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Energy capacity: Quebec will choose its customers wisely, Fitzgibbon warns

Believing Quebec still has assets in its game to increase its renewable energy supply in the future – by building new infrastructure and reducing domestic demand – Pierre Fitzgibbon remains confident in the province’s energy capabilities.

there Good energy

I think today we’re able to work with companies and tell them, “Listen, we can give you green renewable energy, but… timing It will be different from yours timingIt is to explain.

The Minister of Economy, Innovation and Energy, Pierre Fitzgibbon, believes that because of the large number of projects submitted to it, the Quebec government should select only the best according to its energy capabilities.

Photo: Radio Canada

Today, we are beginning to separate communities who are concerned about the passage of time, regardless of the energy source. Other societies are more patient because they want to get the right energy. I think the customers we want in Quebec are those who have the patience to have good energy.

We have a significant comparative advantage in Quebec that we will be able to maintain in the coming yearsPierre Fitzgibbon confirms.

An opinion shared by Hubert Bolduc, President of Investissement Québec International. According to him, Quebec will now have to surgically target Foreign investment in the context of continued scarcity of labor and the imminent end of energy surpluses.

I think we’ve reached the tip of the curveMr. Bolduc warned in an interview with The Canadian Press.

According to him, aviation, space, life sciences, quantum computing and photonics are among the strategic sectors that are privileged.

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You really have to go find […] Lost companies in ecosystems. I think that’s the signal we’re sending to teams for the next two years, or even the next two years: work less in terms of volume, but be more strategic in terms of project quality.

The government will have to make choices and set priorities. I think this is well understood by the companies knocking on our doors. »

Quote from Hubert Bolduc, President, Investissement Québec International

Exceptional results

Many eyes abroad are already turning to Quebec, as evidenced by findings presented Friday by Investissement Québec International.

In terms of attracting foreign investment for the year just ended, on March 31, we generated more than $6 billion in direct investment.rejoices Guy LeBlanc, President and CEO of Investissement Québec.

Origin of foreign investment in Quebec last year (22 countries)

  • Europeans 46%
  • Americas 42%
  • Asia 12%

I mentioned the value of foreign investment in Quebec before I.Q It was three times higher last year than it was in 2018-2019.

In terms of export assistance, Investissement Québec estimates that its support made it possible to generate the equivalent of $3.1 billion in exports for Quebec businesses during the last fiscal year, compared to $1.95 billion last year.

Over 59% of these sales were made in the United States, 31% in Europe, Africa and Asia and 10% elsewhere in Canada.

Guy LeBlanc speaking on the microphone.

Guy LeBlanc, President and CEO of Investissement Québec

Photo: Radio Canada

Investissement Québec’s performance in promoting Quebec City internationally has never been so great. »

Quote from Guy LeBlanc, President and CEO of Investissement Québec

Investissement Québec International has implemented more than 125 projects over the past year. Seventy-eight of the foreign companies already incorporated were reinvested in Quebec, while another 45 were new enterprises. But despite the interest Quebec is arousing, the competition remains strong. Indeed, in more than 40% of the investments obtained, Quebec was in competition with other foreign or Canadian subsidiaries.

In the drumming business, it’s incredible, the competition we have. »

Quote from Hubert Bolduc, President, Investissement Québec International

The specter of recession lingers

In addition to the end of large energy surpluses, Quebec must also deal with major labor problems and several growing signs of an economic slowdown ahead.

We certainly feel these headwindsGuy LeBlanc admits. And that, he says, is what makes Investissement Québec’s mission all the more important in terms of economic development.

What we need to do is to be more present with companies, and even more insistent on motivating them to increase investment, because with the scarcity of labor, it is important to invest and proceed with the automation of manufacturing and transformation that Quebec businesses remain competitive.