Business, Tourism, Culture and Rural Development
Fisheries and
Aquaculture
April 30, 2015
Committed to Economic Growth and Diversification
Budget 2015 Ensures Continued Growth in Key Sectors
Budget 2015, with investments totalling more than $200 million, is
focused on nurturing a diverse and globally competitive business community,
as well as supporting critical community infrastructure to encourage
business growth. These investments represent the Government of Newfoundland
and Labrador's long-standing commitment to identifying and capitalizing on
growth opportunities that diversify the economy, create wealth, and
contribute to sustainable employment in urban and rural areas over the long
term.
"Newfoundland and Labrador is home to an increasingly
diversified economy, and notwithstanding current financial pressures, we
remain steadfast in our support of this province's business community.
Through Budget 2015, we will sustain the momentum that has been built in
recent years and invest in traditional and knowledge-based industries and
research and development to encourage competitiveness, expand export
markets, increase productivity and create jobs, all of which stimulate
regional economies. We know that a continued focus on diversifying the
provincial business community is key to successful rural development and
sustained economic growth."
- The Honourable Darin King,
Minister of Business, Tourism, Culture and Rural Development
Budget 2015
includes approximately $44.4 million to support start-up businesses,
emerging growth sectors, and regional development activities. Approximately
$102 million will be invested in continuing tax credits and incentives
including a new Interactive Digital Media Tax Credit to assist with
employment retention and investment in this emerging growth industry.
Investments such as these have historically strengthened traditional sectors
and supported the growth of innovative sectors such as aquaculture,
information technology, film and television, and ocean technology which span
the province. The province's strategic location, accessible ports, strength
in cold ocean research and development, and world-renowned expertise in
exploration and development of natural resources in Arctic-like conditions
make it the path to the Arctic.
Tourism, culture and heritage are
integral parts of the Provincial Government's focus on economic growth.
Budget 2015 includes a $2 million increase to the tourism marketing budget,
returning the total budget to $13 million, as committed in 2013. Budget 2015
will support continuation of a multi-year plan to preserve the province's
heritage assets.
The seafood industry will continue to thrive with
an investment of $6.5 million in key initiatives to support the fishery as
well as $2.8 million through the Aquaculture Capital Equity Investment
Program to support partnerships with private sector enterprises for
aquaculture expansion.
"Traditional resource-based
industries remain major economic drivers for the provincial economy,
particularly in rural regions. Our government is continuing to make
strategic investments in areas such as fisheries science and innovation,
aquaculture expansion, continued agricultural development, forestry
initiatives, improved productivity and market development. These investments
support tens of thousands of jobs in Newfoundland and Labrador."
- The Honourable Vaughn Granter, Minister of Fisheries and Aquaculture
Budget 2015 will provide almost
$12 million to further enhance the agrifoods industry, while the Provincial
Government continues to support a sustainable forest industry with an
investment of over $30 million for silviculture projects, construction of
resource roads for timber harvesting, forest insect and disease control,
forest fire control measures, research and development, and regional
operations.
Through Budget 2015, the Government of Newfoundland and
Labrador continues to strengthen traditional industries, diversify the
economy, and encourage emerging sectors. Further information on business
initiatives to support economic growth and diversification can be found in
the fact sheet:
Encouraging a Diverse Business Climate.
QUICK FACTS
- Budget 2015 includes an investment of more than $200 million which will nurture continued growth, and support communities and people throughout Newfoundland and Labrador.
- Approximately $44.4 million will support start-up businesses, emerging growth sectors, and regional development activities. Approximately $102 million will be invested in continuing tax credits and incentives for businesses including a new Interactive Digital Media Tax Credit.
- The seafood sector will receive an investment of more than $10 million and the growing agrifoods industry will receive almost $12 million.
- Budget 2015 further supports the $250 million forest industry with an investment of over $30 million.
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Media contacts:
| Tansy Mundon Director of Communications Department of Business, Tourism, Culture and Rural Development 709-729-4570, 693-1865 tansymundon@gov.nl.ca |
Roger Scaplen Director of Communications Department of Fisheries and Aquaculture 709-729-3733, 697-5267 rogerscaplen@gov.nl.ca |