Montreal still attractive to foreign investors

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Montréal still just as attractive to foreign investors

The economy and employment are doing well in the metropolitan area.

Despite global economic turbulence, the Montreal International agency claims to have supported 102 foreign investment projects in the Montreal region last year to worth $3.58 billion.

Investments that have led to the creation of 8,287 jobs at an average annual salary of $88,000, according to data from the Montreal economic promotion agency, which revealed its results for the year 2022 on Monday.

By doing a quick calculation, we support an average of one new business and 18 skilled workers per week, which is saying something…, says Stéphane Paquet, President and CEO of Montreal International.

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“We have foreign direct investment that exceeds the pre-pandemic level. Well, that feels good!

— Valérie Plante, Mayor of Montreal and President of the Metropolitan Community of Montreal

It shows that despite a difficult period, the metropolis is capable of recovering, underlined Mayor Plante.

The metropolis and its region are also showing notable stability in foreign investment despite the shock wave of the pandemic and the still worrying inflation in the country. By way of comparison, in 2021, Montreal International reported having supported 100 projects for a value of $3.77 billion.

Nearly half of the foreign investments made in Quebec in 2022 came from the United States (47%) while 42% came respectively from France, Switzerland, the rest of Europe and the Middle East.

The life sciences industry and the health technologies industry generated the most foreign investment in Greater Montreal last year, nearly $685 million for 12 projects including the construction of a Moderna messenger RNA vaccine factory in Laval.

“This is an increase of 143.76% compared to 2021, welcomes Montreal International. In addition to Moderna, Greater Montreal has captured the interest of foreign companies wishing to leverage a state-of-the-art artificial intelligence ecosystem to develop new health solutions.

Montreal also remains attractive for international organizations with the establishment in 2022 of the office of the World Climate Research Program hosted by Ouranos and the expansion project of Airports Council International in metropolitan France.

Added to these are the renewal of agreements with the International Air Transport Association and the UNESCO Institute for Statistics, to ensure their presence in Montreal, specifies Montreal International.

The regions located outside the island of Montreal (Laval, Longueuil and the two crowns) also did well in 2022 by collecting a record number of 21 projects for a value of $755 million in investments.

Across the Longueuil agglomeration, the projects selected total more than $150 million in investment in several cutting-edge sectors, including aerospace, artificial intelligence and data analysis, rejoices the Mayor of Longueuil, Catherine Fournier.

In 2022, 183 employers in the metropolitan area appealed at Montreal International to find workers.

Montreal may well attract investment, but the metropolis must also attract workers to allow these billions of dollars worth of projects to materialize.

In 2022, 183 employers in the metropolitan area turned to Montréal International to find workers. The agency deploys nine initiatives to recruit workers abroad, including in Paris.

The www.talentmontreal.com site, launched during the pandemic, has 145,000 skilled workers registered and ready to come and work in Greater Montreal, including 85,000 new registrations in 2022 alone.

These efforts led to the recruitment of 629 skilled workers in highly strategic sectors such as information technology as well as health services and education, writes the agency, which also recommended 7,200 interested international students through studies in Greater Montreal.

Created in 1996 to promote Montreal and its region outside Quebec, Montreal International is a non-profit organization jointly funded by private enterprise, the federal and provincial governments as well as the Montreal Metropolitan Community and the City of Montreal.

Since its creation, the organization boasts of having attracted $18 billion in foreign direct investment and contributed to the creation or maintenance of 71,000 jobs.

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