As vice president of foreign direct investment at Investissement Québec International in Montreal, Daniel Silverman has a front-row seat to economic development at the highest levels in this Canadian province just north of New York.
In a recent interview, we caught up with Silverman to learn more about the factors driving investment in Quebec. Here is that exchange:
WHAT ARE THE DOMINANT ECONOMIC DEVELOPMENT TRENDS IMPACTING QUEBEC RIGHT NOW?
SILVERMAN: The obvious response is the relationship between the United States and Canada. The incertitude of tariffs has had an impact on both investment and trade for Quebec. The usual volume we see from U.S. investors has slowed since the beginning of the year. This has also had an impact on other foreign investments into Canada as some investors use Canada as an entryway to the U.S. market.
The defense sector has had a significant impact. Canadian government spending is expected to increase significantly, as are other markets such as Europe. This presents an exciting opportunity for Quebec-based businesses and other companies looking to expand into Canada and more specifically to Quebec. With one of the top aerospace sectors in the world, globally recognized artificial intelligence, quantum computing and microelectronic ecosystems, and a province rich in critical minerals, Quebec is positioned to innovate the Canadian defense industry and bring our expertise to other regions of the world.
WHAT WERE SOME OF YOUR BIGGEST ECONOMIC DEVELOPMENT PROJECT WINS OF THE PAST YEAR?
SILVERMAN: We have been quite fortunate over the past year in securing projects in our strategic sectors of quantum computing, life sciences, microelectronics, critical and strategic minerals, energy transition, artificial intelligence, and aerospace and defense. Some of the key investments include Chantier Davie, Delpharm, MDA, Telesat, Boeing, Air Liquide and Hitachi, to name a few.
WHAT ARE YOUR ORGANIZATION’S TOP THREE PRIORITIES FOR THE COMING 12 MONTHS AND BEYOND?
SILVERMAN: Help businesses in Quebec (domestic and foreign) diversify their export markets with the use of the IQI Export team and the network of 37 Quebec delegations across the globe. Also, we will help businesses in Quebec be more productive, innovative and automate with our suite of financial programs and our team of innovation engineers. Finally, we will help them scale domestically and internationally and bring Quebec expertise to strategic markets and ecosystems.
ARE DATA CENTER CAMPUSES A HOT TREND IN QUEBEC THESE DAYS? IF SO, WHAT ARE THE LOCATION FACTORS ATTRACTING THEM TO YOUR PROVINCE?
SILVERMAN: Quebec has always been an attractive destination for data centers, thanks to green renewable hydropower availability. The demand remains extremely high. However, the energy is less abundant than it was in previous years and therefore we are being more strategic in the allocation of energy in Quebec.
IN GENERAL, WHAT ARE THE SITE SELECTION FACTORS THAT MAKE PLACES LIKE MONTREAL AND QUEBEC CITY ATTRACTIVE LOCATIONS FOR NEW BUSINESS INVESTMENT?
SILVERMAN: In general, Quebec has done a great job in creating cross-sectoral engaging ecosystems that work together to support one another. This has created a melting pot of talent that can transition from one sector to another, a market that attracts new talent and post-secondary institutions that work with corporations and government to continue to feed talent and innovation into businesses in the province.
Multinational corporations choose Quebec for the opportunity to grow their business globally. They can use the services and network of Investissement Quebec to develop business opportunities abroad, recruit talent, source locally, innovate, fund expansion projects and integrate into the multiple arrays of strategic ecosystems.
“Quebec has always been an attractive destination for data centers, thanks to green renewable hydro-power availability. The demand remains extre mely high.”
– Daniel Silverman, Vice President, Foreign Direct Investment, Investissement Québec International
