Rural Areas of the Province Benefit from Provincial Government Investment

Through the Regional/Sectoral Diversification Fund, in 2012 the Provincial Government invested $4.8 million in 86 projects in largely rural areas of the province. These strategic investments bring the amount approved since 2005 to $42 million in projects totalling $206 million.

“The Regional/Sectoral Diversification Fund is a key program in the Provincial Government’s business and economic development agenda,” said the Honourable Keith Hutchings, Minister of Innovation, Business and Rural Development. “This program has enabled us to work collaboratively with our community and industry partners to advance initiatives that help diversify local economies and create new opportunities for local businesses.”

Capacity building, research and marketing initiatives, and the development of key pieces of infrastructure were among the strategic investments made in 2012 by the Provincial Government though this program.

“The basis of these projects has been our positive working relationship with municipalities, industry associations, chambers of commerce, and community-based organizations,” said Minister Hutchings. “With significant capacity on the ground throughout the province and strategic programs such as the Regional/Sectoral Diversification Fund, the tools are in place to continue to advance initiatives that positions Newfoundland and Labrador for continued success.”

Examples of projects supported to date include the development of key community economic infrastructure such as marinas and industrial parks, along with tourism product developments and increased capacity of educational institutions.

“Investments in these areas are supporting the continued development of such industry sectors as tourism and aquaculture in our rural areas,” said Minister Hutchings. “As we continue to build upon regional strengths and the work achieved to date, we will continue to drive business and economic development in Newfoundland and Labrador.”

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Media contact:
Diana Quinton
Director of Communications
Department of Innovation, Business and Rural Development
709-729-4570, 631-8155
dianaquinton@gov.nl.ca 

2012 12 31             10:55 a.m.