The government of Quebec in Canada has decided to go in a new direction when it comes to investments and growth in the economic sector. Quebec had one of the most successful stories in the manufacturing industry and sector in recent times. The region became globally renowned for the re-establishment of the automobile industry, which is a feat that was virtually impossible by any other country after America and the United Kingdom, both of whom had done so during the industrial revolution. The investment that the Quebec government put into the automobile industry revived the industry and had made the region a major hub for additional automobile investments. This largely boosted the regional economy and contributed greatly to the ailing industry.
The new investment
Quebec now seems to be headed for a complete do over, but with a different form of investment. Canada’s space technology is an average program that does not necessarily rival the programs of other bigger nations in the world. Even though Canada is has a sizable economy, it does not have the best space program. The current Quebec government plans to change the mood of the sleepy and cold region by investing over 250 million dollars in the aerospace industry. The government plans to attract international investors from every corner of the globe to boost the local economy by promoting innovation and simultaneously creating some much needed jobs.
The government however, is extremely focused on boosting their local economy instead of merely filling the pockets of the large corporations. Even though the region wishes to attract large to very large scale investors, it still requires the small and medium scale business owners in the aerospace industry to grow. It expects a certain amount of growth rate to the local economy, for which regulatory bodies will be set up, that too with a standard set of regulations allowing the same. As of the most recent estimates, there are over 200 small to medium sized businesses in the aerospace sector within the Quebec jurisdiction.
The growth of these companies is paramount for the Quebec government. And even though the Quebec government is spending 250 million dollars in the aerospace industry and program, the government experts claim that they may easily expect over 2.5 billion dollars in spin off benefits. This may be the much needed boost for Quebec’s economy. However, the way the government goes about it is still in question.