Exploring economic development opportunities and implementing promotional strategies for the province�s transportation infrastructure are at the core of three initiatives underway in the province.

"Opening doors to new opportunities is one way we as a province are diversifying our regional economies. These organizations have recognized innovative ways to build and refocus economic momentum towards trade and development," said the Honourable Trevor Taylor, Minister of Innovation, Trade and Rural Development. "By leveraging and promoting our advantageous geographical position, Newfoundland and Labrador is establishing itself as a main player in transportation and trade routes. Government is pleased to support these resourceful initiatives."

The Labrador North Chamber of Commerce (LNCC) is applying $32,500 in funding from the department�s Regional/Sectoral Diversification Fund (RSDF) towards a northern trade development strategy and an upcoming Nunavut trade show, Meet the North. The funds are assisting with the development of a transportation study to evaluate possible trade corridors between Labrador, Nunavut and other northern jurisdictions. Also, this funding will enable the LNCC to continue its participation in the Northlink Project, an initiative of the LNCC in participation with the Northern Chambers Network in Canada, to assist locally-based small and medium-sized enterprises with resources to trade goods and services with their northern partners. The underlying concept behind the LNCC�s initiative is to market Happy Valley-Goose Bay as the transshipment point for the entire Nordic rim. Establishing a link with Nunavut is recognized as the first step in this process.

"This funding will allow the continuation of the Chamber's Northlink project," said Labrador North Chamber of Commerce President Sterling Peyton. "These funds will assist us to further develop our trade and transportation strategies for Labrador, thereby creating new opportunities for economic development and strengthening linkages with our circumpolar partners."

The Goose Bay Airport Corporation (GBAC) is using $23,250 from RSDF to complete a comprehensive marketing and communications plan and to develop a set of professional marketing materials for promotional use. A new design is being created for GBAC's trade show booth, and new brochures are being developed and printed. Revised promotional materials and an updated comprehensive marketing and communications plan are essential to the efforts of the GBAC to market the airport to the world.

The Honourable John Hickey, Minister of Transportation and Works and Minister responsible for Labrador Affairs said, "Today's announcement is once again indicative of the ongoing commitment of the Williams administration to Labrador. These initiatives increase economic growth and opportunities in Labrador and provide invaluable assistance in helping these organizations fulfill their mandates."

Minister Taylor said his department has also provided funding to the Corner Brook Port Corporation (CBPC) to explore economic development opportunities. The port corporation is using funding from the department�s Business and Market Development Program (BMDP) to conduct a feasibility study on establishing a freight service between the Port of Corner Brook and the Port of Belledune in northern New Brunswick. The study is estimated to cost approximately $50,000. The province will contribute 50 per cent of the cost of the study, to a maximum of $25,000. The Corner Brook Port Corporation and the Belledune Port Authority will contribute the remainder of the cost. The study is expected to begin immediately and be completed within three months.

"The Corner Brook Port Corporation is extremely pleased with the support provided by the Department of Innovation, Trade and Rural Development for this feasibility study as there is great potential for the Port of Corner Brook to increase economic activity in the western region," said Raymond Pollett, Chairman of the Corner Brook Port Corporation. "A service to New Brunswick has been discussed for many years, but we need to answer the basic question of viability before we can move forward. This study is designed to examine the opportunities for increased traffic at the Port of Corner Brook through this service or otherwise, and the corporation looks forward to the results of the study."

Finance Minister and MHA for Humber East, Tom Marshall, said he is pleased that government is providing funds to allow another Corner Brook organization to seek additional economic opportunities for the betterment of western Newfoundland. This is another illustration of the Williams Government�s commitment to strategic economic investment.

The Regional/Sectoral Diversification Fund is a $5 million fund of the Department of Innovation, Trade and Rural Development and a component of the province�s Comprehensive Regional Diversification Strategy. The fund provides non-repayable contributions to economic development agencies for initiatives that address regional and sectoral development and diversification.

The Business and Market Development Program is designed to provide new entrepreneurs and expanding small businesses with funding to help them acquire the necessary expertise to pursue new business ideas and new markets for their products or services. The $1 million program is intended to support new growth opportunities in the economy, such as value-added manufacturing activities and export-oriented opportunities.

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2007 01 26                                                   12:00 noon