Despite the pandemic context, Montreal recorded record foreign investments of nearly $3.8 billion last year through Montreal International. This increase is attributable to the postponement of certain investments that could not be made the previous year, but also to the boom in the information technology and video game sectors.
In 2020, Montréal international had observed a 15% drop in foreign investment, but the year 2021 allowed it to record a significant rebound of 69%. “The lights are green,” said Stéphane Paquet, CEO of Montreal International during the presentation on Monday of the results for 2021.
Investments of $3.765 billion made by foreign companies in the territory of the Montreal Metropolitan Community and its 82 municipalities have made it possible to carry out some one hundred projects, create 11,550 jobs — including 5,000 in the city center — and maintain 705 others.
The software sector represented 18% of investments, against 17% for video games and 14% in logistics and transport. Despite a few clouds in the aerospace field, it still generated investments of nearly 300 million. For its part, the life sciences sector attracted investments of 250 million. “It was the best year in life sciences for Montréal International and I can tell you that if the stars align in 2022, it will also be an excellent year in life sciences,” said Mr. Paquet.
The projects come from 25 countries and more than a third of the investments, or 35%, come from the United States, and a quarter from France.
Remember that due to the pandemic, Montreal International had to suspend its missions abroad and turn to virtual events to attract investors and recruit employees.
A “Tinder” of recruitment
The organization has also launched a recruitment platform to attract qualified workers. “It’s roughly our own Tinder, which connects businesses in Greater Montreal looking for employees with a bank of 56,000 international candidates. […] essentially in the information technology sector,” explained Stéphane Paquet about the talentmontreal.com site.
Mayor Valérie Plante, who took part in the press conference, as did the minister responsible for Greater Montréal, Chantal Rouleau, and the federal minister responsible for Canada Economic Development for Quebec Regions, Pascale St-Onge, did not fail to recall that Montreal had found itself at the top of several rankings in recent months, including that of the safest city in the world for women traveling alone or for students across North America. According to her, these factors, like the relative affordability of housing, play an important role in the attractiveness of the city of Montreal for investors.