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November 26, 1998
(Executive Council)


Premier welcomes benefits principles from advisory council

Premier Brian Tobin today accepted a report prepared by the Advisory Council on the Economy and Technology (ACET) on major benefits principles and strategic considerations for enhancing provincial benefits from natural resource developments.

"Newfoundland and Labrador has substantial natural resource wealth. As these resources are developed we must ensure that Newfoundlanders and Labradorians are well positioned to receive full and fair benefits," Premier Tobin said.

"We have already received significant benefit from the development of our resources. As these industries evolve and the province's capacity and capabilities grow, it is timely and advantageous to take stock of where we are and to look at where we want to go," he said.

"The principles suggested by the advisory council are timely. They provide a solid basis for discussion and input from all stakeholders on benefits," Premier Tobin said.

The Advisory Council on the Economy and Technology is comprised of business and labour leaders from across the province, mandated by government to provide advice on economic policy, business development, competitiveness, and sustainable development.

"The advisory council recognizes the need for industry and government to work together to develop the province's natural resources in a way that provides fair returns to resource developers, and full and fair benefits for the people of Newfoundland and Labrador," said Peter Woodward, chairman of the council. "We hope that the principles document presented today, will serve as the initial building block as government moves to ensure benefits accrue to the province in our natural resource sector through to the next millennium."

The premier has directed the ministers of Industry, Trade and Technology and Mines and Energy to make this document available throughout the province so that government may hear the views of all concerned. Ministers are asked to report back to Cabinet early in the new year.

Government will consider the advice of the advisory council as it reviews existing policies for achieving genuine benefits for people and businesses resident in Newfoundland and Labrador.

Media contact: Heidi Bonnell, Premier's Office, (709) 729-3564

NOTE: A copy of the advisory council's report Principles for Enhancing Benefits for the Natural Resource Sector - An Industry/Government Partnership is available on the government web site (www.gov.nl.ca) under What's New.

1998 11 26                                    4:05 p.m.


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