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Premier's Speeches
Official Opening of Citco
6th floor Bank of Montreal building, Halifax
Friday 23 February 2007
This morning, we have the pleasure of opening the Halifax doors of the Number One hedge fund company in the world. Citco is here to expand, and my government has been able to accelerate that expansion.
In November, Citco announced plans to expand to Halifax. The province's business development agency, NSBI, is supporting this growth with a payroll rebate of up to $7 million.
Citco plans to create up to 350 high-paying jobs during the next seven years. The company has already created 17 positions and appointed a managing director in Nova Scotia. While other provinces are talking about increasing the average salary of employees and attracting marquee companies, Nova Scotia is doing it.
Let me be the first to congratulate Mr. Keunen, Mr. Patterson, and your team at Citco in Halifax. And I want to acknowledge the continuing work our business development agency, NSBI, together with the Department of Economic Development are doing to help us grow a world-class economy.
Citco's growth here in our great province is a reflection of how we are building on our strengths, such as Nova Scotia's skilled workforce, a favourable business climate, and excellent broadband and information technology infrastructure.
We are using these assets to create the New Nova Scotia — a place that is globally connected and a place with a competitive and sustainable economy.
Shortly, we will go downstairs to see Citco’s new offices. A little over a month ago, the space looked like an empty shell. Already, Citco has relocated employees, trained new team members, and purchased office furniture, equipment and supplies. In short, Citco has invested in our province.
The direct and indirect spinoffs will continue for years to come, as Citco hires our young and talented graduates and the company makes it possible for more Nova Scotians to begin careers, advance, and return home to this dynamic industry.
Growth, like we are seeing in Nova Scotia's financial services sector, needs to be managed with a strategic eye toward the next decade and beyond. It's about ensuring that top-notch, skilled workers are here for local businesses and companies setting up in Nova Scotia.
The managed growth initiative is a working partnership led by NSBI, with the vital input of the Office of Immigration and Minister Bolivar-Getson, industry, and academia. Together, this group is directing and supporting growth for the sector.
Stephen Lund and the Minister will detail the work that's underway.
Again, let me say thank you, and congratulations to Citco and your wonderful team here in Halifax. I look forward to celebrating your continued success in our province.