Question Period Note: Achievements in terms of economic development in Quebec

Achievements in terms of economic development in Quebec

• Canada Economic Development for Quebec Regions is the key federal partner for regional economic development in Quebec.

• Since November 2015, Canada Economic Development for Quebec Regions has supported more than 5,300 projects, for total assistance of 2.7 billion dollars that generated 12.7 billion dollars in investments.

• Through its 12 community-focused business offices located across Quebec, Canada Economic Development for Quebec Regions assists businesses and the regions in order to sustain the prosperity of our economy and our communities by promoting projects that generate long-term economic benefits.

• Aligned with Government of Canada priorities, CED’s interventions contributes to increasing the participation of under-represented groups in the economy, such as women, Indigenous peoples and persons from minority groups.

• CED is an accelerator of economic growth: through its interventions, CED support regional innovation, the growth of SMEs and the vitality of Quebec communities.

• CED recognizes the importance of supporting the growth of the quantum sector in Quebec. Thus, a budget of over $23 million will be dedicated to help SMEs and non-profit organizations adopt, develop and commercialize quantum technologies and products based on these technologies.

• CED supports businesses, mainly SMEs and the non-profit organizations (NPOs) that assist them, by making strategic investments that have a positive impact on their growth and prosperity. Thereby, CED contributes to the economic vitality of all Quebec regions by building on their regional competitive advantages.

• The 2021 federal budget announced $360 million over seven years for the development of a National Quantum Strategy led by ISDE, of which $70 million is allocated to CED, FedDev Ontario, PrairiesCan and PacifiCan to help Canadian companies expand and commercialize quantum technologies. Of this $70 million, $23.3 million will be invested in Quebec.

• With this envelope from its Regional Economic Growth through Innovation (REGI) program, CED is supporting the commercialization component of the quantum innovation continuum. These targeted investments are intended to promote the development, adoption and commercialization of quantum technologies by Quebec SMEs and the organizations that support them.

Examples of projects funded by CED

• Innovation: In October 2022, as part of the Jobs and Growth Fund (JGF), CED authorized a repayable contribution of $250K to Secure Exchanges, an innovative young Drummondville company specializing in cybersecurity. The project aims to support the company's growth through the implementation of a commercialization strategy.

• Clean tech: In October 2022, under the JGF, CED authorized a $500K repayable contribution to Innoltek Inc, a Saint-Jean-sur-Richelieu company specializing in the manufacture of biodiesel and biodegradable lubricants for the construction and public works sectors, in order to make the company more environmentally friendly and to adopt environmentally sustainable practices in addition to improving its productivity.

• Tourism: Under the Tourism Relief Fund (TRF), CED supported Hébergement aux cinq sens, a business owned by a woman member of the Huron-Wendat Nation, which offers unusual ready-to-camp accommodation in the Granit RCM. The assistance authorized in September 2022, a non-repayable contribution of $100,000, is intended for the acquisition of three mini-homes to improve the tourism offer.

• Indigenous peoples: In March 2022, CED authorized a non-repayable contribution of $606,000 to the Abitibiwinni First Nation Council, an Indigenous organization that manages services for this community located near the town of Amos. The funding from the TRF will be used to strengthen this micro-tourism destination with the addition of a teepee that will provide visitors with an immersive sound and light experience that focuses on Indigenous values.

• Women entrepreneurship: CED's repayable contribution of $95,000 authorized to Alcyon Sel de Mer Inc. in March 2022 enabled this innovative food processing start-up to acquire production equipment and make the necessary improvements to the building. With these investments, the company, led by two young women, will be able to launch its production in the Magdalen Islands of natural sea salt produced from the water of the Gulf of St. Lawrence.

• Cultural communities: As part of the Black Entrepreneurship Program (BEP), CED is funding Fonds Afro-Entrepreneurs to provide entrepreneurs from Black communities in Quebec with support services tailored to their business’s specific phase of development (start-up, growth, upscaling, structuring, etc.). The $2,995,600 non repayable contribution approved in August 2021 covers a four-year period. The project will contribute to compensate for the limited offer of services and the lack of adaptation to the reality and specificities of entrepreneurs from Black communities in Quebec.

• Quantum: CED's intervention could be used to support activities or finance equipment related to quantum technologies such as: computing (computers, quantum simulations and programming, etc.), communications (quantum encryption and communication, etc.), detection (sensors, etc.), development of innovative materials (materials with new quantum properties, microfabrication, etc.)

With its 12 business offices located across Quebec, Canada Economic Development for Quebec Regions (CED) is the key federal partner for regional economic development in Quebec. Through its regular and temporary programs CED supports regional innovation, the growth of SMEs and the vitality of Quebec communities.