Close to $1 billion drop in direct foreign investment in Greater Montreal in 2023

Montréal International, the organization responsible for attracting foreign investment to Greater Montreal, revealed that in 2023 there was $2.7 billion in direct foreign investment in Greater Montreal coming from 87 projects.

These projects, according to Montréal International led to the creation of close to six thousand jobs with an average salary of $97,500.

These investments of $2.7 billion, however, are down from $3.6 billion in 2022 and $3.8 billion in 2021.

“What I’m proud of is that they’re able to adapt. And this is something that is so important these days. They need to be flexible. They need to, you know, be aware of what’s going on. And in a time where we don’t control much in terms of the taux d’intérêt and other things like that, it’s, they’re, they’ve been very good at adapting again,” said Montreal mayor Valerie Plante.

“I’m working as mayor to position Montreal as an international city recognized for the ecological transition and sustainable finance. They’re actually doing it as well. So I feel we work really closely and well together in positioning Montreal as a very green and inclusive city.”

Stéphane Paquet, the president and CEO of Montréal International, said this drop in investment is due to the current global economic context, notably a slow down in money invested in the information technology (IT) sector.

“It’s been a rock and roll year regarding FDI but I’m very proud of what the team has done and what the team has done is to attract 2.7 billion worth of investment in the Greater Montreal,” said Paquet. “It’s back to pre-pandemic levels, it’s also our third best year ever.”

“We’ve seen for the last 18 months more or less is that these same companies who were investing at lots of investment in Montreal but also in other places they just said oh by the way the rates are going up the money is not as cheap as it used to be so we’ll have to be profitable at some point.”

The official Opposition at Montreal City Hall says the results presented by Montréal International demonstrate a decline in the attractiveness of Greater Montreal on a global scale. They add that Montréal International does remarkable work, but that the Plante administration must redouble its efforts to keep Montreal on the map.

“The results presented by Montréal International demonstrate a decline in the attractiveness of the metropolis on a global scale. Montréal International does remarkable work. That being said, the Plante administration must redouble its efforts to keep Montreal on the map,” said Aref Salem, leader of the official Opposition at Montreal City Hall and Ensemble Montréal city councillor for Saint-Laurent.

Montréal International also revealed they helped to recruit more than 1,100 skilled workers and international students hired by local employers.

“What we will continue to do is to focus on the sectors that we think are better for the greater economy, the Greater Montreal area, which are life sciences, aerospace, everything that’s related to the environment, and also the large IT sectors,” said Paquet.

Montréal International is funded by the private sector, the city of Montreal, the Montreal Metropolitan Community as well as the Canadian and Quebec governments.