Subjects: ECO, FOR, TRD
Fonds de solidarité FTQ Invested $1.1 Billion in the Québec Economy in 2017-2018
MONTRÉAL, June 18, 2018 /CNW Telbec/ - The fiscal year ended May 31, 2018 marks the fifth straight year of increases in development capital investments by the Fonds de solidarité FTQ in the Québec economy. The $1.1 billion invested this past year to support local businesses represents a 69% increase over the previous 5-year average of $654 million.
"On the eve of the Fonds' 35th anniversary, we had an exceptional investment year in Québec," said Gaétan Morin, President and Chief Executive Officer of the Fonds de solidarité FTQ. "Québec businesses are increasingly aware of the challenges ahead and are investing in order to better confront them."
Montréal-based Mnubo is one of the new additions to the Fonds' portfolio. In fiscal 2018, the Fonds and its Fonds régionaux de solidarité FTQ welcomed 105 new partner companies, compared to 85 the previous year.
"Mnubo shows us that innovation is not the exclusive domain of new economy companies. A leader in Internet of Things analytics and artificial intelligence, Mnubo allows equipment and other manufacturers to transform their business models, create new revenue sources and optimize operating costs," continued Mr. Morin.
U.S.-Canada trade war
In 2017, Québec exports to the U.S. totalled $14.5 billion, or 70% of all the province's exports.1
"The trade war with the U.S. is a reminder that Québec businesses must further diversify their markets. As in the past, especially during the 2008-2009 financial crisis, the Fonds is here to support both our businesses and our governments," concluded Mr. Morin.
The Fonds' financial results for the year ended May 31, 2018 and its new share price will be unveiled July 5, 2018.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. With $13.7 billion in net assets as at November 30, 2017, the Fonds has helped create and maintain over 186,440 jobs. The Fonds has more than 2,700 partner companies and over 645,000 shareholder-savers.
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1 Source: http://www.stat.gouv.qc.ca/statistiques/economie/commerce-exterieur/expy1008.htm
SOURCE Fonds de solidarité FTQ
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