Government Announces Investment in Productivity and Innovation

Premier Darrell Dexter today, Sept. 18, fulfilled another of the government's key commitments to strengthen the competitiveness of Nova Scotia businesses by announcing the Manufacturing and Processing Investment Credit.

The initiative offers a 10 per cent credit to businesses in the manufacturing and processing sector that are investing in machinery and equipment to make their operations more competitive, more productive and more sustainable.

"This is specific assistance to ensure our economy has the secure jobs it needs to support families and communities," said Premier Dexter. "It demonstrates the government's commitment to supporting the manufacturing and processing industry, much of it based in rural Nova Scotia."

The program will begin in January 2010 and is a $25 million investment in the economy. Government will work closely with industry during the next few months to develop an application process and finalize details of the program.

"The innovative manufacturers and exporters who make up the Canadian Manufacturers and Exporters Nova Scotia Division welcome this new program designed for our sector," said Dorothy Rice, division chair, and vice-president finance and administration of Ultra Electronics Maritime Systems.

"With this announcement, the government is encouraging manufacturers to start now with important expansion plans and equipment purchases. This will help manufacturers boost productivity and increase employment throughout the province."

"We believe the Manufacturing and Investment Credit strikes the right balance between strengthening our competitiveness and living within our means," said Premier Dexter.