Government has updated regulations for Nova Scotia Business Inc. (NSBI) to reduce red tape and increase accountability to taxpayers.

“We have been clear that we need to do economic development differently,” said Business Minister Mark Furey. “Our changes will make NSBI more responsive — both to business and taxpayers.

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NSBI now has the authority to approve business proposals up to $5 million. Agreements worth between $5 million and $10 million require approval from the business minister, and agreements worth more than $10 million require cabinet approval. This is expected to significantly improve response time to businesses, and put more decision-making in the hands of business experts.

“We are removing politics from the decision-making process,” said Mr. Furey. “This will mean better decisions and more jobs for Nova Scotians.”

Accountability has been improved by allowing data collected to be used for monitoring and evaluation. This is in addition to requirements already in place to post all agreements on the accountability website.

NSBI is the first point of contact for business in Nova Scotia, and the agency has responsibility for government’s front-line trade team and trade programs.

The regulations are available at novascotia.ca/just/regulations/rxam-z.htm#nsbi .

Source: Release