Business, Tourism, Culture and Rural Development
June 11, 2015

Investing Responsibly in Economic Diversity

Provincial Government Ensures Oversight on all Business Development Investments

The effectiveness of business development programs and ensuring they are achieving the objectives of economic and industry growth is a priority of the Provincial Government. The Auditor General's recommendations will be analyzed and incorporated into existing processes and procedures to achieve optimal evaluation.

"Our government has a long-standing commitment to making investments that foster a climate for business success and support economic diversification. Investments are made based on a rigorous due diligence process within each business funding program. Officials apply monitoring and evaluation procedures and continued oversight through established reporting structures and accountability measures. We are confident, based on successes to date, that measures are in place to protect the public investment while supporting a competitive and productive business climate."
- The Honourable Darin King, Minister of Business, Tourism, Culture and Rural Development

The Provincial Government undertakes considerable due diligence in investing public funds in small and medium-sized businesses.

"Through Budget 2015, there is more than $200 million available for investment in an increasingly diverse and globally competitive business community, as well as community and regional infrastructure to encourage business growth. The Auditor General provides valuable oversight and we support his review of these vital funding programs that are designed to help diversify the economy, create wealth, and contribute to sustainable employment."
- Minister King

Departments will use the Auditor General's input and build on existing initiatives that are utilized to evaluate programs, which include annual reports, activity plans and yearly reviews.

QUICK FACTS

• The effectiveness of business development programs and ensuring they are achieving the objectives of economic and industry growth is a priority of the Provincial Government.
• The Provincial Government undertakes considerable due diligence in investing public funds in small and medium-sized businesses. Departments will use the Auditor General's input and build on existing initiatives that are utilized to evaluate programs, which include annual reports, activity plans and yearly reviews.
• Through Budget 2015, there is more than $200 million available for investment in an increasingly diverse and globally competitive business community, as well as community and regional infrastructure to encourage business growth.

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Media contact:

Tansy Mundon Director of Communications Department of Business, Tourism, Culture and Rural Development 709-729-4570, 693-1865 tansymundon@gov.nl.ca

2015 06 11                              4:00 p.m.