May 30, 2016 2:34 pm
Updated: May 30, 2016 2:42 pm

Quebec to spend $250 million in aerospace sector to diversify industry

WATCH ABOVE: Canada's aerospace industry.

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LONGUEUIL, Que. – Quebec is announcing it will invest $250 million over five years to help diversify the province’s aerospace sector.

Premier Philippe Couillard made the announcement Monday at an aeronautics school south of Montreal.

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Couillard said he expects the funding to generate up to $2.8 billion in private investment he believes will help the industry expand further into the security and defense sectors.

He said he hopes the money will also attract more foreign aerospace companies to invest in the province.

READ MORE: Montreal attracts European aerospace firms

Couillard added the government money will help small- and medium-sized business with foreign acquisitions.

READ MORE: Two Quebec-based aerospace companies get local government support

Quebec’s aerospace industry includes roughly 190 companies that employ about 40,000 people and have annual sales of $15.5 billion.

© 2016 The Canadian Press

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