Montréal, December 9, 2005 - Claude Béchard, Minister of Economic Development, Innovation and Exports, is pleased to announce that the Government of Québec has approved the 2005-2009 development plan submitted by the Société générale de financement du Québec.
“Considerable efforts have been made since 2003 to put SGF back on the road to profitability,” Mr. Béchard said. “We are pleased with the results and we believe that with the development plan’s new strategic directions, SGF will be able to invest between $200 and to $300 million annually in fostering economic development in Quebec.”
The 2005-2009 development plan is the outcome of several months’ of work and planning and of a reflection process that led to a repositioning for SGF. Following this transitional period, SGF now has a valuable tool that will help the organization fulfil its mission of supporting sustainable economic development while regaining profitability.
SGF based its plan on the following three strategic goals, in accordance with “L’avantage québécois (the Québec Advantage),” the government’s economic development strategy:
- Developing partnerships with foreign investors in order to carry out industrial projects in Québec;
- Contributing to the strengthening and expansion of Québec businesses;
- Helping Québec entrepreneurs grow and succeed in international markets.
“The investments must now fulfil requirements related to profitability, long-term growth, job creation and economic development in Québec,” said Pierre Shedleur, Chairman of the Board, President and General Manager, SGF. “The development plan will promote a business environment in Quebec that will further attract investment. SGF will therefore make a positive contribution to the emergence and strengthening of businesses throughout Québec.”
Finally, based on its new goals and in line with its mission, SGF will strive to maintain an average investment level of 30%, with a maximum interest of 49% on an occasional basis. In accordance with National Assembly regulations, a parliamentary committee will now review the development plan.
The Société générale de financement du Québec (SGF) is an industrial and financial holding company. Its mission is to carry out economic development projects, especially in the industrial sector, in cooperation with partners and in accordance with accepted requirements for profitability and the Government of Québec’s economic development policy.
Senior Advisor, Communications
Société générale de financement du Québec
Tel.: (514) 876-9368
Cell: (514) 710-9313
Office of the Minister for Economic Development, Innovation and Exports
Tel.: (418) 691-5650