Montreal International reports drop in investments

Foreign investments in Montreal down 23 per cent Montreal International says it made 23 per cent fewer investments in the greater metropolitan area in 2023.

Montreal International says it made 23 per cent fewer investments in the greater metropolitan area in 2023, blaming the slowdown on the economy.

The non-profit organization says it supported 87 projects worth $2.74 billion in 2023.

This represents a 23 per cent drop in investment value compared with the $3.58 billion spread over 102 projects in 2022.

Last July, Alexandre Lagarde, vice-president of foreign investments at Montreal International, had warned of a slowdown in the first half of the year.

"Inflation and rising interest rates are having an impact on investments," he explained.

Stéphane Paquet, president and CEO of Montreal International, adds in a press release that the organization has adopted a more targeted approach to attract "sustainable projects," as well as those that fill a need, such as artificial intelligence or life sciences.

-- This report by The Canadian Press was first published in French on Feb. 26, 2024.