NLIS 8
September 29, 2003
(Industry, Trade and Rural Development)

 

St. John�s among best cities to do business

Industry, Trade and Rural Development Minister Judy Foote said she is pleased, but not surprised, that a report published by Canadian Business Magazine ranks St. John�s as one of the best places to do business in Canada. The city ranked first among Atlantic Canadian cities and third overall in Canada, based on criteria including labour, utilities, taxes, and travel. The complete best cities report was released today in Canadian Business Magazine.

"The results of this independent report are encouraging. In fact, this validates what government has been saying for a long time now - Newfoundland and Labrador is a highly competitive place to do business," said Minister Foote. "We have a well-educated, readily available workforce and an attractive business climate. Other independent international studies, including KPMG surveys commissioned by the federal government, have also ranked St. John�s as one of the lowest-cost locations to do business in North America and Europe."

Creating the right environment for business growth is one of the five fundamental thrusts of government�s Renewal Strategy for Jobs and Growth. Our recently enhanced EDGE program, which is unique in Canada, is an important part of this strategy. EDGE offers substantial tax incentives over 10-15 years for new and expanding business ventures, especially for those locating in rural Newfoundland and Labrador, as well as Crown land for a nominal fee, and the services of a dedicated facilitator to assist businesses wishing to invest in Newfoundland and Labrador.

"In addition to our cost-effective business climate, we are home to Memorial University, Atlantic Canada�s largest university and one of the region�s most important research facilities," said Minister Foote. "We have developed exciting new capabilities and expertise in knowledge-based industries, including information technology, biotechnology, marine engineering and ocean technologies."

Newfoundland and Labrador has experienced strong economic growth over the past five years, leading Canada for three of those years. Almost 27,000 new jobs have been created in the province since 1996. More people are working in the province now than at any other time in our history. In addition, a recent Statistics Canada survey revealed that the population of Newfoundland and Labrador increased over the past year, for the first time in more than a decade. And for the first time in over 20 years, the province experienced positive net migration for July 2002 to July 2003.

"Our Renewal Strategy for Jobs and Growth is an aggressive plan for economic growth and job creation. While economic challenges remain, there is no question that our plan is working and that we have been successful in creating a strong business climate for new investment," said Minister Foote. "This independent report from Canadian Business Magazine confirms that."

Media contact: Tansy Mundon, Communications, (709) 729-4570

2003 09 29                                          4:00 p.m.


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