Finance
September 24, 2018

Provincial Government Embarks on New Economic Growth Strategy Through The Way Forward

In The Way Forward, the Provincial Government committed to aligning resources to target key sectors and identify priority business opportunities and markets to advance the economic development of our province. To fulfill this commitment, government is undertaking a new initiative to identify areas of economic development potential, targets for growth, and potential new initiatives.

The Honourable Tom Osborne, Minister of Finance and President of Treasury Board, will be available to speak to media regarding this new phase of work at 1:00 p.m. today (Monday, September 24) in St. John’s outside the House of Assembly.

Specifically, the project will focus on:

  • Working with the Department of Natural Resources and other stakeholders to position the province as a deep water centre of excellence as part of Advance 2030.
  • Developing opportunities for expansion of the ocean and aerospace technology sectors in the province, to build on the successes of local entrepreneurs in recent years.
  • Building on the accomplishments to date in The Way Forward strategy, and identifying new opportunities for further economic growth from a global perspective.

To help with this project, government has contracted with McKinsey & Company, a global management-consulting firm with deep expertise and a global network that spans both public and private sectors, as well as practical experience working with clients across North America, Europe and globally. Working with McKinsey & Company will provide government with different insights, new approaches and global connections as it identifies opportunities for diversifying the provincial economy, creating employment and developing potential new or emerging industries.

Opportunities for growth will be rigorously assessed and a final strategy will be delivered by the end of 2018 to inform the 2019 Budget process.

This initiative delivers on commitments in The Way Forward to strengthen the province’s economic foundation. The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca.

Quotes
“Our government has undertaken significant work under The Way Forward to implement work plans that will grow the agriculture, aquaculture, technology, oil and gas, mining, and forestry sectors. With those opportunities developed and realized, we now need to take a closer look at where the economic opportunities are in our province and how to pursue this on a global scale.”
Honourable Tom Osborne
Minister of Finance and President of Treasury Board

“A successful private sector is at the core of any prosperous and sustainable economy. This province is blessed with an abundance of natural resources, but there are threats to ensuring our economy remains strong and prosperous in the years to come. Bold initiatives like the one announced today can help reset our province’s economic trajectory and help us achieve the inclusive growth that will provide the strongest foundation for our provinces future prosperity.”
Andrea Stack
Chair, St. John’s Board of Trade

“The chamber has been working with businesses and stakeholders in the aerospace industry to research and identify opportunities in aerospace and is looking forward to working with government to move this file forward in identifying other opportunities in aerospace as outlined in The Way Forward.”
Rod French
Chair, Gander and Area Chamber of Commerce

“The Provincial Government has undertaken a comprehensive look at diversification and growing our economy in new and exciting ways. Entrepreneurs have been widely seen as the backbone of any economy, and to see the province engage a third-party to find ways to integrate international best practices as well build on the successes of our province’s entrepreneurs is a vital step.”
Keith Goulding
Chair, Greater Corner Brook Board of Trade

“The LNCC is supportive of strategies such as this that focus on global investment attraction with respect to Newfoundland and Labrador’s resource development sectors. Our organization looks forward to participating in this worthwhile initiative.”
Sterling Peyton
Chair, Labrador North Chamber of Commerce

- 30 -

Follow us on Twitter: @GovNLexternal link icon and @FIN_GovNLexternal link icon

Media contact
Marc Budgell
Finance
709-729-2477, 689-0430
marcbudgell@gov.nl.ca

2018 09 24                              11:35 a.m.