March 22, 2000
(Industry, Trade and Technology)

Economic initiatives aimed at helping local businesses

Under its mandate of export development, investment attraction and benefits maximization, the Department of Industry, Trade and Technology is undertaking a number of initiatives to assist businesses in the province with economic development.

One of the initiatives, Success~Works, received $175,000 in new resources in the 2000-2001 budget to enhance its use as an online business information system about Newfoundland and Labrador.

"With Success~Works we are building a comprehensive source of information on doing business in Newfoundland and Labrador," said Industry, Trade and Technology Minister Sandra C. Kelly. "This additional funding will help Success~Works move from an information tool to an

e-business site for businesses and economic development in Newfoundland and Labrador."

Over a year ago, the Department of Industry, Trade and Technology launched the program, which provides an interactive series of modules on different aspects of business development. It is membership driven, and available through the department�s Web site: www.success.nfld.net.

The department�s partners in the project include the major municipalities, the Regional Economic Development Boards, individual businesses, key industry associations and federal government departments such as Industry Canada and the Department of Foreign Affairs and International Trade.

In keeping with its trade and investment functions, the Department of Industry, Trade and Technology launched the New England Trade and Investment Strategy last November as a means to increase exports to, and investment from, that region.

The strategy is a way to re-connect with one of Newfoundland and Labrador�s traditional trading partners, and to capitalize on the strong economic growth currently taking place in New England.

Since the strategy was announced, approximately 60 companies interested in exploring opportunities in the New England market have been identified. The companies represent various sectors, including IT, manufacturing and building products, and consumer goods (food and crafts). In February, seminars were held for local companies on "Research and Market Entry in the New England Market," and several other seminars are planned for the coming months. The department will also lead a delegation of companies to the biotechnology show, Bio 2000, being held in Boston from March 25-28.

The Department of Industry, Trade and Technology has also been actively pursuing investment opportunities in New England, with a primary focus on the medical devices and IT sectors.

"One of the requests we heard from many businesses during the Jobs and Growth Strategy consultations was the need for ways to support business development in the province. Through initiatives such as Success~Works, and the New England Trade and Investment Strategy, the budget supports working with businesses throughout the province to capitalize on new opportunities, and to develop a stronger economy," said Minister Kelly.

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

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