Foreign direct investment (FDI) in the Canadian province of Quebec increased by 12% in 2019, with a total of 82 greenfield projects, according to fDi Intelligence’s 2020 fDi Report. This compares with a 5% rise in FDI projects across Canada, which increased from 328 projects in 2018 to 345 in 2019. By capital investment Quebec received $2.9bn of inward investment, which represented a 3% market share of all FDI into North America.
Quebec has seen a rise in FDI over recent years, partly due to a concerted effort by government in conjunction with investment promotion agency (IPA) Invest Quebec.
Quebec’s maritime plan to capture FDI
The port of Quebec is the focus of a government initiative to implement a maritime strategy to create more than 30,000 jobs and encourage a targeted $6.8bn of investment by 2030. During the first five-year phase of the strategy, the government has pledged to invest up to $381m for maritime infrastructure improvements, which are expected to create 1,500 jobs during construction.
The province’s largest city, Montreal, placed second in fDi Intelligence’s ‘Tier 2 Cities of the Future 2020/21’ ranking, showing the strongest economic growth of all Canadian cities and a marked increase in FDI. In 2019, the IPA Montreal International provided services to 89 foreign companies in the region representing investments of $1.98bn, up 164% since 2015. In 2019, 7,000 new jobs were created in the Greater Montreal region as a result of FDI.