Hello, Mr. Chair and members of the Standing Committee on Finance.
To begin, thank you for inviting me to appear before you today.
As a Canadian port authority, the Port of Saguenay is recognized as one of the 17 largest and most strategic ports in the country. It plays a crucial and growing role in Canada's supply chain, with its strategic location at the heart of the corridor formed by the Saguenay, the St. Lawrence and the Great Lakes.
We are a young port with great development potential. In addition to our strong maritime capability and strategic location, we are currently working to develop one of the largest industrial and port zones in the country, with more than 3,000 acres of land earmarked for major industrial projects related to our port activities.
We are working with the governments of Canada and Quebec to attract development projects to Canada in order to develop new and innovative industry sectors. In this regard, our region is particularly well positioned for promising projects, including those directly related to Canada's critical minerals strategy, thereby contributing actively to the global transition to clean energy.
As you probably know, the Saguenay River is a key commerce corridor in eastern Canada. We are making it a hub that is productive, prosperous and above all sustainable for the Canadian economy, since it will be powered by renewable energy forms.
The Port of Saguenay therefore offers a unique opportunity to support growth of the Canadian economy that is both responsible and sustainable.
Through the National Trade Corridors Fund, or NTCF, the Government of Canada is supporting us in that process.
I would also like to commend the excellent co-operation we have received from the team of Pablo Rodriguez, the Minister of Transport. We have received financial assistance to develop new strategic infrastructures in the port, including the electrification of transshipments, which directly improves the appeal of our site.
Our transshipment capability has been improved, but our growth is now limited by our ability to meet shipping demand. Our shipping infrastructure currently has just one berth. As a result, ships requiring transshipment operations that last several days monopolize all port facilities, creating a bottleneck.
We applied to the NTCF for funding to improve our shipping infrastructure. Specifically, we want to build a new berth to reduce waiting times for ships that enter our port and thereby boost our productivity and the increase the flow of goods.
The Quebec government has already confirmed its participation in this new dock project by announcing last November its contribution of $20 million. Now, we are still waiting for the reply to our funding request under the NTCF.
Today we wish to reiterate the crucial importance of investing in our port infrastructure through this essential program.
I will also use this opportunity to speak to you briefly about the request to increase our borrowing limit, as set out in our letters patent.
As you know, Canadian port authorities have borrowing limits that are regulated by the government and that are generally lower than their potential and real needs. This limits access to funding and as a result undermines their ability to attract private capital, requiring us to make massive investments in our infrastructure if we want to stay competitive and innovative.
In June 2023, the Port of Saguenay therefore submitted an application for a supplementary letters patent to increase its borrowing limit in connection with its major ongoing infrastructure projects, which are funded by the NTCF. We have still not received that supplementary letters patent.
We have major projects under way and have committed all of our liquid assets so as not to delay the schedule and investments or stop our work. We are waiting for the additional funding we need, which must first be authorized with the issuing of a supplementary letters patent.
I would like to mention that we were told that our application has been favourably recommended, but it is still being analyzed by the Department of Finance.
Those supplementary letters patent are essential to our organization and for the development of our infrastructure.
We are running out of time. The processing time for our request, which we consider unreasonable and excessive, could undermine our organization and the project's success.
Nonetheless, we are hopeful that with your support we can prevent delays and continue developing the Port of Saguenay and our community and continue to contribute to an effective supply chain throughout Canada.
Thank you for your attention. I will be pleased to answer your questions.