Madam Speaker, I am pleased the hon. member for Shefford has given me the opportunity to speak to the development of the Hyundai plant in Bromont, Quebec.
As the Minister of Industry noted in the House previously, Hyundai informed the government of its intention to remove its equipment from the Bromont plant since its efforts to reopen the plant with partners or to attract investors had been fruitless.
Having reimbursed all sums owed to both governments, Hyundai has no other formal obligations. The arrangement agreed to by Industry Canada, the Quebec industry department and Hyundai was that Hyundai would pay back the entire amount of the contributions it received, $46.4 million, under the Canada-Quebec industrial development agreement if it ceased production and was unable to introduce a new product or find an interested buyer for its Bromont plant.
As neither of these conditions could be met, Hyundai has now returned the entire amount which will be used jointly by the federal and provincial governments under the entente to fund other worthwhile projects that will contribute to economic development in Quebec.
The federal government continues to search for opportunities to create jobs and growth. Industry Canada now has a dedicated investment unit, which is a joint initiative with the Department of Foreign Affairs and International Trade, working on an international marketing campaign to increase international awareness of Canada's advantages as a location for investment.
Investment Partnerships Canada builds new federal, provincial, municipal and government-private sector partnerships to attract investment.
I am confident of the work of Industry Canada. It will respond to any investor interest in the Bromont plant.