Data finds foreign investors supply big profit: Montreal International
Posted February 28, 2025 12:57 pm.
Last Updated February 28, 2025 4:27 pm.
New data reveals that foreign investors, supported by Montreal International, injected $2.7 billion into the city’s businesses last year. That’s what the organization unveiled Friday.
The 59 projects supported by the agency allowed to create or maintain nearly 4,800 jobs in sectors like health and social services, education, and childcare followed by manufacturing and engineering.
“So four out of five projects, if the team had not been there, the project would have not occurred in greater Montreal, would have not occurred at all, or it would have taken more time, more money. So four times out of five, we made a difference,” said Stéphane Paquet, CEO of Montreal International.
With the current climate of uncertainty amid the threat of US tariffs, 2025 is set to be a challenging year for local businesses.
A recent survey from Montreal International shows that 62 per cent of businesses, –mainly in manufacturing– expect a ‘major impact’ on their operations, leading them to cut or freeze investments by 50 per cent, compared to seven per cent last year. And some industries like life science and decarbonisation are looking to bring hope to the economic growth of Montreal.
“In the life sciences industry, we heard from leaders in the pharma sector that they would rather test their new drugs in Canada or in greater Montreal or somewhere else in Canada,” said Paquet.
For Daniel Blondal, CEO of Nano One, a company specialized in developing a sustainable technology to produce cathode materials for lithium-ion batteries, Quebec is one of the most ideal environments for his industry outside of Asia.
“Quebec is an ideal place to be investing in the supply chain for lithium-ion batteries. It’s important to know that lithium-ion phosphate, the material that we are currently working on, was first commercialized here in Quebec, and the supply chain and critical minerals are all here, lithium, high-purity iron, phosphorus, and of course the talent has long been established here, as well as the clean energy profile,” said Blondal.
For Paquet, he says international relations are more important than ever to support the growth of the city’s economy and businesses.
“When you look at the goods exported in Quebec, 56 per cent of the goods exported in Quebec are being exported by foreign affiliates. So if you say, well, it’s important to change the markets where we do export, you have to talk to the foreign affiliates because they are the one who export to the majority. Although it’s only one per cent of the business places in Quebec.”
Youssapha Diop, Managing Director of Sopra Steria Canada, is one of the business leaders who is grateful for Montreal International’s support.
“There are a lot of topics that was presented by Montreal International and that helped us to facilitate our investment here in Canada in Quebec. And that was really, really helpful for us for sure,” said Diop.
