2023-04-18 19:34:13
Québec International generated economic spinoffs estimated at $1.15 billion in 2022, a record level since the agency was created.
The figures take into account the discontinuation of the Medicago project in the D’Estimauville district. Despite the reduction in the sums associated with the construction of this major site, the Québec International (QI) agency still had the best year in its history.
“We removed the amount from our results which was quite significant. We weren’t necessarily obliged to do it, but it wouldn’t have been realistic knowing that the plant hasn’t been completed,” said Carl Viel, president and CEO of QI, who cannot reveal the amount.
The results released on Tuesday exceed those of 2021, when QI had generated economic benefits of $973.9 million. Foreign investments ($553.1 million) made last year resulted in the creation and maintenance of 730 jobs.
Half of foreign investment is in the ICT and electronics sector.
“Last year we had 14 projects. For nine projects, these are reinvestments in companies already present in the territory and five are small establishments,” added Mr. Viel.
Labor scarcity
To address the labor shortage, the agency conducted 11 missions around the world, in addition to holding numerous recruitment and retention initiatives for international workers and students. The initiatives have recruited 2,975 skilled workers and 1,085 international students. Together with spouses and families, the number of new arrivals amounts to 7,900 people.
In total, QI supported 1,274 companies, research centers and educational establishments last year.
There will be no shortage of challenges for QI over the next year.
“In a context that economically speaking is a little more difficult, the challenge will be to continue to attract investment,” said Mr. Viel.
Funding
The agency obtained additional funding of $2.6 million for 2023-2024 from the Government of Quebec.
“QI’s impressive results in 2022 demonstrate the importance of its contribution to the economic development of the Quebec City region as well as the need to continue supporting it in its activities,” said Christine Fréchette, Minister of Immigration, of Francization and Integration.
For the mayor of Quebec, Bruno Marchand, these benefits are a reflection of the “great dynamism of businesses here”.
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