Alcoa: An investment with major benefits for Quebec and its metropolis
Montréal, March 4, 2008 The Board of Trade of Metropolitan Montreal is pleased by this morning's announcement by Jean Charest, premier of Quebec, and Alain Belda, chair and CEO of Alcoa, regarding the modernization of the Baie-Comeau smelter, a $1.2 billion investment.
Such investments are particularly important to Quebec's economy since the presence of high-performance infrastructures adapted to today's needs are key to the productivity of our companies. We are also delighted to see that a business environment favourable to attracting such investments has been created and that this new development has been planned over a period of more than thirty years, declared Isabelle Hudon, president and CEO of the Board of Trade.
Over time, in addition to directly stimulating the economy of the North Shore region, this investment will generate spin-offs of $470 million annually in Quebec, particularly through the some 700 Montréal companies with which Alcoa has close business ties. This complementarity will enable Alcoa to benefit from the know-how and labour force in the regions to ensure the competitiveness of its smelters while Montréal benefits from the presence of the company's head office. This is thus a long-term initiative contributing to the complementary development of both Montréal and the other Quebec regions and that should inspire us to stimulate more of the same, concluded Hudon.
About the Board of Trade of Metropolitan Montreal
The Board of Trade of Metropolitan Montreal has some 7,000 members. Its primary mission is to represent the interests of the business community of Greater Montreal and to provide individuals, merchants, and local businesses of all sizes with a variety of specialized services to help them achieve their full potential in terms of innovation, productivity and competitiveness. The Board of Trade is Quebec's leading private economic development organization.
Board of Trade of Metropolitan Montreal
Tel.: 514 871-4000, ext. 4047