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Investments in regional economic development Government will continue to make significant investments in regional economic development and has budgeted approximately $9 million to implement a number of industry and community initiatives approved under the Canada-Newfoundland and Labrador Comprehensive Economic Development Agreement (CEDA). Government has budgeted an additional $5.5 million for new economic development initiatives as its contribution toward a proposed $20 million extension of CEDA for one additional year. CEDA is scheduled to terminate on March 31, 2003. This proposal has been put forward to the federal government as a transitional measure pending the establishment of a Canada-Newfoundland and Labrador Economic Development Board, a new model of federal-provincial co-operation recently advanced by the province. "The Government of Newfoundland and Labrador is fully committed to regional development in the province," said Minister Foote. "This new federal-provincial model for economic development programming would eliminate the overlap and duplication among both orders of government while at the same time pooling our collective resources in support of common economic development objectives and priorities." Should the federal government decide not to partner with the province in an extension of CEDA or the proposed Canada-Newfoundland and Labrador Economic Development Board, the province will use the $5.5 million provided in the Budget to ensure that key strategic economic development initiatives implemented by provincial departments and agencies through CEDA continue in the future. This will include initiatives such as aquaculture programming, tourism marketing, youth entrepreneurship programs, and trade and export development activities. RuralEXPO 2003 Government has allocated $350,000 in Budget 2003 to host RuralEXPO 2003, which will create awareness and foster confidence about the positive things happening in the province. The event, which will build on the success of RuralEXPO 2001, will be held in the fall of 2003. Details will follow after consultations with rural and community stakeholders. "RuralEXPO 2001 was a huge success in showcasing and promoting the economic potential and entrepreneurial achievements in rural Newfoundland and Labrador, building on the Renewal Strategy for Jobs and Growth," said Minister Foote. Rural Development Associations Government intends to strengthen the capacity of Rural Development Associations (RDAs) to help advance the implementation of the strategic regional development plans prepared by the 20 Regional Economic Development Boards (REDBs). An independent review of the role RDAs play in the implementation of REDB strategic plans is nearing completion. "Based on the results of this review, the province will seek the support of the federal government, through the Canada-Newfoundland and Labrador Labour Market Development Agreement, to ensure RDAs have the necessary capacity to participate as effective �agents of change� at the community level in keeping with the specific implementation roles carved out for them through the 20 REDBs," said Minister Foote. Media contact: Tansy Mundon, Communications, (709) 729-4570. 2003 03 27 4:20 p.m. |
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