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Ministerial Statement

by

Premier Brian Tobin

Advisory Council on the Economy and Technology's
Principles for Enhancing Provincial Benefits
for the Natural Resource Sector

November 26, 1998


Mr. Speaker, 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.

In May of this year, I asked the Advisory Council on the Economy and Technology for their input and guidance into how we might improve our ability to realize benefits from development of our natural resources.

The Advisory Council is comprised of leaders from business and labour from across the Province. It is mandated to provide advice to Government on economic policy, business development, competitiveness, and sustainable development issues.

Mr. Speaker, I am today tabling an Advisory Council document which outlines the principles which the Council believes should guide the Province, and industry, in enhancing both provincial benefits and making this Province a more attractive place to do business.

As a Province we want to ensure that the people and businesses resident in Newfoundland and Labrador are the primary benefactors of our resources. Just as resource developers hold a responsibility to earn fair returns for their shareholders, Government has a responsibility to ensure full and fair returns for the people of Newfoundland and Labrador.

Government will consider the principles put forward by the Advisory Council as we examine our policies for achieving genuine benefits for Newfoundlanders and Labradorians.

I am directing my Ministers of Industry, Trade and Technology and Mines and Energy to make this document available throughout the Province, so that we may hear the views of all concerned. The Ministers are asked to report back to Cabinet, early in the new year.

Mr. Speaker, we must keep our policies current with the needs and capabilities of the Province and the realities of our business environment. Government recognizes each natural resource sector is unique. Each sector will require a unique benefits approach.

The mining sector is within the exclusive legislative jurisdiction of the Province, and the people of the Province are the owners of the resource. We have the necessary regulatory tools to ensure full and fair benefits. This also carries with it a responsibility to exercise our capability in a reasonable and responsible manner. Honourable members currently have before them a Bill to amend the Minerals Act, which clearly articulates our policy objectives.

Our Lower Churchill hydro-electric resources are being developed by Newfoundland and Labrador Hydro, a crown corporation. Hydro=s approach to the project will ensure that these resources are developed competitively and in a way that allows Newfoundland and Labrador to realize full benefits.

Mr. Speaker, in our offshore oil and gas sector we share jurisdiction with the Government of Canada under the Atlantic Accord. While we expect developers to provide full and fair opportunity for business, jobs and other benefits in this Province, the two levels of Government must provide developers with a stable, certain and competitive operating climate.

The principles suggested by the Advisory Council are timely. They provide a solid basis for discussion and input from all stakeholders on the benefits. I want to extend my sincere thanks to the Advisory Council for their efforts on this matter.

Thank you.


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