The work of Investissement Québec (IQ) and its international branch made it possible to reach a peak in new foreign direct investments in Quebec of $13.1 billion between April 2023 and March 2024, propelled largely by the battery sector.
IQ unveiled the results of its 2023-2024 financial year on Thursday in terms of export support and attraction of foreign direct investment.
They turned out to be approximately five times higher than those recorded in 2019, before the establishment of Investissement Québec International (IQI), underlined the financial arm of the Quebec government.
During the 2023-2024 period, IQI’s activities made it possible to realize 109 projects in Quebec. These generated a total of $13.1 billion in investments in the province, compared to $2.3 billion for the 2018-2019 fiscal year.
In a press release, IQ specified that “investments linked to the establishment of the battery sector on Quebec soil, as well as those in the natural resources sector, represent a significant part” of the prospecting activities carried out between April 2023 and March 2024. .
IQI teams have also completed more than 4,000 support projects for companies wishing to expand their markets outside Quebec. These efforts helped generate $5.1 billion in sales in foreign markets during the fiscal year ended March 31, 2024, compared to $1.01 billion five years ago.
A large share of firm sales results occurred in the United States (59%), while just under a third were concluded in Europe, Africa and the Middle East, Asia and Latin America, and 10% elsewhere in Canada.
These are identical proportions to the results of the previous year, mentioned IQ.