Nova Scotia Companies Remain Competitive

More than ever, Nova Scotia Business Inc., its partners, and local and international companies worked together to expand business activity in Nova Scotia in 2008-09.

NSBI released its seventh annual report today, Aug. 18, which covers the fiscal year from April 1, 2008, to March 31, 2009.

"The province, through NSBI, is dedicated to strengthening Nova Scotia's economy," said Energy Minister Bill Estabrooks, on behalf of Economic and Rural Development Minister Percy Paris. "Despite a challenging year in the global economy, NSBI continued to add value by supporting the growth of local and international companies."

In 2008-09, NSBI's clients and partners remained aggressive and focused on the future. Even in the current economic climate, NSBI's clients committed to create and retain up to 2,733 jobs in Nova Scotia within the next five years. These projected jobs are forecasted to produce up to $108 million in total annual payroll.

"It was a turbulent year, which had an impact on the growth plans of many companies, both local and international," said Doug Hall, chair of NSBI's board of directors. "NSBI's work continues to position Nova Scotia for a strong future."

In 2008-09, NSBI assisted 27 companies in their growth plans through its various financing options, and more than 250 companies used the programs and services of the trade development team. It was also a year of new initiatives, including brightcareerfutures.com, a website designed to promote Nova Scotia job opportunities to high school students. Brightcareerfutures.com is a partnership effort between NSBI, Department of Labour and Workforce Development, and Nova Scotia Come to life.

"The global economic crisis affected companies of all sizes worldwide, but there's more to the story," said Stephen Lund, president and CEO of NSBI. "Competitive and sustainable growth is still happening here. We're working together with clients and partners to make sure that Nova Scotia is in a good position to take advantage of new growth opportunities when the economy turns around."

For more information on the 2008-09 annual report, visit www.novascotiabusiness.com/more .

Nova Scotia Business Inc. is Nova Scotia's private-sector-led business development agency. NSBI is the investment attraction arm of the province and helps businesses in Nova Scotia meet growth potential through advisory services, trade development, financing and venture capital.