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Japan, China may invest in Quebec's S$96.5b regional plan
10:49 PM Aug 26, 2011
TOKYO - Companies from Japan and China, including sovereign wealth fund Chinese Investment Corp, are in talks with Canada's resource-rich Quebec province over investing in its US$80 billion (S$96.5 billion) regional development plan, the Bloomberg news agency reported Friday.
Japan's investment houses are interested in rare earths, lithium deposits and infrastructure, and the Chinese are interested in iron ore, Bloomberg quoted Quebec Premier Jean Charest as saying.
The Plan Nord initiative, which is to be carried out over 25 years, is expected to lead to more than US$80 billion in investments during that time and create or consolidate about 20 000 jobs a year, and generate US$14 billion in revenue for the government and Quebec society, according to the Quebec government website.
It calls for a variety of measures, including establishing an investment fund, which the province hopes will lead to the development of at least 11 mines, The New York Times reported in May.