March 22, 1999
(Industry, Trade and Technology)

New Industrial Benefits Strategy to be developed

Industry Trade and Technology Minister, Sandra Kelly, today announced a new Benefits Maximization Strategy for industrial projects is being developed and will be released by the Government of Newfoundland and Labrador later this spring.

In consultation with the Department of Mines and Energy, Kelly says her department of Industry, Trade and Technology will develop a new Provincial Benefits Maximization Strategy that will foster and promote the competitive advantages of Newfoundland and Labrador, and fully maximize sustainable benefits from major resource developments.

"The benefits we receive from industries and our natural resources are of critical importance to the growth and development of our province," Kelly said. "As we foster a province with a world-class and competitive array of industrial developments, we must ensure we maximize our economic returns on every front.

"The scope of the initiative will encompass all major development opportunities, including Voisey's Bay, the Lower Churchill, and all aspects of the Newfoundland and Labrador offshore."

"With major development opportunities on several resource fronts, we want to ensure we have a comprehensive and consistent benefits maximization policy that is good for business, and also for the people of Newfoundland and Labrador," the minister added.

Media contact: Doug Burgess, Communications, (709) 729-0050.

1999 03 22