Feds announce $440 million for Quebec aerospace industry
MONTREAL — The federal government is investing up to $440 million in Quebec’s aerospace industry to subsidize major companies operating in a key sector of the province’s economy, Prime Minister Justin Trudeau said Thursday.
Trudeau made the announcement in Montreal, a day after he travelled to Quebec’s Gaspe region to pledge up to $25 million to expand a wind turbine plant. The millions of dollars in federal money for Quebec come ahead of a likely election campaign, the date for which has not been set.
Coupled with money from the Quebec government, Trudeau said the new government aid for the aerospace sector will total as much as $693 million. The prime minister said the funding will subsidize aerospace companies operating in the province such as Bell Textron Canada, CAE, and Pratt & Whitney Canada.
“Today, we’re investing to create good, well-paying jobs for our recovery,” he told a news conference alongside Quebec Premier Francois Legault and aerospace executives. “This investment will also secure the industry’s long-term future in Canada by developing green-aviation projects and more clean technologies.”
Trudeau said the money will create or support 12,000 jobs and make internships available to more than 6,200 students.
Legault told reporters that the spending announced will create about 1,000 new, high-paying jobs in the province. He said the money pledged by his government and by Ottawa will be added to about $900 million of private investment in Quebec’s aerospace sector.
Trudeau also announced an investment of $92.5 million over three years in Quebec under the Aerospace Regional Recovery Initiative, which is a fund dedicated to help small and medium-sized aerospace firms recover from the COVID-19 pandemic.
“Whether it’s projects to lower your carbon footprint, or support for AI solutions to better manage your inventory, we’re here to help your business innovate,” he said about the kinds of projects that can receive funding.