NLIS 13
March 30, 2004
(Innovation, Trade and Rural Development)

 

Government Announces Support for
Economic Growth, Innovation Strategy

Budget 2004 has allocated more than $2 million to the Department of Innovation, Trade and Rural Development to further support economic growth in the province.

"The re-focused department will help grow and diversify Newfoundland and Labrador�s economy across all sectors by encouraging the application of knowledge and advanced technologies to develop new businesses and create sustainable industries for the province," said Minister Kathy Dunderdale. "The funding and initiatives announced today will support the department in these efforts."

Government has budgeted $2.2 million in the department to continue key initiatives, including the Ambassador Program, a program that promotes Newfoundland and Labrador�s interests abroad; the province�s contribution to the Canada-Newfoundland and Labrador Business Service Centre, an information resource for potential and current business owners in the province; and funding to encourage the formation of business networks to allow local businesses to be more competitive in the marketplace.

Government�s new focus on innovation will include the appointment of a Chief Information/Innovation Officer to lead a new Innovation and Advanced Technologies Branch within the Department of Innovation, Trade and Rural Development. The Chief Information/Innovation Officer will lead the development of a comprehensive innovation strategy which will identify and build upon emerging opportunities in a wide range of sectors. Government has allocated $200,000 in 2004-05 to develop this strategy.

Government will partner with advanced technology firms, industry associations, post-secondary educational institutions, federal agencies and other key stakeholders in developing its innovation strategy.

"This government will take a partnership approach to social and economic development," said Minister Dunderdale. "We will work to advance the province's economy by building on relationships with the business and labour communities, educational institutions and other stakeholders. Our goal is to identify new opportunities for economic growth, strengthen our rural communities and develop strong regions."

Media contact: Lynn Evans, Communications (709) 729-4570

2004 03 30                                         3:00 p.m.


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