NLIS 43
March 21, 2002
(Industry, Trade and Rural Development)

 

Industry, Trade and Rural Development to lead continued implementation
of Renewal Strategy for Jobs and Growth

Ongoing support for the continued implementation of government�s Renewal Strategy for Jobs and Growth is a major part of the 2002-2003 Budget.

The new Department of Industry, Trade and Rural Development created last year to lead the implementation of the Renewal Strategy for Jobs and Growth has been allocated $46.6 million in the budget.

This includes $2.8 million in funding to strengthen the department�s capacity to act on specific priorities under the Renewal Strategy for Jobs and Growth.

Among other priorities, these resources will support the Strategic Partnership Initiative between business, labour and government that was launched in January of this year, as well as a new business investment attraction initiative that was announced in the Throne Speech. Details of the latter initiative will be announced early in the new fiscal year.

The department�s budget also includes $13.3 million for economic diversification, particularly in rural areas, under the federal-provincial Comprehensive Economic Development Agreement. New funding of $3.3 million is also being provided in support of the department�s initiative, in cooperation with NETWORK Newfoundland and Labrador, to attract customer contact centres to the province. Nine centres have been attracted to the province since NETWORK Newfoundland and Labrador was established in 1996, including those announced within the last year for Corner Brook, Grand Falls-Windsor, Carbonear and St. John�s. More than 3,500 new jobs have been created in these centres, generating more than $68 million in direct salaries and wages each year.

The Renewal Strategy for Jobs and Growth was released as a companion policy document to last year�s budget. It is an action-oriented agenda with more than 135 specific priorities to advance the economy. Two-thirds of the priorities for action focus on the challenges confronting rural Newfoundland and Labrador, making it a strong rural agenda as well.

"Job creation and economic growth remain key priorities for government. We have a clear and aggressive plan and it is working," said Minister Tulk. "Our economy is growing and becoming more diversified. Employment is increasing and, in fact, reached an all time historic high in 2001. Out-migration is slowing. The trend line for all economic indicators is moving in the right direction. The new funding allocated in the 2002 Budget for Jobs and Growth initiatives will complement other ongoing economic development efforts and help ensure our economic momentum continues."

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

2002 03 21                           3:20 p.m.


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