MONTREAL — A Canadian aviation company says it is investing $1 billion into innovation as part of a partnership with the Canadian and Quebec governments.
CAE Inc. say the money will go toward developing artificial intelligence and data solutions to be used in civil aviation, defence & security and healthcare.
The Canadian government is contributing $190 million and the Quebec government $150 million.
It’s part of the company’s five-year research and development plan dubbed Project Resilience, which could also see CAE produce green technology for light aircraft.
CAE said the funding will result in 700 new highly skilled jobs and 5,000 work experience positions for students at post-secondary institutions.
François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry, said it’s essential to support the long-term growth of the country’s aerospace sector.
This report by The Canadian Press was first published July 15, 2021.
Companies in this story: (TSX:CAE)
The Canadian Press