An independent board will be given the power to invest in sound projects to advance Nova Scotia’s economy.
Michel Samson, Minister of Economic and Rural Development and Tourism, introduced legislation today, April 23, which would create the Invest Nova Scotia Board to oversee a new economic development fund.
“This is a significant step in the government’s commitment to take a new direction for economic development that allows the private sector to drive the economy,” said Mr. Samson. “This legislation will help set the winning conditions for more businesses to thrive by supporting projects that have broad-based benefits across sectors, regions and the province.”
The bill reflects many of the recommendations by Tom Traves, presented in his report on economic development assistance tools, and the report released by the Nova Scotia Commission on Building Our New Economy, led by Ray Ivany.
Once established, the Invest Nova Scotia Board could provide economic development incentives from the Invest Nova Scotia Fund for sector development or economic diversification, workforce skills for competitiveness, applied research and development and pilot projects, trade, gateway and economic infrastructure, leveraging significant investments in new technologies or expansions and regional development with emphasis on high-unemployment areas.
Today’s bill also proposes an amendment to the Nova Scotia Jobs Fund Act, which would close that fund to new investments or increases to present investments.
“The jobs fund will close,” said Mr. Samson. “Cabinet will have no role in the Invest Nova Scotia Fund outside of creating the legislative framework and setting clear economic development objectives for the new board to put into action.”
Employees of the Department of Economic and Rural Development and Tourism will provide support to the board.
Treasury and Policy Board will confirm whether the fund has necessary capital before each approved project is finalized.
Approved decisions will be posted online under the Accountability in Economic Development Assistance Act. The board must provide an annual report to the minister. The report will be released publicly.
Regulations will be developed over the coming months to provide more details about application and administrative processes, limits and financial authorities for decision-making, and amendments.
Source: Release
