to its North American rivals. In 2007, nearly half of Greater Montréal's private investments came from foreign firms.
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Quality of life:
Greater Montréal
still
in the top rankings |
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The results of the most recent annual quality of life survey by Mercer Human Resource Consulting, published on June 10, 2008, reveal that Greater Montréal again this year ranks in the Top 5 of North American cities. Among northeastern cities, Montréal maintains its number one ranking.
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Other news of interest
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On June 2, 2008, the Ontario and Québec government cabinets met in Québec City to discuss common issues and sign certain agreements with the aim of consolidating the regional economic space formed by the two provinces. As a result of this collaboration, Ontario and Québec want to attract more businesses, workers and investments from around the world.
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| ECONOMIC INDICATORS
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Employment (M)
April 2008: 1.89
May 2008: 1.90
June 2008: 1.89
Unemployment rate
April 2008: 7.7%
May 2008: 7.6%
June 2008: 7.4%
GDP ($ 2002)
Q4 2007: $123.8 B
Q1 2008: $124.7 B
Exchange rate $ US
April 2008: 0.9863
May 2008: 1.0006
June 2008: 0.9835
Exchange rate €
April 2008: 0.6260
May 2008: 0.6428
June 2008: 0.6321
Prime rate
Canada: 3.00%
United States: 2.00%
Real estate
Industrial sector (Q1 2008)
Centre West “Midtown” Montréal
Vacancy rate: 5.23%
Average rental price: $5.34 Sq. Ft.
Laval and North Shore
Vacancy rate: 7.88%
Average rental price: $5.86 Sq. Ft.
South Shore
Vacancy rate: 5.04%
Average rental price: $5.31 Sq. Ft.
Office space sector (Q1 2008)
Downtown Montréal
Vacancy rate: 6.9%
Average rental price: $12.97 Sq. Ft.
Laval
Vacancy rate: 7.2%
Average rental price: $11.36 Sq. Ft.
South Shore
Vacancy rate: 5.1%
Average rental price: $11.81 Sq. Ft.
Venture capital
Total amount invested
Q4 2007: $126.3 M
Q1 2008: $69.0 M
Life sciences
Q4 2007: $65.3 M
Q1 2008: $10.0 M
ICT
Q4 2007: $28.1 M
Q1 2008: $41.6 M
Total amount invested by metropolitan area, Q1 2008
Montréal: $69.0 M
Toronto: $60.4 M
Ottawa: $42.5 M
Calgary: $36.8 M
Vancouver: $36.5 M
Canada: $322.6 M
Amount invested in life sciences by metropolitan area, Q1 2008
Toronto: $11.9 M
Vancouver: $11.3 M
Montréal: $10.0 M
Calgary: $0.3 M
Ottawa: $0 M
Canada: $54.1 M
Amount invested in ICT by metropolitan area, Q1 2008
Ottawa: $42.5 M
Montréal: $41.6 M
Toronto: $26.5 M
Vancouver: $21.2 M
Calgary: $6.0 M
Canada: $164.0 M
Conference Board of Canada economic forecasts
Real GDP growth ($ 2002)
2007r: 2.2%
2008: 2.4%
2009: 2.6%
2010: 2.9%
2011: 2.9%
2012: 2.8%
Population growth
2007r: 0.7%
2008: 0.7%
2009: 0.8%
2010: 0.9%
2011: 0.9%
2012: 0.9%
Employment growth
2007r: 2.5%
2008: 1.3%
2009: 0.8%
2010: 1.1%
2011: 1.0%
2012: 0.8%
Unemployment rate
2007r: 7.0%
2008: 7.0%
2009: 7.1%
2010: 7.1%
2011: 7.0%
2012: 7.0%
r: real |
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| UPCOMING EVENTS
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COSPAR 2008
July 13 to 20, 2008
SCUP-43rd Annual International Conference
July 19 to 23, 2008
13th Biennial Conference of the International Society for Augmentative and Alternative Communication (ISAAC)
August 4 to 7, 2008
PACAAM 2008 – Pan-American Congress on Aesthetic and Anti-Aging Medicine
August 4 to 7, 2008
IFA’s 9th Global Conference on Ageing + Expo Ageing & Design Montréal
September 4 to 7, 2008
ASBMR 30th Annual Meeting
September 12 to 16, 2008
Montréal Job and Training Fair
September 16 to 17, 2008
World Congress on Treatment and Research in Multiple Sclerosis (ACTRIMS + ECTRIMS + LACTRIMS)
September 17 to 20, 2008
4th Annual Montréal InVivo Forum Life Sciences Career Fair
September 19 to 20, 2008
ESOMAR 61st Worldwide Research Congress
September 22 to 25, 2008
17th International Congress on Palliative Care
September 23 to 26, 2008
Salon Affaires de Montréal
September 24, 2008
Montréal Career and Job Fair in collaboration with La Presse
September 25 to 26, 2008
Technology Career Fair - Salon Carrières du Réseau des ingénieurs du Québec
September 25 to 26, 2008
Aérosalon ’08, The Aerospace Career Fair
September 25 to 26, 2008
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| Did you know that…
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According to a recent ranking established by the National Geographic Society in its Journeys of a Lifetime: 500 of the World's Greatest Trips, Montréal’s underground city ranks first among the Top 10 underground sites in the world that are good places to walk. Montréal thus comes in ahead of the Great Pyramid of Gizeh and the Paris sewers.
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