According to the FTQ and the Fonds de solidarité FTQ, the new entity should provide employment support and play a complementary role
Montréal, November 11, 2010 - Invited to file a brief with the parliamentary committee concerning draft bill 123 on the amalgamation of Société générale de financement du Québec (“SGF”) and Investissement Québec, the FTQ and the Fonds de solidarité FTQ made their recommendations on the goals that the new Crown corporation should pursue.
In the opinion of the General Secretary of the FTQ and Secretary of the Fonds de solidarité FTQ Board, “The mandate of the new corporation should be expanded to include support for employment and regional development. Its mandate should also include helping the government develop a coherent economic development policy for Québec. In addition to backing large structuring projects, it should play a very active financing role in promising sectors, particularly those involving the new economy and new energy sources,” said René Roy.
“The Fonds de solidarité FTQ has been playing a structuring role in Québec’s economic development for close to 30 years and has worked with these two organizations on many occasions, especially during the last financial crisis. The Fonds could not have met all the needs of businesses without the invaluable contributions of both SGF and Investissement Québec. A modern economy like Québec must have public financing corporations to ensure a balanced development,” added René Roy.
“While we fully endorse the amalgamation of SGF and Investissement Québec, we firmly believe that the mandate of the new entity must complement the mandates of the other institutions that make up our financial ecosystem. By backing higher-risk projects, the new entity will truly help spur Québec’s economic development. Thanks to our distinctive strengths, we will continue to improve the competitiveness of Québec businesses, which are facing major challenges as a result of globalization,” stated Gaétan Morin, Executive Vice-President, Investments at the Fonds de solidarité FTQ.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $7.3 billion as at May 31, 2010, the Fund is a development capital investment fund that channels the savings of Quebecers into investments in all sectors of the economy to help further Québec's economic growth. The Fund is a partner, either directly or through its network members, in 2,052 companies. With its 577,511 owner-shareholders, it has helped, on its own or with other financial partners, to create, maintain and protect 150,133 jobs. For more information, visit www.fondsftq.com.
With 600,000 members, the FTQ is Québec’s largest union federation.
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Note: The telephone numbers provided below are for the exclusive use of journalists and other media representatives. Sources: Jean Laverdière
FTQ
Mobile : 514 893-7809
e.mail : jlaverdiere@ftq.qc.ca
Josée Lagacé
Fonds de solidarité FTQ
Telephone: 514 850-4835
Mobile : 514 707-5180
e.mail : jlagace@fondsftq.com