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7 Oct 2013

Attract foreign investments and stimulate exports to create jobs

*Economic Policy - Putting Jobs First

Pauline Marois, the Premier of Québec, and Nicolas Marceau, the Minister of Finance and the Economy, today unveiled Québec’s new Economic Policy: Putting Jobs First.

The policy will generate $13 billion in private and public investments and will create 115,000 new jobs over the next three years, notably by attracting foreign investments and stimulating exports.

“Québec must adjust to a greater contraction in global economic activity than anticipated because of the slowing down of most economies since 2011. Economic Policy: Putting Jobs First comes from a commitment by our government to propose a vision for the future for the development of our economy,” said the Premier.

Four strategic initiatives

  • Leverage surplus electricity to trigger investments, especially foreign investments, and create jobs in Québec
  • Accelerate public investments to renovate and modernize infrastructures
  • Introduce tax measures to stimulate investments
  • Continue investing in Northern infrastructures, notably in transportation related to mining development and the needs of local communities

External Trade Development Plan

An External Trade Development Plan, which will be an integral part of the Economic Policy, will be announced soon. The goal of the Plan is to ensure that exports exceed 55% of GDP.

“Against the backdrop of strong international competition, the main challenge facing Québec companies is to increase their presence in foreign markets. We will accordingly invest $82 million to help our companies showcase their export know-how, so helping Québec to enhance its presence in external markets,” added Jean-François Lisée, the Minister for International Relations, La Francophonie and External Trade.

The government will also provide targeted assistance to over 300 companies to ensure that some of them reach a turnover of at least $200 million.

Leverage surplus electricity

The government intends to attract foreign investments by leveraging its large electricity surplus. “We have an enormous asset—large amounts of available electricity. These surpluses will be made available at a reduced tariff to companies that invest to create jobs. We expect to generate $1.6 billion in investments and to create 10,000 new jobs. This is a major move that confirms that Québec is an investment destination of choice,” continued Ms. Marois.

Economic Policy: Putting Jobs First
Economic Policy: Putting Jobs First (summary)

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