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Last Trade - 06/05/21

Sector
Basic Materials
Size
Large Cap
Market Cap £24.77bn
Enterprise Value £30.44bn
Revenue £39.34bn
Position in Universe 11th / 727

Quebec reports record foreign investment in province

Wed 14th June, 2017 6:51pm
By Allison Lampert 
    MONTREAL, June 14 (Reuters) - The Canadian province of 
Quebec on Wednesday reported a 50 percent rise in foreign 
investment attracted through its state-owned corporation 
Investissement Quebec during the last fiscal year. 
    Investissement Quebec, which works to attract companies to 
the mostly French-language province, said the investments it 
secured from foreign businesses like miner Arcelor Mittal 
 MT.AS  and Germany's Siemens  SIEGn.DE , rose to a record C$1.5 
billion ($1.14 billion) during the year ending in March 2017. 
    By comparison, the province has generated about $1 billion a 
year in foreign investment since the creation of Investissement 
Quebec in 2011, said Chantal Corbeil, a spokeswoman for the 
group. 
    The higher investments were fueled by demand for cheap 
energy costs and access to the nearby U.S. market, said Pierre 
Gabriel Cote, chief executive of the state-owned body which is 
unique to the province. 
    Quebec, which has one of the highest personal income tax and 
public debt loads of any province, has traditionally lagged 
behind its richer and more populous neighbor Ontario in 
attracting foreign investment.  
    Cote attributed the higher investment this year to 
manufacturing and tech companies seeking low-cost, renewable 
energy and a colder climate to reduce energy costs needed to 
cool servers. 
    "This is a big selling point for people coming here," said 
Cote in an interview on the sidelines of the International 
Economic Forum of the Americas in Montreal.  
    Quebec, which produces renewable hydroelectric power, has 
some of the lowest energy costs in North America. 
    "More and more, they are looking for a location that's a bit 
cooler so less air conditioning is needed. Our power is cheap 
and green so they can market more and more, 'the green (data) 
cloud.'"  
    Some European companies were also looking for a North 
American site close to the United States for exporting, Cote 
said. He said they were not dissuaded by upcoming talks in 
August between Canada, the United States and Mexico to 
renegotiate the North American Free Trade Agreement (NAFTA) 
which allows for tariff-free exports between the three 
countries. 
    "There's certainly some turbulence around that right now," 
Cote said of U.S. protectionist rhetoric. "But going forward we 
don't think that's going to have a major impact."  
 
($1 = 1.3210 Canadian dollars) 
 
 (Reporting By Allison Lampert; Editing by Meredith Mazzilli) 
 ((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters 
Messaging: allison.lampert.reuters.com@reuters.net)) 
 
Keywords: CANADA QUEBEC/INVESTMENT
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