News release

Legislation Modernizes Province’s Economic Development Approach

Economic Development
Public Works

The Province is creating two new Crown corporations to increase accountability, drive economic growth and support businesses to grow and prosper.

Legislation introduced today, October 19, advances the government’s commitment to modernize its approach to economic development by creating the new Crown corporations.

Invest Nova Scotia and Build Nova Scotia will support businesses from startup to commercialization and streamline planning, management and development of strategic infrastructure. They will focus on seizing opportunities created by a growing population, an expanding knowledge-based economy, a highly skilled workforce and new international market opportunities. Both organizations will be operational by December 1.

The new Invest Nova Scotia will consolidate the work of Nova Scotia Business Inc. and Innovacorp, creating a clear and focused mandate and providing a full range of services to businesses from concept to export growth.

“With unprecedented population growth, now is the time to transform our economy and reach higher than we ever have before,” said Economic Development Minister Susan Corkum-Greek. “This is an exciting new direction – Invest Nova Scotia will make it easier for businesses to start, grow and thrive here while also improving government effectiveness and accountability to Nova Scotians.”

An amalgamation of Nova Scotia Lands Inc. and Develop Nova Scotia, Build Nova Scotia will lead important projects such as healthcare infrastructure redevelopment, Nova Scotia’s high-speed internet initiative and environmental remediation work.

Ministerial oversight for Build Nova Scotia will be shared between Colton LeBlanc, Minister responsible for healthcare redevelopment projects, and Public Works Minister Kim Masland, who will oversee all of the organization’s other projects and priorities.

The legislation introduced today will allow the government to create advisory boards to provide advice to the government on the organizations’ work.

The government has begun a national executive search for CEOs for Invest Nova Scotia and Build Nova Scotia.

Quotes:

“We have an incredible opportunity to transform, use and develop the Province’s lands and properties in ways that benefit communities and enable our economy to thrive. Build Nova Scotia will not only help us address issues like overlapping mandates, duplicate operations and outdated legislation, it will advance projects that propel our economy forward.”

– Kim Masland, Minister of Public Works

“Build Nova Scotia will be an agile Crown corporation entrusted to build, enhance and leverage strategic assets and infrastructure within Nova Scotia. Our Province’s large-scale, healthcare infrastructure redevelopment initiatives will be part of the work of this new organization. We will continue to work closely with the Department of Health and Wellness and Nova Scotia Health on the delivery of these projects, which will help to improve access to care and better meet the needs of patients and staff.”

– Colton LeBlanc, Minister responsible for healthcare redevelopment projects

Quick Facts:

  • on July 26, the Province announced changes to streamline, modernize and improve accountability of several organizations following a review of provincial boards, agencies and Crown corporations
  • proposed amendments to the Invest Nova Scotia Board Act will change the name of the act and associated fund to the Community Economic Development Fund, and move its functions to the Department of Economic Development
  • the Community Economic Development Fund will continue to support projects that encourage co-operation and collaboration across the province to create a more prosperous economy
  • the Nova Scotia Business Incorporated Act, the Innovation Corporation Act and the Develop Nova Scotia Act will be repealed; specific statutory authority for the activities of the former Nova Scotia Lands Inc. will be created

Additional Resources:

Bills tabled in the legislature are available at: https://nslegislature.ca/legislative-business/bills-statutes/bills/assembly-64-session-1

News release – Streamlined Crown Corporations to Drive Province’s Economic Agenda: https://novascotia.ca/news/release/?id=20220726001

Job postings for the two CEO positions:

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