November 10, 1999
(Industry, Trade and Technology)

Minister Kelly announces New England Trade and Investment Strategy

Industry, Trade and Technology Minister Sandra Kelly today announced the development of the "New England Trade and Investment Strategy," a comprehensive plan to optimize export opportunities to, and inbound investment from the New England states, and to create new jobs and wealth for Newfoundland and Labrador.

"When you combine the strength and growth of our own provincial economy with the strong economic conditions in the New England states right now, it is an optimum time for the province to take a more focused approach that will capitalize on the lucrative New England market," explained Minister Kelly.

The Newfoundland and Labrador economy is stronger than it has been in years and continues to grow at a rate that exceeds the national average. In addition, Newfoundland and Labrador currently has an available, well-trained labour force. Combined with a cost-effective business environment, the province is an ideal location for businesses looking to relocate or expand.

Minister Kelly pointed out that the New England market also offers many advantages to Newfoundland and Labrador companies. For instance, it is growing at a pace that often exceeds the American national averages in many sectors. Additionally, New England's unemployment rates are much lower than the national average in the United States, creating a shortage of labour and high wage rate conditions. As a result, many New England companies are choosing to import goods or expand operations to other jurisdictions.

Through consultations with partners such as industry associations, a series of strategic initiatives has been developed to enhance export and inbound investment opportunities. The strategy also identifies growth areas and priority sectors, which include biotechnology, IT and manufacturing, among others. New England is also a potential market for natural gas, which is expected to be developed in the province in a few years. Husky Oil's recent announcement on the White Rose oil field highlighted the significant opportunities to harness both oil and natural gas in the Jeanne d'Arc Basin.

"This market is a good fit for Newfoundland and Labrador. Our new strategy will give us strong direction for working with companies in the province and enabling them to fill demands and shortages in the growing New England market," said Minister Kelly.

In April, Premier Tobin and Minister Kelly led a delegation of 11 Newfoundland and Labrador companies to New England, as part of the "Team Atlantic" trade mission. It was hailed as a successful mission, which helped identify new trade opportunities, and brought the potential of the market to the forefront.

Mary Clancy, Canadian Consul General to New England, traveled to the province this week to hold consultations with the province on the strategy, and to make the official announcement with Minister Kelly.

"I'm delighted to be here in Newfoundland and Labrador for this important announcement. Our office is in the business of developing new opportunities for Canadians, and it is very encouraging to see this province introducing a strategy that will make these partnerships even stronger," said Mary Clancy.

The "New England Trade and Investment Strategy" takes a partnership approach to developing opportunities in this market, and the Department of Industry, Trade and Technology will work in cooperation with the private sector, industry associations, and other provincial and federal departments to combine resources and expertise, and thus maximize potential opportunities in New England.

Media contact: Jackie Simon, Director of Communications, (709) 729-0050.

1999 11 10 11:30 a.m.