Montreal to invest $360 million in economic development by 2022

On Thursday, April 19, Montreal Mayor Valerie Plante unveiled the city’s new economic development strategy from 2018 to 2022, affectionately dubbed: “Accelerate Montreal.”

The announcement was made at the Sheraton Center, to a crowded room of 868 people, including several economic, institutional, and social partners.

Plante shares that she believes Montreal’s economy, although undergoing a transformation, is “diverse, dynamic, and avant-garde.” Their strategy aims to seize “new opportunities to accelerate the economic development of the city in a sustainable, inclusive, and innovative way.”

A statement from the city of Montreal explains that a number of experts including leaders and international players in the business community were consulted. Also created was a trade advisory committee and an advisory committee for the economic development of the territory.

The plan includes five strategic sectors:

transport and mobility
cultural and creative industries
the digital industry
life sciences and health technologies
clean technology

Plante shares that to respond to economic challenges, the strategy includes building off existing knowledge and skills, stimulating entrepreneurship, boosting economic poles, increasing international ties, and building an efficient business network within Montreal.

Over the next two months, eight actions plans will be adopted, targeting:

Knowledge and talents
Entrepreneurship
Economic development of the territory
Commerce
Montreal abroad
A powerful business network
Social innovation
Design

By 2022, $360 million will be invested into economic development. The amount includes the $150 million unveiled by the Government of Quebec as part of their Joint Economic Planning.

While full details have not been shared, confirmed actions include:

Adding resources to Plante’s SME MTL to finance and support businesses
Funding for commercialization, sustainable development, the social economy, and retail trade
Further development of Montreal companies in international markets
Developing 53 million sq. ft. of vacant land in Montreal

More details to follow…

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