Business, Tourism, Culture and Rural Development
May 26, 2015

Supporting Diverse Regional Economies

Provincial Government Investments Promote Business, Industry and Tourism

The Government of Newfoundland and Labrador is continuing its commitment to supporting the diversification of regional economics with two projects in the Placentia area and St. Mary�s region. The Argentia Management Authority will receive $98,000 to develop emerging marine and industrial business opportunities, and the St. Mary�s Bay North Development Association will receive $29,000 to promote tourism attractions.

�Our government�s Regional Development Fund is designed to support economic development, innovation, and capacity in all regions of the province. It is vital to explore all promising opportunities for economic diversification in rural areas, including those opportunities to build capacity for emerging industries and increased tourism.�
- The Honourable Darin King, Minister of Business, Tourism, Culture and Rural Development

Funding for the Argentia Management Authority will support the development of a business and marketing plan. This plan will focus on out-of-province opportunities as the area strengthens its reputation and capacity as a preferred location for offshore, marine, fabrication, construction and other heavy industry activities.

Funding for the St. Mary�s Bay North Regional Development Association will help the organization continue its work in marketing the region for tourists and promoting the cluster of tourism attractions in the area, including a new Rocky River salmon ladder, currently under development by the Government of Canada. The region is home to Father Duffy�s Well, Cataracts water fall site, a golf course and hotel, Salmonier Nature Park, and the world class ecological reserve at Cape St. Mary�s, among other facilities and attractions.

�With approximately 60,000 visitors annually to our region, and with new opportunities for servicing heavy industry, our region is well-positioned to prosper. I am pleased to see this investment on behalf of the Government of Newfoundland and Labrador, which so clearly demonstrates our vision and commitment to regional economic diversification.�
- The Honourable Felix Collins, Attorney General and MHA for Placentia - St. Mary�s

Approximately $44.4 million is being provided to support start-up businesses, emerging growth sectors and regional development activities through Budget 2015. Through the Regional Development Fund, the Department of Business, Tourism, Culture and Rural Development provides support to organizations by way of non-repayable contributions for projects aimed at supporting economic development, innovation and capacity building in all regions of the province.

Additional information on programs can be found at: www.ibrd.gov.nl.ca/starting/fundingincentive/index.html.

QUICK FACTS

• The Government of Newfoundland and Labrador is investing $126,000 in regional diversification and development initiatives in the Placentia area and St. Mary�s region.
• The Argentia Management Authority will receive $98,000 to develop emerging marine and industrial business opportunities, as the area strengthens its reputation as a preferred location for heavy industry activities.
• The St. Mary�s Bay North Development Association will receive $29,000 to promote tourism attractions in the area to an average of 60,000 visitors annually.
• The Regional Development Fund provides support to organizations by way of non-repayable contributions for projects aimed at supporting economic development, innovation and capacity building in all regions of the province.

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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

Marg Craniford Constituency Assistant to the Honourable Felix Collins, MHA for Placentia - St. Mary�s 709-729-6926 Fax: 729-5774

2015 05 26                              11:30 a.m.