$7.5 billion in innovation to reduce the gap between Quebec and Ontario

$7.5 billion in innovation to reduce the gap between Quebec and Ontario

Quebec's Minister of Economy and Innovation , Pierre Fitzgibbon.

Quebec wants to at least halve the labor productivity gap with Ontario in the business sector. This is one of the main objectives of the new Quebec Research and Innovation Strategy 2022-2027 (SQRI2) presented this morning by the Minister of Economy and Innovation, Pierre Fitzgibbon. More than $7.5 billion will be invested over five years for this new strategy.

“We are emphasizing the investment of our innovative companies and the commercialization of innovation,” said Minister Fitzgibbon. Knowing how to innovate means making the link between research and investment.”

The SQRI2 is deployed in five areas of intervention. It targets in particular the support and promotion of research, the creation of a better environment for innovation and the commercialization of the latter. The new SQRI2 will also aim to develop talent and scientific culture in Quebec. It will also focus on high-impact sectors and technologies.

SQRI2 follows on from SQRI 2017-2022, which ended in March 2022. It is the result of a consultation involving 233 briefs submitted to the ministry and a regional tour. Quebec had invested $5.4 billion in the previous SQRI.

The $7.5 billion invested in the SQRI2 will be distributed among the following five areas:
– $1.2 billion for Quebec research funds
– $1.8 billion for the innovation program
– $676 million for research infrastructure
– $908 million in venture capital
– $2.9 billion in tax assistance

Financial institutions are mobilizing for sustainable finance< /h3>

In Quebec, 38 financial institutions, representing more than $1,350 billion in assets, are mobilizing to make Quebec a global center for sustainable finance. They have joined this global movement by signing the Declaration of the Quebec financial center for sustainable finance. Nine institutions have recently joined the first signatory organisations. This is particularly the case for AlphaFixe Capital, Manulife and Trans-Canada Capital.

“We are proud to see that the movement is continuing its momentum and today welcomes new signatories, said the general manager of Finance Montreal, Jacques Deforges. This mobilization of players in the Quebec financial ecosystem undeniably contributes to positioning Quebec as a leader in sustainable finance throughout the American continent.

This declaration, unveiled seven months ago, aims to affirm Quebec's leadership in sustainable finance. In particular, it positions financial institutions in the face of environmental, social and governance (ESG) issues, and aims to accelerate the shift towards sustainable finance.

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