The Province Further Commits to Support and Create Jobs and Innovation

The province is increasing its ability to support economic growth and the creation and protection of jobs.

Economic and Rural Development Minister Percy Paris, announced today, March 2, an increase of $75 million to the Industrial Expansion Fund for this fiscal year.

"The Economic Advisory Panel told us that we need to make smart investments that will grow the economy in order to meet the serious fiscal challenges facing the province. That's what we're doing," said Mr. Paris. "This increase will enable us to proceed with transactions, such as yesterday's investment in the forest industry, that will create or protect large numbers of jobs and economic growth, largely in rural Nova Scotia."

Mr. Paris noted that the current increase in the IEF was required immediately to respond to the economic development opportunity at Northern Pulp, however changes to the IEF would be announced by the end of March.

"While the Industrial Expansion Fund is an important tool to increase and support employment in the province, generate tax revenue and support innovation, government needs to ensure it is used to make sound and strategic investments that will help employ Nova Scotians and grow the economy," said Mr. Paris.

The province has a strong track record of helping to build economic opportunities in all regions of Nova Scotia. Many economic spin offs result from government investments such as jobs, the purchase of local goods and services, as well as new business opportunities.

"The financial support we have received through the Fund has made it possible for our company to grow, hire a strong team and to plan future exports of Nova Scotia products throughout North America," said Jeremy Lee, co-owner of Sustainable Fish Farming Canada Limited.

The Industrial Expansion Fund helps industries with innovation and technology, and contributes to a prosperous and sustainable business climate for Nova Scotia. The fund helps protect jobs and support businesses to be more competitive and sustainable. It provides financial support, such as loans and guarantees, when many traditional sources are reluctant to do so.