The Ghislain Dufour Business Forum had the pleasure of welcoming Bicha Ngo, President and CEO of Investissement Québec (IQ), on March 17, 2025. Introduced by Vincent Pilon, Consultant at the National Public Relations Firm, our guest emphasized from the outset the resilience and agility that Quebec companies have demonstrated during the turbulent period that began with the COVID-19 pandemic and continues today with the tariff threats looming from the Trump administration. Unfortunately for some of our companies, these threats have already been carried out and additional tariffs are already in effect. Instability and unpredictability will likely be on the agenda for the coming months.
Many observers of the economic scene are urging companies to turn to other markets in order to escape the unpredictable imposition of tariffs by the U.S. authorities. Easier said than done. The CEO of Investissement Québec reminds us that 70% of Quebec's exports go to the United States through highly integrated supply chains, built over a period of 20 to 30 years, which cannot be changed quickly. This is particularly the case for the automotive and aeronautics industries. So what can be done to get through this new turbulent period?
In the short term, IQ is working to provide flexibility to companies through financing granted from both its own funds and those available through government programs. The Frontière program is a good example of this. It aims to support the liquidity needs of companies affected by a U.S. tariffs that has been in effect since March 4, 2025.
In the medium term, IQ is present to help companies diversify their markets. Ngo believes that Quebec's exports to the Canadian market must increase; they currently represent only 40% of shipments outside Quebec. Then the focus must be immediately placed on developing international business relationships. It will take effort and time, she says. While it takes an average of one year to develop business relationships with American partners, it takes three to five years to achieve this in European Union countries, and more than 5 years to achieve the same result with Asian partners! And if we want to benefit from these future partnerships, Quebec will have to invest to make up for its productivity lag and promote its innovations.
The President and CEO of Investissement Québec is adamant: actors other than the G7 countries are experiencing considerable growth at the moment and we need to address this without delay. Investissement Québec and Quebec's delegations are there to help. These comments were greatly appreciated by the participants, who were clearly inspired by Ngo's communicative energy.
Following tradition, Forum members were able to exchange with our guest before she received thanks from Mirabel Paquette, Partner and Senior Vice-President, Corporate Communications at National and coordinator of the Ghislain Dufour Forum.
From left to right, we recognize: Mirabel Paquette, Partner and Senior Vice-President, Corporate Communications at National and coordinator of the Ghislain Dufour Forum, Jean-Philippe Ménard, Senior Vice-President, Regional network and Innovation at Investissement Québec, our guest Bicha Ngo, President and CEO of Investissement Québec, Martin Daraiche, President and Managing Partner at NATIONAL, and Vincent Pilon, Consultant, Organizations and Stakeholders at NATIONAL.
