Foreign direct investment in fell 24 per cent in 2023, Montreal International says

Article content

Foreign direct investment into the Montreal area slumped 24 per cent last year as the global economic slowdown accelerated.

Quebec’s biggest metropolitan area attracted 87 foreign direct investment projects worth $2.74 billion last year, Montreal International, the city’s non-profit investment promotion agency, said Monday. That’s down from a record 102 projects worth $3.58 billion in 2022.

Article content

Data released in January by the United Nations Conference on Trade and Development show that foreign direct investment flows rose three per cent globally last year. Foreign investment into North America was flat, UNCTAD said.

As Quebec works toward a goal of eliminating greenhouse gas emissions by 2050, Montreal International says it’s now focusing on projects that are sustainable or that meet essential needs in strategic value chains. Cleantech and environmental services projects set new highs in 2023, the agency said.

Cleantech investments hit $643 million, or 24 per cent of the total projects supported by Montreal International last year. Investors include German logistics and shipping company DHL, which picked Montreal to start the electrification of its nationwide vehicle fleet, and Norwegian recycling company Tomra, which acquired equipment to improve recovery processes.

Combined, the 87 new investments completed in 2023 led to the creation of 5,983 jobs with a record average annual salary of $97,500, Montreal International said. In 2022, the total was 8,287 positions with an average salary of about $88,000.

This story will be updated.

[email protected]

Recommended from Editorial

Share this article in your social network