The Government of Québec in Canada has committed to invest C$250m ($191m) during the first five years of implementing its new aerospace strategy 2016-2026, which has recently been unveiled.
The government has offered interventions of C$510m ($390m) to support the industry and expects to generate investment of $2.8bn.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Consultations were held with 35 organisations, including businesses, agencies, schools, college centres for technology transfer and trade unions before formulating the new strategy.
The process witnessed over 150 proposals, which were being analysed and synthesised, and then validated by the industry, bringing together 60 major players.
Around 190 companies and more than 40,000 workers are involved in Québec’s aerospace industry, which last year generated annual sales of C$15.5bn ($11.8bn).
More than 80% of Quebec’s production is exported and nearly 70% of Canadian research and development activities in the field of aerospace are taken place in Quebec.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIn order to help stakeholders while addressing the challenges related to the industry, four main areas, which include ten objectives and thirty initiatives, have been identified.
The main four areas include; strengthen and diversify the structure of the industry; support the growth of the industry by supporting projects and investing in the workforce; aupport SMEs in their development; and focus on innovation.
Under its previous aerospace strategy, the Government of Québec had awarded over C$700m ($535m) from 2006 to 2016 in a bid to support business projects, bringing total investment to C$5.7bn ($4.3bn).
Government of Québec economy, science and innovation minister Dominique Anglade said: "To take full advantage of business opportunities to come, Québec must follow global trends and consider the issues they raise, especially in terms of innovation and labour.
"By adopting this strategy, our government wants to make aerospace one of the most innovative industries, competitive and diverse in the world.
"It was developed with the goal of reinventing the horizon and give impetus to the sector to ensure its long-term prosperity."
