The City of Montreal is investing $106.4 million over the next four years as part of a larger action plan to boost economic development and attract more businesses to the area.
Mayor Valérie Plante announced Wednesday the creation of a committee that will oversee projects to bring different business opportunities to Montreal as part of the measures.
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Montreal Chamber of Commerce president Michel Leblanc, who will head the committee, said there are economic initiatives that could be of benefit to the city.
“Montreal is booming,” he said.
The new committee will match the energy and investments from private enterprises with leadership from the city, he explained.
“The private sector is coming with lots of proposals and the city has to think ahead and have some leadership into the planning into what can be done on the territory,” he said.
Under the plan, the city also wants to make it easier for Montreal workers to commute by investing more money into the public transit system. This includes easing congestion for the transportation of goods on busy city streets.
“There is only one network for everyone,” said Plante. “How can we use it best?”
Different economic hubs
The plan also divides the city into three economic hubs — west, centre and east — that are based on both geographical locations and economic issues that impact businesses in those areas.
“Montreal is a huge territory so we felt it was important to address different needs,” said Plante.
“That being said, it’s one big team working with different actors in the field addressing those issues as a whole.”
The western hub, which spans from Sainte-Anne-de-Bellevue to downtown, consists of 378,500 jobs and 19,632 businesses. Its key employment sectors include manufacturing and transport.
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The central economic hub’s major employment sectors include culture, business, finance and professional services. It covers the areas of downtown up to Rosemont-La-Petite-Patrie, and has 619,600 jobs and nearly 29,000 businesses.
The eastern hub, which spans from Villeray-Saint-Michel-Parc-Extension to the eastern tip of the island, is the smallest sector. It has 12, 289 business and 216,500 jobs. Its employment sectors are in manufacturing, transport and retail.