Premier Launches Productivity Investment Program
NOTE: A social media version of this release with hi-res, downloadable photos, video and audio clips is available at gov.ns.ca/news/smr/2010-12-20-Productivity-Investment/ .
Nova Scotia's new Productivity Investment Program will help companies improve their employees' skills and purchase advanced equipment in order to become more competitive.
Premier Darrell Dexter said today, Dec. 20, in Sydney that the program is one of the most significant investments in workplace training in Nova Scotia's history.
"Investment in people and equipment makes us a more competitive province -- it's that simple," said Premier Dexter. "Being more competitive is essential to growing our economy. That's why we're providing Nova Scotia companies with even more opportunity to increase productivity and learn the right skills for good jobs."
The Productivity and Investment Program is one of the new programs under jobsHere, the province's plan to create good jobs and grow the economy.
The program will have an annual budget of $25 million and focuses on productivity in two ways: skill development for existing employees through the Workplace Innovation and Productivity Skills Incentive component and the purchase of advanced technology and advanced equipment through the Capital Investment Incentive component.
"Providing capital assistance to purchase new technologies and equipment is a proven way to increase productivity," said Ann Janega, vice-president, Nova Scotia division of Canadian Manufacturers and Exporters. "Expanding the program to include more businesses and advanced manufacturing sectors, and doubling the amount available from 10 to 20 per cent is very exciting news."
The program also provides increased funding of $350,000 to expand the province's post-secondary co-operative education program to provide meaningful workforce experience to students, and $300,000 to increase the capacity of the Department of Labour and Workforce Development's Workplace Education initiative.
"AG is an International technology company based here in Cape Breton," said Kathy MacIntyre, CEO, AG Research. We compete and win through hard work and very smart people. Training is the crucial component for AG to grow.
"We have the people, and the vision. The province is providing us with the tools. This program ensures that we remain competitive and ready to take on the world."
The new program expands on the previous Manufacturing and Processing Credit Program and is part of government's commitment to spur growth in this sector and other key sectors of the provincial economy. The Capital Investment Incentive component will include businesses involved in aerospace and defence, life-sciences, information and communication technology, and companies involved in the development of non-traditional sources of energy.
More information on the Productivity Incentive Program, including guidelines and application forms, is available at www.gov.ns.ca/econ/pip
jobsHere is the provincial economic growth plan to strengthen our workforce with the right skills for good jobs, increase productivity and advance our global competitiveness to grow the economy and make life better for our families.
For more information on jobsHere visit gov.ns.ca/jobshere