The following statement was given today in the House of Assembly by the Honourable Derrick Dalley, Minister of Business:

Province Hosts Aerospace and Defence Executive Forum

The Government of Newfoundland and Labrador is very proud to be hosting an Aerospace and Defence Executive Forum in our province today. More than 50 senior executives from the aerospace and defence industry accepted our invitation to participate in this day long forum, demonstrating our commitment to the aerospace and defence industry both domestically and internationally.

There is a growing network of innovative companies and organizations in our province that are active in a range of unique, advanced aerospace and defence related activities that extend to global markets. They are engaged in research and development, and a variety of products, services and activities, including manufacturing and assembly of aircraft components; maintenance, repair and overhaul; navigation and communications systems; aircraft modification; oceans-related defence technology; and flight training.

The aerospace and defence industry in our province is expanding, employing more than 1,500 Newfoundlanders and Labradorians, generating an estimated $150 million in annual revenue. Our government believes in this vibrant industry and its potential for growth.

I had the opportunity to officially launch the Executive Forum this morning and the level of energy and enthusiasm in that room today is truly invigorating.

This is a very valuable day for the aerospace and defence industry in our province. We are delighted to have Retired General Rick Hillier as today’s keynote speaker and forum facilitator. The world’s leading aerospace and defence companies are at the table along with Newfoundland and Labrador companies, some of which have already landed major national and international contracts.

Today’s Executive Forum provides an opportunity for key industry players to discuss ambitions and ideas for this industrial sector and to consider opportunities that leverage the success of complementary industries. Discussions will focus on how to achieve these cross-industry synergies, and how to build robust partnerships that create economic benefits for businesses and the province.

We were very pleased that Budget 2011 provides for the extension of the Aerospace and Defence Development Fund, committing $9 million over the next three years with $3 million being allocated annually. This fund continues to facilitate the advancement of this industry by supporting opportunities that build capacity, attract investment, and bring new expertise and business activity to Newfoundland and Labrador.

2011 04 20                                                            2:20 p.m.