Aéro Montréal welcomes Québec’s $7.5B investment in aerospace sector
by CM Staff
Aero Montreal also wanted to highlight the industry's difficulty in attracting talent and how this has inhibited the sector's development.
MONTRÉAL — Québec’s aerospace cluster, Aéro Montréal looks forward to the $7.5 billion investment put forward by the measures in Quebec’s Research and Innovation Investment Strategy for the period covering 2022 to 2027. The funds are intended to help the industry “invent, develop and commercialize,” according to Aero Montreal’s announcement.
Of the $7.5 billion, $1.3 billion will be used towards budgetary interventions, $600 million in financial interventions in investment capital and $75 million in investments in the Québec Infrastructure Plan.
According to Aero Montreal’s announcement, this investment from the government will help establish a favourable environment for companies in this sector.
“Over the last few decades, Québec has developed a successful aerospace industry that holds a strategic position nationally and internationally,” said Suzanne M. Benoît, president of Aéro Montréal in a statement.
“Two complementary factors have contributed to the growth and influence of the sector: a strengthening of collaborations between the public and private research communities and the accelerated development of talent within our universities thanks to thousands of internships in companies. ”
In its announcement, Aero Montreal also wanted to highlight the industry’s difficulty in attracting talent and how this has inhibited the sector’s development.
“The presence of a competent and qualified next generation of workers has enabled us to make Québec a leader in the aerospace sector,” Benoît added in the statement.
To support talent development, additional funding totalling $188.9 million will be contributed to the sector over the course of five years as well as $100 million for the Fonds de recherche du Québec .