Government of Canada Allocates $2,125,229 in Funding to Develop Saguenay-Lac-Saint-Jean Aeronautics Sector

SAGUENAY, QUEBEC--(Marketwire - March 17, 2011) - The Honourable Denis Lebel, Minister of State for Canada Economic Development, has announced that Promotion Saguenay Inc. receives $2,125,229 in non-repayable funding for the construction of an industrial infrastructure to house a business incubator dedicated to the development of aeronautics in Saguenay–Lac-Saint-Jean. This government assistance has been awarded under the Temporary Initiative for the Strengthening of Quebec's Forest Economies (TISQFE).

"The new business incubator will be a strategic community facility that Promotion Saguenay can build on to diversify the economy of Saguenay city and the region. The Government of Canada is proud to support its implementation," explained the Minister of State.

The incubator will work to support leading-edge aeronautics companies interested in setting up shop near the Bagotville airport. Its establishment will be the first step in the development of an industrial park destined to become a centre of excellence in aeronautics; its arrival will facilitate the emergence of a niche excelling in this field.

This project will enhance the airport's commercial and industrial potential in high tech air transportation. Furthermore, it will strengthen economic activity in the La Baie de Saguenay borough, whose economy has been weakened by the recent economic turmoil.

About the TISQFE

In force since last June, the Temporary Initiative for the Strengthening of Quebec's Forest Economies was established to help communities affected by the forestry crisis diversify their economies in order to secure their development and create and maintain employment. The measure's aim is also to support the viability and sustainable growth of the small and medium-sized enterprises (SMEs) in these communities.

This measure is one of many put in place by the Government of Canada in recent months to counteract the effects of the forest crisis. Others include the two-year $1 billion Community Adjustment Fund to mitigate the impacts of the crisis, the $1 billion granted to the Pulp and Paper Green Transformation Program, to help enterprises carry out environmentally-friendly projects, and the investment of $230 million in collaboration with the Government of Quebec for silvicultural work and the restoration of bridges and culverts on multi-use forest roads. Workers have also benefited from their fair share of support, with the Government of Canada introducing some of the most generous measures in history to help them through the economic crisis.

Canada Economic Development is online at www.dec-ced.gc.ca. Subscribe to the Agency's press releases at
http://www.dec-ced.gc.ca/eng/media-room/mailing-list/list.html to keep up with the latest news.