Province Helps Aerospace and Defence Sector Compete, Create Jobs

Nova Scotia's aerospace and defence companies and suppliers will gain a competitive edge thanks to a $10-million investment from the province.

The province announced today, Oct. 12, that $10 million will be accessible to the industry for costs such as equipment, tooling and engineering. The funding will help create jobs and help companies become, and remain globally competitive.

"From Protocase in Cape Breton, to IMP Group in Amherst, to Allendale Electronics in Lockeport, aerospace and defence is a growing sector with thousands of high-quality jobs across the province," said Premier Darrell Dexter. "This investment will help our companies acquire major international contracts, keeping and creating jobs here in Nova Scotia."

The repayable loans will be linked to job creation, innovation and productivity targets.

"Often the cost of doing business with large equipment manufacturers and subcontractors can be overwhelming for small- and medium-sized businesses," said Steve Elder, president of the Aerospace and Defence Industries Association of Nova Scotia. "We wholeheartedly endorse this funding, which eases that burden and shows the province recognizes this high value and growing sector."

Nova Scotia is home to 40 per cent of Canada's military assets, and the highest concentration of marine technology companies in North America. The aerospace and defence industries account for more than 6,000 good jobs across the province, and contribute about $600 million annually to our gross domestic product.

"We are competing against companies worldwide, and are especially challenged by emerging economy countries such as Mexico, China and India, that have identified this business sector as strategic to their future industrial plans," said Derek Kinsman, senior vice-president and chief operating officer at Composites Atlantic. "The funds identified today will assist Nova Scotia companies, such as Composites Atlantic, to make proactive and competitive proposals for new business."

This is a one-time allocation of funds through the Industrial Expansion Fund. The province recently announced that a new modern fund will be created to replace it. During the transition period to the new fund, all investment proposals will continue to be considered on their merits.