Industry Canada: Government of Canada Reconfirms Investment in Bombardier's CSeries

OTTAWA --- The Government of Canada today reconfirmed its commitment of up to $350 million in support of research and development costs of Bombardier Inc.s CSeries commercial aircraft program.>> Id like to congratulate Bombardier on the launch of its CSeries aircraft and reconfirm the federal governments commitment to this project, said the Honourable Jim Prentice, Minister of Industry. Leveraging major initiatives such as the CSeries for long-term competitiveness is a key strategic element of Canadas approach to the aerospace industry.>> The launch of the CSeries is expected to create opportunities for firms throughout the aerospace industry to participate in this new advanced aircraft family. The Government of Canadas repayable investment allows for the fulfillment of a long-standing commitment to support the CSeries.>> Federal funding is subject to Treasury Board approval, as well as support from other key government funding partners, and is consistent with Canadas World Trade Organization obligations.>> Final assembly of the aircraft will be completed in Mirabel, Quebec.>> A healthy Canadian aerospace industry is important to Canada. It is a vital incubator of advanced technologies and brings together a critical mass of Canadian firms that are helping to build a future economy based on high-technology and value-added products.>> The Canadian aerospace industry has annual sales of approximately $22.1 billion and employs 79 000 skilled employees in over 400 firms. (ends)>