Innovative Spirit Key to Province's Updated Economic Growth Strategy

Innovative spirit, creative drive and resourceful determination are essential ingredients in Nova Scotia's ongoing economic success. These qualities are at the heart of Opportunities for Sustainable Prosperity, the province's updated economic growth strategy.

Released today, April 25, by Premier Rodney MacDonald, Economic Minister Kerry Morash and economic development staff, Opportunities for Sustainable Prosperity is an update to the original economic growth strategy launched in 2000.

"Our economic strategy is intended to shape people's thinking and decisions about economic development," said Mr. MacDonald. "We need to focus on the long term by making economic decisions that respect our environment, our people and our quality of life."

Opportunities for Sustainable Prosperity will be used to shape government's economic decisions, including investments and industry challenges. The updated strategy includes a set of common criteria that government and Nova Scotia Business Incorporated (NSBI) will use when making investments designed to grow Nova Scotia's economy. These criteria focus on increasing productivity, goods and services, jobs, financial capital as well as a timely return on investment, among others.

The strategy also promotes growth and renewal by encouraging diversity and eliminating waste -- of money, resources, ideas, talents and potential.

"We need to focus on how we can keep the economy strong and stay competitive, while being environmentally responsible," said Economic Development Minister Kerry Morash. "Now we have a strategy that builds on our progress and broadens our focus so that we can meet the needs of future generations."

In the five years following the launch of the original strategy, two reports have tracked government action and the province's economic progress. The latest progress report, issued today, shows the province's economy continues to perform well with the unemployment rate at record low levels, income levels increasing by about 13 per cent, and balanced provincial budgets over four consecutive years.

The revised strategy also reflects the results of the year-long consultative process.

During the next year, work will continue on four priority areas. Government, in partnership with others, will focus on increasing productivity, increasing renewable energy sources, developing the Atlantic Gateway and building a skilled workforce.

"Workers in Nova Scotia are well educated, highly skilled and loyal to their companies," said Sandy Ross, director of Canadian operations for Register.com. "We welcomed the opportunity to expand operations in Nova Scotia and have been extremely pleased with the calibre of our new employees."

"The concept of sustainable competitiveness is an opportunity for business," said Chuck Cartmill, president of C-Vision. "Reducing toxic substances in our products is not only healthy for our environment, it's good for business."

An electronic version of Opportunities for Sustainable Prosperity, along with supporting documents, including a progress report on the past two years, can be found on the website at www.gov.ns.ca/econ/ofsp.