Emond speaks to Montreal business leaders

Charles Emond, in a speech to the Metropolitan Montreal Chamber of Commerce, emphasized the need for action in the face of economic challenges. He highlighted the importance of understanding the current context, including the relationship with the United States and the impact of artificial intelligence (AI) on the economy.

The Quebec and Canadian economies are facing difficult times, with a combination of factors contributing to this situation. Emond noted that the relationship with the United States is a significant aspect, with nearly 70% of Quebec’s exports to the US being intermediate inputs used in American production chains.

This integrated relationship makes it challenging to redirect exports to other countries, such as Europe or Asia, overnight. Emond stressed that becoming more productive is essential to remaining competitive with the primary trading partner.

AI is a significant factor in the economy, with Emond warning against downplaying its impact. He emphasized that AI is not just a machine, but an agent that can perform non-routine cognitive work, and its development is happening faster than expected.

However, Emond noted that Canada is not ahead in AI adoption. He believes that AI could be a historic opportunity to catch up on productivity, but hesitation could exacerbate the gap.

Emond outlined several priorities for action, including having the courage to make choices and identify sectors with potential for global differentiation. He also emphasized the need to work together, with each player taking on their role, to preserve existing infrastructure and finance new projects.

Additionally, Emond stressed the importance of rediscovering the taste for risk and creating a culture of innovation and entrepreneurship. He suggested that solutions could involve fiscal measures, such as providing more significant advantages for start-ups and investments, rather than just tax benefits at the time of sale.

Emond also highlighted the need to stop waiting for the storm to pass and instead take intentional action to address the changing global economic situation. He believes that the current situation is different from past crises, and there will be no return to normal, only a new normality.

La Caisse, with its unique double mandate, can play a significant role in driving the Quebec economy forward.

With its means, expertise, and networks, La Caisse can make a significant impact, but it cannot do it alone. Emond emphasized the need for collective action and a willingness to take risks to create a better future for the Quebec economy.

They must work together to achieve this goal.