Substantial resources for new department

The new Department of Industry, Trade and Rural Development has been allocated a budget of more than $60 million to support its economic and rural development mandates.

These resources will assist the new department in advancing government�s overall economic and development agenda, as embodied in the Final Report on the Renewal Strategy for Jobs and Growth that was released March 20.

Minister Beaton Tulk says the goal of the Jobs and Growth strategy is "to build on the strong economic foundation and momentum we have established together over the past four years, and to be aggressive in moving the economy forward, especially in rural Newfoundland and Labrador."

Mr. Tulk said that advancing government�s Jobs and Growth agenda will be achieved "by taking advantage of the competitive environment for private sector investment and employment growth that now exists as a result of the innovative measures this government has adopted in the past several years and continues to adopt, many of which evolved from the Jobs and Growth consultations themselves."

"We will be investing significant resources over the next year on small business development, regional economic development, export development, investment prospecting, technology development, and strategic industries development," Mr. Tulk said.

"The needs of and opportunities in rural areas will receive utmost attention through all the department�s activities," Minister Tulk said.

New financial resources to pursue this will be made available from the recently signed $44.85 million extension to the Canada-Newfoundland Comprehensive Economic Development Agreement, as well as from continued activity under the $81 million post-TAGS economic development agreement.

"The significant financial commitment we are making in this budget to support our Jobs and Growth agenda reflects the confidence we have in the future of our economy and responds directly to what we heard during the Jobs and Growth consultations," Mr. Tulk said.

Media contact: Josephine Cheeseman, Communications, (709) 729-4570.

2001 03 22                 4:20 p.m.