The federal government of Canada and the provincial government of Quebec will provide up to CAD 685 million to support innovation and job creation in the aerospace industry.
To support innovation and job creation in the aerospace industry Canada, the Canadian federal government and the provincial government of Quebec will join hands to provide up to CAD 685 million ($544 million), of which Ottawa’s funding of CAD 439.8 million is provided through the Strategic Innovation Fund comb.
This financing will support projects with a total investment of 2 billion CAD in Canada, of which about 1.6 billion CAD in Quebec.
It is estimated that this grant will also create more than 1,000 jobs in the Quebec aerospace industry and assist more than 6,200 students with internships.
Speaking at a press conference on July 15, Quebec Premier François Legault said this investment not only creates more jobs but also high-paying jobs for Quebecers.
Prime Minister Trudeau said the funding will allow Bell Textron Canada, CAE and Pratt & Whitney Canada companies “to continue to innovate and enter new markets”, while “will also secure a long-term future of this industry in Canada by developing greener aviation projects and more clean technologies”.
Prime Minister Trudeau emphasized the importance of the aerospace industry in Quebec, given that Quebec “is one of the few places capable of designing an aircraft from A to Z”.
Prime Minister Trudeau on July 15 also announced the Aerospace Sector Recovery Initiative, which aims to support the recovery of small and medium-sized businesses operating in the industry across Canada.
Canada’s Economic Development Minister Mélanie Joly stressed that the aerospace industry has been hit hard during the COVID-19 pandemic and that small and medium-sized companies need help to recover.
Mr. François-Philippe Champagne, Minister of Innovation, Science and Industry, said: “I believe this is a historic moment for the industry of aerospace in Canada”.
Meanwhile, John Gradek, former Director Air Canada executives noted that, as the aerospace sector moves toward more environmentally responsible growth, it is important for major Canadian companies to keep up.