Economic Development ~ Opportunities For Prosperity


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Making It Happen

The messages government received during the consultations and the lessons learned from other jurisdictions indicate that government must take a fresh approach to supporting economic activity. Clearly defined mechanisms that consistently support the thinking and work behind the elements of the strategy must be put in place.

Nova Scotia Economic Development, the current provincial department, will be replaced by two organizations, outlined below. The organizing principles for the new structure will be to create smaller, more efficient operations within a strong accountability framework that has focused mandates and outcome measures.

Nova Scotia Business Inc. The private sector-led corporation will stimulate economic development opportunities throughout Nova Scotia. It will manage and co-ordinate the province’s front-line business development functions.

Core business lines will include investment attraction and business retention and expansion. It will use such tools and initiatives as trade development; marketing and information management; competitive intelligence and information development; and lending, venture capital, and performance-based incentives.

It will have a private-sector board made up mainly of business leaders; the chairperson will be from the private sector and the board will hire the corporation’s CEO. It will produce a five-year strategic plan and present an annual business plan to government.
Nova Scotia Economic Development Agency. The agency will manage government activities in support of economic development. It will have a strong policy and co-ordination role.

Core business lines of the agency will include: knowledge management; special projects and liaison with communities in economic transition; business climate; changing labour force demand; strategic infrastructure projects; government relations regarding economic development issues; and the maximizing of industrial benefits relating to major procurement projects.

Partnership between the corporation and the agency will be important. Also crucial will be partnerships involving the federal government, municipal governments, other provincial departments, businesses, labour groups, regional development authorities, and community organizations involved in economic activities.

The government believes the strategic directions outlined in Opportunities for Prosperity point to a more prosperous Nova Scotia. As the work evolves, its stewardship of and commitment toward this approach will be demonstrated in annual report cards compiled by an outside agency.

Over the next year, government will develop detailed plans for the actions outlined in the strategy. The following will serve as a guide:

Fall	Launch of economic growth strategy

	Made in Nova Scotia Investment Framework

	Start of restructuring of economic development functions

	Cape Breton Growth Fund


Winter	Gas and oil economic development strategy

	Report of the Red Tape Commissioner

	Comprehensive community economic development policy

	Business climate index


Spring	Brand Nova Scotia campaign

	Nova Scotia trade plan

	Business retention and expansion plan

	Provincial infrastructure scorecard


Summer	Nova Scotia immigration action plan

	State of business report

	First annual strategy report card

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