Honourable senators, I rise today to highlight important news and opportunities for the Quebec City region. On November 3, Davie Shipbuilding announced the completion of the purchase of the assets of Helsinki Shipyard.

This merger made Davie a world leader in Arctic shipbuilding. This expertise has been good for Canada, whose National Shipbuilding Strategy, or NSS, now includes Davie. The company has contracts with the federal government to build a fleet of six icebreakers that will help maintain year-round shipping in Eastern Canada.

Federal and provincial government support was key to securing this expansion.

The federal government recently announced that Davie is now a long-term partner in the NSS, and the Government of Quebec announced a contribution of over $500 million to help integrate the shipbuilder into the NSS. Quebec also provided $110 million in funding to support the recent acquisition.

Davie was once named the North American shipyard of the year, and these investments will ensure that the company’s headquarters remain in Quebec so that its success will continue to benefit Canada and Quebec. In a 2020 report, Deloitte projected that Davie could contribute as much as $11 billion to Canada’s GDP over the next 20 years, along with up to $2.8 billion in public revenue.

This expansion will stimulate investment opportunities for Quebec, as well as boost innovation. This is an exciting and rewarding example of knowledge economy in action. These two shipyards will also focus on clean energy solutions to create a greener, more sustainable fleet.

As a developed nation, we must lead in this direction in the world. Colleagues, I’m delighted to share this Quebec success story with you. It is by investing in our local businesses that we create a strong and vibrant local economy.

Thank you. Meegwetch.