Tourism, Culture and Recreation
Natural Resources
March 27, 2014
Investing Over $1 Billion to Support Economic Growth for the People, Families and Businesses of the Province
Budget 2014 supports a vibrant provincial economy with over $210 million in economic development initiatives, including two Venture Capital Funds to provide support and expand opportunities for innovative start-up businesses. The Provincial Government is also making investments in infrastructure totalling $852.7 million in Budget 2014 to further drive economic growth and help stimulate job creation and new business and commercial opportunities.
“We have heard directly from business and industry who have indicated
that greater access to venture capital will support innovative, high-growth
companies operating in Newfoundland and Labrador and lead to exciting new
opportunities. Our government is making investments of over $1 billion to
diversify local economies, and strengthen the business climate. This
includes a renewed investment in tourism marketing of an additional $4
million over the next two years, for total annual funding of $13 million by
2015-16. This investment will help promote our natural heritage, culture and
history, and strengthen opportunities in the tourism sector for both
residents and travellers alike.”
- The Honourable Terry French, Minister of Innovation, Business and
Rural Development, and Minister of Tourism, Culture and Recreation
The Provincial Government will establish two Venture Capital Funds with $10 million to support Build Ventures, and a commitment to establish a Venture Newfoundland and Labrador fund with venture capital stakeholders. Budget 2014 also includes $72 million for tax credits and incentives for businesses, and approximately $45.5 million to support business development and stimulate growth. To promote Newfoundland and Labrador as a unique destination, a total annual investment of $13 million by 2015-16 will support tourism marketing in the province.
To support responsible resource management and development in the province’s energy sector, Budget 2014 includes a $552.7 million equity investment in Nalcor, and also makes significant investments in the province’s forestry and agriculture industries.
“Budget 2014 provides strategic investments in the province’s
abundant resources such as hydro, petroleum, minerals, agriculture, and
forestry. We will continue to chart our own course through equity
investments in Nalcor, using the Energy Plan as our compass, which will
generate provincial wealth and global recognition for generations to come.”
- The Honourable Derrick Dalley, Minister of Natural Resources
Budget 2014 also provides more than $20 million for initiatives that
position Newfoundland and Labrador’s fishing and aquaculture sectors for
long-term success.
This includes support for initiatives in research and development,
marketing, and capacity-building to take full advantage of the Comprehensive
Economic Trade Agreement. Budget 2014 also supports aquaculture and the
Centre for Fisheries Ecosystems Research.
Additional details can be found in the attached Backgrounders: Investments in Venture Capital to Fuel Success of High Growth Industries; Investments to Support Economic Growth; and in the News Release: Budget 2014 Advances the Fishery and Economic Development in Rural Areas.
Through sound fiscal management and responsible decisions, the Government of Newfoundland and Labrador is strengthening the business environment, encouraging the development of innovative industries and building a vibrant economy.
QUICK FACTS
- The Provincial Government will establish two Venture Capital Funds to provide support and expand opportunities for innovative start-up businesses. This is part of the Provincial Government’s overall investment of $210 million to support economic development initiatives.
- Budget 2014 will provide an additional $2 million to support tourism marketing in the province, with another $2 million in 2015-16, an increase of $4 million over two years.
- Budget 2014 will provide investments in the province’s energy sector which includes a $552.7 million equity investment in Nalcor.
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- Backgrounder - Investments in Venture Capital to Fuel Success of High Growth Industries
- Backgrounder - Investments to Support Economic Growth
Media contacts:
| Heather MacLean Director of Communications Department of Innovation, Business and Rural Development 709-729-4570, 697-4137 heathermaclean@gov.nl.ca |
Melony O’Neill Director of Communications Department of Tourism, Culture and Recreation 709-729-0928, 689-0928 moneill@gov.nl.ca |
| Diana Quinton Director of Communications Department of Natural Resources 709-729-5282, 631-8155 dianaquinton@gov.nl.ca |
2014 03 27 2:25 p.m.