Funding for Montreal Trade Office Advances

As part of Governor Scott’s $210 million economic development and reinvestment plan, the Vermont Agency of Commerce and Community Development’s proposal to establish a Business Attraction Investment Program has passed in both the Senate and House budgets. The proposed budget appropriation of $300,000 would be used to hire a Canadian foreign trade representative firm over a period of two years to generate foreign direct investment (FDI) leads and prospects for the State in the areas of aerospace, biotechnology, and renewable energy, and provide Vermont with statewide representation in Québec. The goal of this initiative is to increase FDI investment with Canada, Vermont’s largest trading partner, and promote cross-border trade and tourism when the border reopens.

In keeping with our record of working with Québec on cross-border trade and legislative issues and building the Vermont – Québec Aerospace Trade Corridor, the Vermont Chamber supports this initiative. It will help strengthen our ties with Québec, promote tourism as we come out of the pandemic, and will also help to attract and recruit Canadian companies interested in establishing a footprint in Vermont to access the North American market for contracting opportunities. Successful business recruitment, in turn, will create jobs for Vermonters and grow the state’s economy. To learn more, please contact Vermont Chamber Vice President of Business Development Chris Carrigan.