An Exceptional Culture for Extraordinary Business
Quebec's Economic Renewal
Quebec's Economy Shifts Into High Gear
A Trade Driven Economy
An Attractive Fiscal Environment
Support to the Business Community
A Business-Oriented Educational System
A Highly Skilled Work Force
World Class Infrastructure
An Exceptional Quality of Life
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Quebec's Economic Renewal
The government of Quebec played a key role in managing this transition by redirecting economic and industrial development to an industrial clustering strategy. This approach is based upon the aggressive promotion of strategically important industry sectors wherein Quebec holds, or is capable of improving, a distinct competitive advantage in the global marketplace. Within each industrial cluster, important synergies are generated by the interaction of government, businesses and their partners that generates a more significant aggregate impact. Ultimately, the successful implementation of this strategy led to rapid economic and industrial development and accelerated corporate growth that elevated Quebec to a new level of international competitiveness.
In this context, Quebec's transformation into a new economy has been an unqualified success. The province has successfully promoted the global competitiveness of business and industry by providing all the requisite inputs to foster rapid growth and profitability. This, in turn, has resulted in a heightened focus on research and development, the diffusion of new technologies, a focus on export-based manufacturing, work force training and education, the expansion of top-notch infrastructure and superior government assistance to business. In particular, Quebec's information technology, health science and aerospace sectors have flourished under these conditions.
Over the past several decades, Quebec's economy has undergone a truly remarkable transformation. At one time, the vast majority of Quebec-based business was centered upon the export of unfinished raw materials dominated by the forestry, mining, petrochemical and textile industries. However, today the focus has largely shifted toward higher value-added products, such as telecommunications and aerospace, in an effort to optimally leverage the province's competitive advantages. Ultimately, this describes the ongoing transition from a purely resource-based economy to one that is predicated upon the growth of knowledge-based industries.
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"There are economic advantages in conducting business in Quebec. It goes on different fronts. First, because of the Canada/United States exchange rate, the cost of doing business here is very economical. Second, corporate taxes in Quebec are very competitive. Third, Quebec is the most economical place to do R&D in the world."
Doug McCollam
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In many ways, the information technology industry has been the backbone of Quebec's tremendous economic growth. The synergistic expansion of the telecommunications, computing, multimedia and microelectronics sectors is evidenced by the explosive growth of new and expanding companies across the province. Major players that comprise Quebec's information technology industry include Nortel, Matrox, SoftImage, Discreet Logic, Ericsson Research Canada, C-MAC Industries, Ubi Soft, M3I Systems, Harris Farinon Canada and NORDX/ CDT.
Quebec is meeting the needs of this rapidly evolving industry by providing the tools required to stay one step ahead of the competition. The industry draws upon a highly skilled and educated pool of knowledge workers as well as a fiscal regime that aggressively promotes and rewards technological innovation. The Montreal area alone is the seventh largest North American employer in the information technology industry, accounting for over 15,000 professionals. In this context, information technology companies are continuing to find that the benefits of doing business in Quebec are unparalleled in the rest of the industrialized world.
In the health science arena, Quebec's economy has witnessed spectacular growth from the presence of numerous major players in the pharmaceutical, biotechnology and medical sectors. In fact, Quebec provides all the key ingredients for success in these sectors through a highly attractive fiscal regime, low cost manufacturing, talented research personnel and superior clinical testing facilities as well as the widespread availability of venture capital. As a result, Quebec has become a focal point for numerous health science companies such as Wyeth-Ayerst Canada, Astra Pharma, Merck Frosst, Hoechst Marion Roussel, BioChem Pharma, Phoenix International Life Sciences and IMS Canada.
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"The primary reason for investing more in Quebec has been the availability of technical competence in our field, especially the expertise of software design with regards to our key area in data warehousing."
Roger Korman
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Montreal is the sixth largest employer in the North American pharmaceutical industry, with 9,000 individuals working out of 75 companies. The Montreal area is also the fifth largest biotechnology hub in North America, accounting for 50 percent of total Canadian jobs and 40 percent of all Canadian biotechnology firms in the industry. These sectors are further enhanced by the greatest concentration of biomedical research facilities in Canada including world class institutions such as the Biotechnology Research Institute (BRI), the Clinical Research Institute of Montreal (ICRM) and Institute for Research in Industrial Pharmacy (IRPI).
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"Our Quebec plant is probably the most advanced helicopter manufacturing facility in the world. One reason we are doing so well on the international markets is the level of support we have been receiving from the different levels of government."
Paul Costanzo
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The aerospace sector has undergone an impressive revitalization in recent years, as companies increasingly transition from reliance upon government defense contracts to the development of products for commercial markets. The province of Quebec is the fourth largest aerospace center in the world and is also the seventh largest global manufacturer of aerospace products. With approximately 75 percent of all output destined for export markets, the aerospace industry is one of the most visibly international sectors in all of Quebec. As such, Quebec is home to renowned multinational corporations such as Bombardier Aerospace, Pratt & Whitney Canada, CAE Electronics, Rolls-Royce Canada and Bell Helicopter-Textron.
The Montreal area, in particular, has become a global hub for aerospace firms, accounting for 70 percent of all research and development expenditures and 50 percent of total output in the Canadian aerospace industry. Employing over 65,000 individuals, Montreal's aerospace industry also accounts for 60 percent of total Canadian jobs in this sector. It is also significant to note that Quebec's aerospace industry reinvests between 15 percent and 20 percent of total revenues into research and development activities on an annual basis. In this light, it is clear that the aerospace industry will continue to play a leading role in the province's new economy for many years to come.
©1998 Conway Data, Inc. All rights reserved. Data is from many sources and not warranted to be accurate or current.