Aerospace industry is too important to ignore, says Quebec gov.

MONTREAL — After announcing today that they would be investing into Bombardier's struggling CSeries program, the Quebec government says the aerospace industry is too large and important not to invest it. It is important to keep good jobs in the province as well as the millions in tax revenues it receives from the company.

Economy Minister Jacques Daoust told reporters today the province's aeronautics industry is the crown jewel in Quebec's economy and he couldn't let the company fail.

Quebec announced today it was going to invest heavily and become a 49.5% owner in a new enterprise with Bombardier responsible for the CSeries aircraft, which is scheduled to begin production next year, but which also has been plagued with delays and cost overruns.

Daoust says Quebec's aerospace industry pays salaries that are double the provincial average and the province's investment will directly support up to 2,500 CSeries jobs.

The decision sparked fierce criticism from the opposition today in Quebec's legislature, with Parti Quebecois Leader Pierre Karl Peladeau saying the investment brings all risk and no benefit to taxpayers.

Premier Philippe Couillard responded by saying Quebec's aerospace industry supports 40,000 jobs and is as important to Quebec as the auto industry is to Ontario.

He added that the agreement gives Quebec a direct say in the development of the CSeries plane as well as a 20-year guarantee Bombardier will keep its headquarters and its manufacturing and engineering facilities in the province.

"We have pride in our decision," Couillard said Thursday in Quebec City. "And we are going ahead with the CSeries, and it's going to a big success for all Quebecers."