Sustainable Prosperity
Nova Scotia's Economic Growth Strategy
Opportunities for Sustainable Prosperity is a vital companion to the Environmental Goals and Sustainable Prosperity Act that plans to make Nova Scotia one of the cleanest and most sustainable environments in the world by the year 2020. This includes achieving economic performance at or above the Canadian average by the same year.
This economic growth strategy takes a bold departure from a traditional approach to economic development. It integrates environmental, social, and economic systems, while investing in Nova Scotia's financial, built, natural, human, and social capitals through eight strategic focus areas.
In banking terms, these "capitals" can be thought of as investment accounts. We must manage them carefully, and continue to invest strategically to ensure future prosperity. If one or more of these accounts dip down or become overdrawn, our portfolio becomes unbalanced. Businesses run on the same principles. Solid infrastructure, access to money, a clean environment, skilled workers, and community engagement are all essential elements for success.
To learn more about how we are doing, check out the strategy progress reports.
Business Climate
In 2006, Nova Scotia ranked fifth in Canada as the best place to do business. This ranking helps us work towards our goal to improve our national ranking on the "business gross fixed capital formation" by 2016, and to become one of the most competitive business climates in the world. And the tax burden relative to GDP has dropped since 2006 as the government continues to pay down the debt and keep expenditures low. We will continue to work toward reducing the tax burden, to help our companies compete, and so our citizens have tax rate equal or less than other provinces.
Productivity and Innovation
Small and medium-sized businesses in Nova Scotia are expanding with help from the Productivity and Innovation Voucher Pilot Program. The $1 million fund provides cash vouchers to eligible businesses to purchase the support and services they need to become more innovative and productive, in a way that is most convenient for them.
Visit www.gov.ns.ca/econ/pnivouchers/
Trade and Competitiveness
Trade Team Nova Scotia (TTNS), a federal, provincial, and private-sector partnership, is working to ensure potential and active exporters have easy access to the wide range of services offered by its members. TTNS focuses on communications, skill development/outreach, and collective trade projects. The competitive position of Nova Scotia companies abroad receives on-going support through a range of initiatives, including participation in joint trade missions and international trade shows and exhibitions.
Since April, 2006, Nova Scotia Business Inc.'s trade development team has arranged more than 2,000 selling/partnering meetings and assisted more than 300 clients to further penetrate existing export markets worldwide. As a result of this activity, NSBI clients reported more than $120 million in incremental export sales.
Visit:
www.gov.ns.ca/econ/trade/
www.novascotiabusiness.com/en/home/Grow/exportandtrade/TradeMissions.aspx
Enhancing our Infrastructure (Built Capital)
Key investments in better roads, air connections and other infrastructure will ensure the efficient movement of goods and services along the eastern seaboard. This will allow Nova Scotia to reach its full potential for trade and, potentially, become the Gateway to North America.
Broadband for Rural Nova Scotia is a $75 million initiative supported by three levels of government. It will make high-speed access to the Internet available to all Nova Scotians by the end of 2009 making Nova Scotia one of the most connected jurisdictions in North America.
Visit www.gov.ns.ca/econ/broadband/
Protecting our Environment (Natural Capital)
A commitment of up to $25 million through the Nova Scotia Crown Share Land Legacy Trust will help increase our inventory of protected lands, and move us closer to the 12 per cent provincial target by 2015.
The ecoNova Scotia for Clean Air and Climate Change is funding projects across Nova Scotia to reduce greenhouse gas and air pollutants.
Nova Scotia Procurement Services understands the important role public procurement plays in contributing to the sustainable prosperity of the province. It is taking a holistic approach by considering the environmental, economic, and societal impact of its purchases. Ultimately, all government purchases of goods, services and construction will be better for our environment, our economy, and our communities. A sustainable procurement policy will be rolled out in 2009.
Visit http://www.gov.ns.ca/ecoNovaScotia/ or www.gov.ns.ca/tenders/
Focusing on our Work Force (Human Capital)
Nova Scotia's highly trained and skilled workforce is positioning us as leaders in information technology, research and development, and innovation. More and more international firms are moving to Nova Scotia, exporting their services and products to the world.
Brightcareerfutures.com connects Nova Scotia students with career opportunities available in the province - ensuring Nova Scotia companies have access to the right people with the right skills. Aimed at junior high and high school students, the site highlights diverse and exciting career opportunities in high-demand sectors including: IT, aerospace, financial services, health care, and skilled trades.
Visit www.brightcareerfutures.com
Growing our Financial Assets (Financial Capital)
The Industrial Expansion Fund (IEF) helps industries in the province become more sustainable through innovation, research and technology, as well as maintains and grows current employment levels, while contributing to a prosperous business climate.
In fiscal 2007-08, nearly $60 million in the form of loans, incentives, shares, guarantees and amendments was provided to help a number of sectors thrive and prosper in Nova Scotia.
Visit www.gov.ns.ca/econ/iefreport/ for the recent annual report.
Building our Social Networks (Social Capital)
Nearly $35 million from Nova Scotia's Community Development Trust Fund, established by the federal government in 2008, supports communities facing economic hardship in key sectors including forestry, fishing, manufacturing, tourism and small business. The priorities of the Trust are to enhance sustainable prosperity, diversify economic and trade opportunities, improve productivity, innovation and training, assist communities with transition planning, and help workers facing adjustment challenges.
Visit www.gov.ns.ca/econ/cdtrust for more information.