Canada’s Economic Statement – Fall 2020 – Aéro Montréal Expected Concrete Help for Aerospace Manufacturing Companies

Canada NewsWire

MONTRÉAL,Nov. 30, 2020/CNW Telbec/ – Aéro Montréal has reviewed the Fall Economic Statement issued byChrystia Freeland, Minister of Finance and Deputy Prime Minister.

Aéro Montréal Logo (CNW Group/Aéro Montréal)

First Steps in Supporting the Aerospace IndustryAgainst the backdrop of the global COVID-19 pandemic, MinisterChrystia Freelandcommitted in the budget update exercise and announced a$1 billioninvestment over two years to assist regional air transportation and airports.By providing for an increase in the maximum rate of theCanadaEmergency Wage Subsidy (CEWS) offered to employers from 65% to 75% fromDecember 20, 2020toMarch 13, 2021, the government is also confirming its desire to support businesses during this unique and particularly difficult context.Quebec’saerospace cluster welcomes the first signals sent but regrets the lack of engagement with actors throughout the industrial supply chain.Necessary support for the entire supply chainHowever, in this interconnected ecosystem, the manufacturing industry must not be forgotten. In 2019,Quebec’saerospace industry ranked first in terms ofQuebecexports, accounting for 12% ofQuebec’stotal manufacturing exports. During that same year, the industry alone accounted for 43,400 workers and sales totalling$17.8 billion. Alongside airports and air carriers, close to 250 companies work every day to build, repair and improve our aircrafts and make Montréal the third aerospace capital of the world.”While more than 4,000 jobs have already been lost in the Québec aerospace industry since the beginning of the pandemic, we are very concerned about the erosion of our ecosystem and the exodus of our qualified workforce. Every day counts, we need the federal government as a strategic partner to ensure the survival of this sector, which is vital toCanada.” said Suzanne M. Benoît, President of Aéro Montréal.About Aéro MontréalCreated in 2006, Aéro Montréal is a strategic think tank that groups all major decision makers in Québec’s aerospace sector, including companies, educational and research institutions, as well as associations and unions.The activities of Aéro Montréal are made possible thanks to the participation of the governments ofCanadaand Québec, the MontréalMetropolitan Community, as well as company members of the cluster.

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