2024 Report: $2.7B in investments supported by Montréal International

Foreign investors supported by Montréal International injected $2.7 billion into the metropolitan economy in 2024, boosting productivity across industries and fueling growth in key innovative sectors such as cleantech, energy transition, artificial intelligence and life sciences. The 59 projects that the agency supported also created or maintained 4,790 jobs—with an average annual salary of $105,439.

These results were announced in the presence of distinguished guests, including Annie Koutrakis, Parliamentary Secretary to the Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec; Céline Haytayan, MPP for Laval-des-Rapides; Valérie Plante, Mayor of the City of Montréal and Chair of the Communauté métropolitaine de Montréal; Stéphane Boyer, Mayor of the City of Laval; and Catherine Fournier, Mayor of the City of Longueuil and Vice-Chair of the Executive Committee of the Communauté métropolitaine de Montréal.

“Montréal International’s 2024 results highlight the agency’s significant impact on Greater Montréal, the economic engine of Québec,” stated Éric Bédard, Chairman of the Board of Montréal International. “Foreign subsidiaries in Québec account for 37% of R&D spending and 56% of exports. They play a vital role in enhancing our economy’s productivity and competitiveness. In the current economic climate, we must focus on supporting our subsidiaries, talent and international organizations to strengthen the pillars of our economy.”

“In 2024, the teams at Montréal International leveraged their expertise for the benefit of Greater Montréal. Their know-how plays a key role in developing cutting-edge industries—one investment at a time, one skilled worker at a time, one international organization at a time,” said Stéphane Paquet, President and CEO of Montréal International. “In the face of a potential trade war and the resulting climate of uncertainty, we are intensifying our efforts—both locally and globally—to safeguard the stability and prosperity of our economy.”

Key findings in 2024

A third of foreign investors in 2024 were from the U.S. Among European nations, Switzerland led with 25% of investments, followed by France with 21% and Spain at 7%. Investments by Asian subsidiaries accounted for 7% of the total.

Three key findings emerged from foreign investment in 2024. First, the total value of reinvestment projects increased by 25% compared to the previous year, reflecting the confidence of foreign companies already established in Greater Montréal. In addition, investments outside the Island of Montréal doubled, primarily in industrial companies. Finally, the Island of Montréal reaffirmed its position as a global hub for AI and video games.

Towards a new sustainable finance ecosystem

In terms of international organizations, the team worked closely with the World Benchmarking Alliance, whose presence is strengthening Montréal’s sustainable finance ecosystem, following the arrival of the International Sustainability Standards Board (ISSB) in 2022. Additionally, CANSO, the global voice of air navigation service providers, announced that it will be expanding its teams in Montréal. This project further consolidates the civil aviation sector that has helped put the city on the map. We also carried out strategic support actions for 50 international organizations established in the region, thanks to the financial support of our partners: the Government of Canada, the Government of Québec, and the City of Montréal.

International teachers and nurses

Finally, in terms of attracting international talent, Montréal International supported more than 150 companies and organizations in their recruitment and immigration processes. Two-thirds of the 287 hires made during the Journées Québec events in 2024 joined our schools, daycares and healthcare system, and over 70 talents were recruited in the aerospace, construction and engineering sectors. The team also processed 370 work permits.

Quotes

“Montréal International is an important ally in raising Montréal’s profile on the international stage, and the important work it does helps make the metropolis Québec’s economic engine. For this reason, the Government of Canada has been supporting Montréal International’s activities for 28 years now, because we believe that economic development in the Greater Montréal Area can only be complete by attracting foreign direct investment that contributes to the development of the region’s innovative sectors.”

• The Honourable Pascale St-Onge, Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Québec

“Montréal is the engine that drives Québec’s economy, and Montréal International plays an instrumental role in positioning the city for growth in strategic sectors. Now, more than ever, the organization’s market exploration activities are key to diversifying and growing our economy. This is what we need to make sure Montréal and Québec remain competitive in global markets. Well done!”

• Céline Haytayan, MNA for Laval-des-Rapides

“The Québec government is pleased to know that Montréal International, Canada Economic Development and the Ville de Montréal are there to support international organizations based in the province. Our 2024 achievements show that Montréal International’s expertise helps shine a global spotlight on the city.”

• Martine Biron, Minister of International Relations and La Francophonie and Minister Responsible for the Status of Women

“Half of all investments throughout Greater Montréal landed on the island, driven by the growing interest of foreign investors in decarbonization and artificial intelligence. We must and will continue to focus on these two highly strategic priorities for Montréal. In the current context, marked by U.S. tariff threats, the role of Montréal International is more crucial than ever. The City of Montréal is the province’s main economic engine; when the city and metropolitan region as a whole prosper, all of Quebec benefits.”

• Valérie Plante, Mayor of Ville de Montréal and President of the Communauté métropolitaine de Montréal

“Laval has once again distinguished itself with valuable investments that reinforce its economy. The arrival of Moderna within our Biotech City, the unveiling of the Carré Laval eco-neighborhood project and our ambitious efficiency project all bear witness to our commitment to innovation. I’m extremely proud that Laval is establishing itself as a hub for the sectors of the future.”

• Stéphane Boyer, Mayor of the City of Laval

“The designation of Espace Aéro, the aerospace innovation zone established in three hubs including Longueuil, provides a concrete example of the support that Montréal International provides to our city, its industries and foreign subsidiaries. In this context, we welcome its collaboration and complementarity with Développement économique de l’agglomération de Longueuil (DEL)”.

• Catherine Fournier, Mayor of the City of Longueuil and Vice-President of the Executive Committee of the Communauté métropolitaine de Montréal

About Montréal International

Montréal International is a non-profit organization funded by the private sector, the governments of Canada and Québec, the Communauté métropolitaine de Montréal and the City of Montréal. Its mandate is to attract and retain foreign investment (companies and startups), international organizations and qualified talent to Greater Montréal by providing support services tailored to their needs.