Economists Urge Increase in Number of Immigrant Investors in Quebec
June 13, 2011
An increase in the number of immigrant investors (experienced businesspeople with a net worth of at least $1.6 million who agree to invest $800,000 over five years) in Quebec could have significant economic and human benefits for the province, said Analysis Group Senior Economist Pierre Emmanuel Paradis and affiliated expert and University of Quebec economics professor Pierre Fortin in a report they presented May 31 to the members of the National Assembly Committee on Citizen Relations. That group is looking into Québec’s immigration planning for 2012-2015. “Immigrant investors still account for only 3.5% of new immigrants, and their number could be increased substantially without hindering the arrival of immigrants with other characteristics,” the two economists told the committee. Their brief draws on their own studies as well as work done by Analysis Group colleagues including Managing Principal Marc Van Audenrode, Economists Natalia Mishagina and Anne-Catherine Faye, and affiliated expert and Queen’s University economics professor Roger Ware.
Quebec’s Immigrant Investor Program was created in 1985 and seeks to attract experienced businesspeople and their capital as a way of promoting economic growth. Mr. Paradis and Mr. Fortin urged the government to reduce the backlog of paperwork involved with managing existing participants in the program and to continue offering assimilation and mentoring programs that will encourage immigrant investor families to settle in Québec. The economists reminded the committee of the "substantial contribution to the economy" by immigrant investors: From 2001 to 2011, the total value of financial contributions under the program reached $500 million, benefiting 3,126 companies all across Québec.
Read the report (in French)