$7.5 billion over five years to find innovative solutions to tomorrow’s challenges
MONTRÉAL, May 19, 2022 /CNW/ – Aéro Montréal, Québec’s aerospace cluster, is pleased with the measures just unveiled in the Québec Research and Innovation Investment Strategy (SQRI2) 2022-2027. These measures provide more than $7.5 billion over the next five years to invent, develop and commercialize.
By 2026-2027, the government will make significant commitments that will benefit the aerospace sector. It will invest more than $7.5 billion in innovation, including nearly $2 billion in new commitments. This includes budgetary interventions of $1.3 billion, plus $600 million in financial interventions in investment capital and $75 million in investments in the Québec Infrastructure Plan (PQI).
By supporting innovative technological entrepreneurship, stimulating investment in commercialization and adapting R&D incentives, the government is ensuring that the environment for aerospace companies remains favourable to their development.
The government is also underscoring its desire to pursue structuring projects that have been mobilizing the industry for several months: the creation of innovation zones.
“Over the last few decades, Québec has developed a successful aerospace industry that holds a strategic position nationally and internationally,” said Suzanne M. Benoît, President of Aéro Montréal. “Two complementary factors have contributed to the growth and influence of the sector: a strengthening of collaborations between the public and private research communities and the accelerated development of talent within our universities thanks to thousands of internships in companies. Aéro Montréal welcomes the work being undertaken by the Québec government to further connect players in the innovation cycle with stimulating projects such as innovation zones. With this strategy, the government is ensuring that the Québec aerospace industry is equipped to prepare for the future and become a key player in the fight against climate change.“
The difficulty of attracting talent to the aerospace sector has become a major challenge for the industry’s development. “The presence of a competent and qualified next generation of workers has enabled us to make Québec a leader in the aerospace sector,” said Ms. Benoît. “Our ability to maintain a pool of qualified talent will be an essential condition for maintaining this position and developing solutions that meet the challenges of society. In this regard, an aerospace innovation zone would be a powerful driver for attracting and retaining foreign talent.”
To support talent development, the SQRI² 2022-2027 includes additional funding totalling $188.9 million over five years, including $100 million for the Fonds de recherche du Québec, to attract the best talent to Québec and provide extensive support for R&D employment.
The aerospace sector generated $15.2 billion in revenues in 2021 and employs over 35,000 people. With more than 227 specialized companies in the Greater Montréal area, the sector accounts for more than 70% of Canadian aerospace R&D. Finally, with approximately 80% of aerospace production exported outside of Canada, it is the leading manufacturing sector in terms of Québec exports. “The government’s support is necessary to maintain this leadership and ensures that our innovative companies and the leaders of tomorrow enjoy truly sustainable growth,” concluded Ms. Benoît.
About Aero Montréal
Created in 2006, Aéro Montréal is a strategic think tank that groups all major decision makers in Québec’s aerospace sector, including companies, educational and research institutions, as well as associations and unions.
The activities of Aéro Montréal are made possible thanks to the participation of the governments of Canada and Québec, the Montréal Metropolitan Community, as well as company members of the cluster.
SOURCE Aéro Montréal
