2$ B invested by foreign companies supported by Montréal International
Significant impact on Greater Montréal’s economy
Foreign companies supported by Montréal International invested $2B in 2017, amounting to 15% of Québec’s economic growth.
President and CEO of Montréal International (MI), Hubert Bolduc, today announced the organisation’s record results for 2017.
The economic development agency experienced strong growth in foreign direct investment and international recruitment activities, in addition to having supported three new international organisation projects in Greater Montréal.
The announcement was made at a press conference that was attended by Philippe Couillard, Premier of Québec; Martin Coiteux, Minister of Municipal Affairs and Land Occupancy, Minister of Public Security and Minister responsible for the Montréal region; Christine St-Pierre, Minister of International Relations and La Francophonie; as well as Valérie Plante, Mayor of Montréal and President of the Communauté métropolitaine de Montréal.
Foreign direct investment (FDI)
In 2017, Montréal International helped 48 foreign companies locate or expand in the Greater Montréal, facilitating a record $2.025 billion in foreign direct investment, an increase of over 50% compared to 2016 and of over 100% compared to 2015.
These projects, which account for 15% of Québec’s economic growth in 2017, resulted in 5,233 direct quality jobs to be created or maintained.
Once again this year, high-tech sectors (ICT, Aerospace, Life sciences and Health Technologies) continue to be an economic driver with $1 billion in investments, i.e. 50% of the results. Investments supported by MI originate mainly from Europe with 64%, ahead of the Americas with 28% and Asia with 8%.
The AI sector itself had 11 of the 48 projects, which is nearly a quarter of all projects that received support from MI this year.
Having a significant number of world-renowned researchers, a collaborative ecosystem and a highly qualified pool of talent have enabled Greater Montréal to attract leading global players such as Microsoft, Google, Facebook and DeepMind.
Montréal International has also taken note that a growing number of companies, regardless of industry, will also be leveraging on AI to develop new projects in the coming years.
This past year, the Montréal International team stepped up efforts to boost the number of international students and skilled workers in Greater Montréal.
Eight international recruiting missions helped about sixty companies recruit some 300 qualified and experienced workers with an annual average salary of $75,000. In addition, MI helped 377 skilled foreign workers with their temporary resident applications by providing strategic support.
The “I choose Montréal” project to retain international students, launched in collaboration with the Ministère de l’Immigration, de la Diversité et de l’Inclusion (MIDI), had a very successful first year holding 130 activities that allowed MI to reach no less than 6,800 international students in Greater Montréal.
Montréal International’s 2017 activities were also marked by the arrival of two new international organisations in Greater Montréal: the International Union for Health Promotion and Education (IUHPE) and AIESEC International. Furthermore, the agency helped the International Air Transport Association (IATA) expand its operations.
MI has also offered strategic support to 37 of the 65 international organisations in the city with their activities and development.
“Greater Montréal’s economic performance in 2017 was outstanding, mainly due to an increase in activities from abroad. Greater Montréal has never been so attractive to foreign investors and we must continue to leverage our assets to support growth in its leading-edge sectors.”
− Hubert Bolduc, President and CEO, Montréal International
“Montréal International’s 2017 results demonstrate our leadership and strategic vision for economic development. We are extremely grateful to our public and private partners for their ongoing commitment and financial support. In 2017, some 140 private companies rallied together to support Montréal International with its mission.”
− L. Jacques Ménard, President of the Board of Directors, Montréal International
“Our government is proud to be a partner of Montréal International, an organisation contributing to highlight the important presence of talent and the creative potential of Québec, therefore placing Montréal as a top innovative business destination. The results of 2017 are impressive and clearly demonstrate that the best competitive asset of Québec goes beyond its natural resources and rather lies in our ability to be innovative.”
− Philippe Couillard, Premier of Québec
“Montréal International plays a key role in enhancing the region’s global reach and reputation. In 2017, all this work generated significant economic spin-offs and helped create and maintain thousands of high-quality jobs. Montréal International has contributed significantly to positioning our region as a top destination for talent and high-value-added businesses in industries with high-growth potential. I would like to reassure the Montréal International team that they have my administration’s unwavering support to ensure Greater Montréal’s success.”
− Valérie Plante, Mayor of Montréal and President of the Communauté métropolitaine de Montréal
About Montréal International (www.montrealinternational.com/en)
Established in 1996, Montréal International is a non-profit organisation funded by the private sector, the governments of Canada and Québec, the Communauté métropolitaine de Montréal and the City of Montréal.
Its mission is to attract foreign investment, international organisations and skilled talent to Greater Montréal by providing assistance services tailored to their needs.