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Montreal Sees Drop in Foreign Investment, Though Levels Remain Above Pre-Pandemic

Arshad Khan

Montreal Sees Drop in Foreign Investment, Though Levels Remain Above Pre-Pandemic

Montreal International, a non-profit organization, reports a 25% decrease in foreign investment in the Greater Montreal area in 2023 compared to the previous two years. Despite the decrease, the organization highlights that the $2.7 billion invested still represents the third-highest year on record and is back to pre-pandemic levels.

The organization attributes the decline to global economic factors like inflation, rising interest rates, and recession in some G7 countries. While investment numbers are down, Montreal International emphasizes that the investments secured focus on priority sectors like environmental technologies, life sciences, and aerospace, creating nearly 6,000 jobs with an average salary of $97,000.

Opposition at Montreal city hall expresses concern about the drop and urges the mayor, Valerie Plante, to improve efforts to attract foreign investors. They point to recent events like language debates surrounding Bill 96 and university tuition hikes as potential deterrents.

Mayor Plante emphasizes the importance of unity between the government, universities, and investors, highlighting Montreal’s welcoming and inclusive nature. She hopes for a unified message that showcases Montreal and Quebec as collaborative and attractive for investment.

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