Some 90 investment projects resulted in the creation or preservation of 8,192 jobs, the economic development agency says.
Author of the article:
Frédéric Tomesco
Publishing date:
Feb 22, 2021 • 4 hours ago • 3 minute read
Companies from 19 countries invested in Montreal last year, with nearly half of investments coming from Europe and 44 per cent from the Americas.Photo by John Mahoney /Montreal Gazette files
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Montreal attracted about $2.2 billion worth of foreign direct investments in 2020 as the COVID-19 pandemic raged, a 15-per-cent drop from the previous year.
Some 90 investment projects resulted in the creation or preservation of 8,192 jobs, with an average salary of $83,976, the Montréal International economic development agency said Monday.
Key announcements last year included expansion projects by Google, Kraft and software maker Behavox, for a total of $2.6 billion of investments.
Montréal International’s 2020 performance compares favourably with a 42-per-cent-plunge in foreign direct investment globally last year, as calculated by the United Nations Conference on Trade and Development. Despite the slowdown, MI still managed to post its third-best annual results since the agency was created in 1996.
“Given the year we’ve just been through, these results are very encouraging,” Quebec Economy Minister Pierre Fitzgibbon said Monday during an online press conference.
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“They show that even with the global pandemic, we still managed to generate economic spinoffs for Greater Montreal and all of Quebec. We preserved our competitiveness.”
Along with rising exports and the capacity to attract skilled workers, foreign investments will play a key role in fuelling economic growth in Quebec, Fitzgibbon said. Foreign investments across the province, however, fell to about $4 billion last year from about $5.6 billion in 2019, he said.
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Companies from 19 countries invested in Montreal last year, with nearly half of investments coming from Europe and 44 per cent from the Americas. Top industries included computer services, with about one-fifth of total projects; software; artificial intelligence; transportation logistics and life sciences.
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Faced with closed borders and travel restrictions, MI pivoted to virtual trade and recruitment campaigns as a means of luring both companies and employees to the city. Seven of the 12 recruitment missions took place entirely online, which led to the hiring of 772 skilled foreign workers — including 237 nurses. French workers accounted for 75 per cent of new hires, MI said.
A new website, talentmontreal.com, was also created to help local companies recruit abroad.
Meetings with more than 200 entrepreneurs resulted in 10 new startups putting down roots in the city. MI’s team also met over 7,800 international students, most of them online, to convince them of studying or living here.
MI’s role “is more important than ever because there will be a rush on talent” when economic output accelerates after the pandemic, said federal Economic Development Minister Mélanie Joly, who also spoke at the press conference.
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More than 150 “very active” investment files are now being worked on, which bodes well for 2021, chief executive officer Stéphane Paquet said Monday. Cybersecurity, e-commerce, video games and life sciences are among the most promising industries this year, Paquet said in a telephone interview.
Aerospace companies — long among the city’s biggest employers — are unlikely to figure on the list of major investors this year. Foreign investments in aerospace slumped to about $126 million last year from $285 million in 2019, and Paquet said he’s not expecting a quick fix.
“In the short term it, will be very difficult to attract investments in civil aviation,” Paquet told the Montreal Gazette. Even so, “there are things to do in aerospace,” he said, citing possibilities in drones and satellites.
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With projected 2021 growth of 5.4 per cent, Montreal is on track to post the best economic performance of all major Canadian cities, according to a Conference Board of Canada forecast. This compares with expected growth of 5.1 per cent in both Calgary and Toronto, and 4.9 per cent in Vancouver.
“There will be a recovery, and we will be there for it,” Paquet said. “Our pipeline is very solid. I’m convinced 2021 will be a very good year.”
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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
