Government of Canada supports growth in Quebec’s automotive industry

Government of Canada supports growth in Quebec’s automotive industry

Nearly $2.5 million in financial assistance granted to five Quebec businesses is expected to create 149 jobs.

MONTREAL, QUEBEC–(Marketwired – Jan. 10, 2017) – Canada Economic Development for Quebec Regions (CED)
The Government of Canada recognizes that the automotive industry is constantly evolving, and in order to compete in this market, businesses have to innovate by developing new processes, new products and new technologies. The design and adoption of leading-edge technology paves the way for the future and introduces new skills to be adopted by autoworkers. These two factors-leading-edge technology and a highly skilled workforce-will enable the Canadian automotive industry to stay competitive in the global environment.

The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED, announced that $2,476,500 in financial assistance has been granted to five Quebec enterprises in the automotive industry.

The funding allocated by CED to Polyrix Inc., Verbom Inc., Conception Génik Inc., Fibrotek Advanced Materials Inc. and Autodip, will be used to increase the productivity and production capacity of the enterprises through the acquisition of equipment or the implementation of a commercialization strategy for new products.

The Quebec automotive industry is the second largest in Canada and is made up of manufacturers of automotive parts, recreational vehicles, heavy-duty vehicles, buses and specialty vehicles. In 2015, the Quebec industry employed 7,400 workers, generated $4 billion in sales and exported over $3.1 billion in motor vehicles and related products, with 32% of those exports consisting of motor vehicle parts. Moreover, Quebec has developed expertise in electrification and in light electric transportation. It is currently a leader in artificial intelligence (AI) and photonic optics, two areas that support the development of automated and connected vehicles.

Quote
“The Government of Canada’s support for these five enterprises reflects our commitment to stimulating economic growth in order to create a prosperous country for all. In the short and medium terms, these investments will generate quality jobs, better opportunities and a higher standard of living for all Canadians. They will help our industry remain competitive and ensure that the manufacturing jobs held by the middle class stay in Canada.”
The Honourable Navdeep Bains, Minister responsible for CED

CED is one of the six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.

Polyrix Inc. website: www.polyrix.com
Verbom Inc. website: www.verbom.com
Conception Génik Inc. website: www.genikinc.com
Fibrotek Advanced Materials Inc. website: www.fibrotek.com
Autodip website: www.autodip.com
…………………………………………………………………

Subscription_Banner_820x300px

Categories: Business

About Author

Write a Comment

Only registered users can comment.