Quebec has reached an unprecedented milestone in foreign investment, with a record-breaking influx of $13 billion in foreign direct investment (FDI) for the fiscal year ending March 31. This remarkable achievement, announced by Investissement Québec, marks a significant leap from last year’s record high of $6 billion and a remarkable fivefold increase from the figures recorded in 2018–19.
The surge in foreign investments can largely be attributed to the decision of Swedish battery manufacturer Northvolt to establish a $7-billion plant in Quebec. Premier François Legault hailed this as the largest private manufacturing investment in the province’s history. The project received substantial backing, with Quebec committing $2.9 billion and Ottawa contributing $4.4 billion. According to officials, the Northvolt deal alone contributed as much as $6 billion to the surge in foreign investments in Quebec.
Investissement Québec also reported a substantial increase in Quebec’s foreign sales, with exporters booking $5.1 billion in sales, marking a remarkable 64% increase from the previous year.
Quebec Economy Minister Pierre Fitzgibbon commended Investissement Québec’s international team for their efforts, attributing the record investment figures to the province’s attractiveness and the government’s economic initiatives.
Since its expanded mandate in 2019, Investissement Québec has played a pivotal role in facilitating economic growth by incorporating regional offices and the Centre de recherche industrielle du Québec. This integration aims to streamline processes for entrepreneurs seeking advice and financing, further bolstering Quebec’s position as an attractive destination for foreign investment.
Despite global economic challenges, Quebec’s export market remains robust, with 59% of fixed sales conducted in the United States, 31% in Europe, Africa, the Middle East, Asia, and Latin America, and 10% elsewhere in Canada. Notably, $2.1 billion in sales were conducted outside of the U.S. market, highlighting Quebec’s growing presence on the global stage.
