Fitzgibbon unveils its $334 million plan for the aerospace industry

Fitzgibbon unveils its $334 million plan for the aerospace industry

The Minister of the Economy, Pierre Fitzgibbon.

Québec will invest $334 million until 2024 to ensure the revival of the aerospace industry, battered by the pandemic, announced Minister Pierre Fitzgibbon. Since March 2020, $2 billion in potential sales have been lost according to the minister, while 7,300 positions have been cut.

The government’s Horizon 2026 Quebec Aerospace Strategy (SQA) will focus on three areas of intervention: innovation, diversification and value chain creation. On Monday, Quebec announced a new investment of $98 million for the launch of the program.

“With the new Québec Aerospace Strategy, we are providing the necessary tools to ensure the progress of the sector and solidify its position on the international scene, assured the Minister of Economy and Innovation Pierre Fitzgibbon during a meeting. press conference. It will generate solid spinoffs in terms of growth, competitiveness and maintaining jobs in Quebec.”

Despite the repercussions of the pandemic, our aerospace industry remains one of the most innovative, competitive and diversified in the world. 

Pierre Fitzgibbon, Minister of Economy and Innovation.

In total, the SQA could bring together investments of up to $2.8 billion from various industries. Vast business segments could be developed thanks to these funds, such as the creation of manned aircraft or the creation of telecommunication satellites.

Strategic industry

The aerospace industry accounted for 36,000 jobs and spinoffs of $15.8 billion in Quebec in 2020, according to government data . This includes both giants like Bombardier and Airbus and SMEs. The industry is the province’s most important in terms of exports.

On Friday, the Legault administration announced a $338 million investment in Airbus A220 aircraft. “The aerospace industry is strategic for Quebec. There are hundreds of companies that act as suppliers,” justified Prime Minister François Legault

The agreement provides for the postponement of the option to buy back Quebec's investment by Airbus until 2028 Quebec had already invested $1.3 billion in the A220 program. The injection of additional funds by the government has a simple purpose: to limit the dilution of its previous investment following the next round of financing led by Airbus.

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