Nova Scotia Jobs Fund Op-ed

NOTE: The following is an op-ed piece by Economic and Rural Development and Tourism Minister Percy Paris

Recently, I introduced the Nova Scotia Jobs Fund Act - updated, modern legislation that will provide a backbone for job creation in the province.

In my role as Minister of Economic and Rural Development and Tourism, it quickly became clear that a 1950s model for economic development could not be adapted to meet today's needs.

The Industrial Expansion Fund was outdated and simply not providing the foundation and oversight necessary to properly support future investments in businesses and communities of this province. Our auditor general agreed.

The Nova Scotia Jobs Fund will be created from this new act, which will replace the Industrial Expansion Fund. The act fulfills the recommendations of the auditor general's report and will help the province make the most of jobsHere – our plan to grow the economy.

This new Jobs Fund is distinctively different from the IEF.

Provincial economic development investments are 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.

This joint management committee will determine whether proposals should be directed to Nova Scotia Business Inc. (NSBI) or the new fund.

In most business transactions, NSBI will now be the main point of contact for the province. This will allow for better coordination of the province’s various types of investments.

The new fund will pursue the investment opportunities for assisting communities in transition, supporting industry sectors, offering regional support, assisting small businesses programs, and investing in infrastructure and large industrial ventures.

The Nova Scotia Jobs Fund Board, which will now have joint members with the board of NSBI, will continue to advise me, as minister, on how to maximize provincial investments to grow the economy and create good jobs.

The new fund, NSBI, and other provincial economic development investments will be overseen by the newly-created Economic Investment Committee, which will help better serve Nova Scotian businesses and communities, and attract foreign investment to the province. The Public Service Act will also be amended to allow for the creation of this new Cabinet committee.

Each body plays a distinct and important role: joint management committee will ensure all the provincial agencies are working well together and ensure the process is as timely and efficient as possible; the Jobs Fund Board will involve community leaders in decisions on economic investments through the new fund; and the Investment Committee will ensure accountable decisions.

Nova Scotia is on the cusp of some of the greatest economic opportunities in the province’s history. The shipbuilding contracts alone will create thousands of jobs and boost our economy for decades.

But we can't sit idly by waiting to see spinoffs.

There are tremendous opportunities for growth in this province and this new legislation will help ensure that Nova Scotians have access to good jobs that will allow them to stay and build a life here.

The new fund will help the province pursue regional economic initiatives, support programs that provide assistance to small businesses and provide community economic stability where needed.

It is time to think big. It is time to be optimistic about our future. And this legislation lays the groundwork to help us do just that.