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May 14, 2009

The following statement was issued by the Honourable Paul Oram, Minister of Business. It was also read in the House of Assembly:

Province Hosts Pan-Atlantic Investment Co-ordination Committee

Last Thursday, May 7, a meeting of the Pan-Atlantic Investment Co-ordination Committee was held here in St. John�s. This is a group comprised of senior investment co-ordinators and officials from the Atlantic Provinces and the Federal Government. Its primary objectives are to facilitate investment partnerships and build awareness in international markets to better establish the Atlantic region as a good place in which to invest.

This was the first time since 2007 that Newfoundland and Labrador has had the occasion to host a meeting of the Investment Co-ordination Committee. It provided a beneficial opportunity for officials of our government who are involved in investment attraction to get together and interact face-to-face with counterparts from New Brunswick, Nova Scotia, Prince Edward Island and the Federal Government, in order to communicate; coordinate and share information; report on progress; scope upcoming international events, conferences and missions; and lay additional groundwork for increased investment activity in the Atlantic Provinces.

Although on one level our provinces naturally compete with one another for foreign and national business, we also hold common interests in promoting our jurisdictions and region as a whole for investment, and our individual efforts, activities and successes can certainly have mutual benefits for us all.

The meeting also provided our province, as hosts, with an opportunity to highlight to the Atlantic and federal agencies the strengths and assets that make Newfoundland and Labrador an increasingly attractive place to invest, including our wealth of resources, our current and future major projects, and our significant financial investments in areas like infrastructure and R&D.

Like other jurisdictions in Canada and around the world, we recognize that attracting business from abroad creates new employment and contributes to diversifying our economy. That is why our government established the Business Attraction Fund as a key incentive for investors, and why in Budget 2009 close to $30 million was provided under the fund this fiscal year.

Our province was pleased to host last week�s meeting of the Pan-Atlantic Investment Co-ordination Committee, as we advance our own objective to position Newfoundland and Labrador as a preferred destination for inward investment.

2009 05 14                                                 1:55 p.m.
 


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