Nova Scotia Jobs Fund Act to be Introduced
The Nova Scotia Jobs Fund Act will meet today's economic development needs and include a legislated framework for accountability and management.
Economic and Rural Development and Tourism Minister Percy Paris will introduce the act in the legislature later today, Oct. 31, to replace the almost 60-year-old Industrial Development Act.
"This is a very exciting time. The economic opportunities that are on the horizon of our province are massive," said Mr. Paris. "The Nova Scotia Jobs Fund Act lays the groundwork to support future investments in businesses and communities of this province."
The new act will allow the Nova Scotia Jobs Fund, which will replace the Industrial Expansion Fund, to be established.
The new act legislates the type of investments the province will provide through the Nova Scotia Jobs Fund to:
- promote economic growth
- help restructure economic regions
- support industry sectors
- pursue regional and strategic economic initiatives
- support programs that provide assistance to small businesses
- support community economic stability
"Through the Nova Scotia Jobs Fund, the province will capitalize on economic development opportunities such as attracting businesses and promoting international trade," said Mr. Paris. "This fund will help to keep and create good jobs, as part of jobsHere, the plan to grow our economy."
The Public Service Act will also be amended to allow for the creation of a new Cabinet Committee called the Economic Investment Committee.
The new fund will be advised by the Economic Investment Committee. Provincial economic development investments are also being improved with a new joint management committee, which will have representatives from the Premier's Office, Department of Economic and Rural Development and Tourism, Department of Finance, Nova Scotia Business Inc., and Innovacorp.
The committee will help better serve Nova Scotian businesses and communities, and attract foreign investment to the province. These improvements address the auditor general's recommendations.
The Nova Scotia Jobs Fund Act will take affect on April 1.