On July 26, 2022, the government of New Brunswick announced that the governments of all four Atlantic provinces, as well as the Federal government, have revealed an updated Atlantic Trade and Investment Growth Strategy.
The provinces have committed to providing five additional years of joint efforts to boost international trade and encourage foreign investment in the Atlantic region. The Federal and provincial authorities have signed an agreement to invest a combined $20 million over the next five years to support activities designed to help small and medium-sized companies.
The plan to increase trade and investment is an important part of the government's economic growth strategy. The plan includes measures to reduce barriers to trade and investment, and to promote competitiveness. Trade and investment are key drivers of economic growth. They create jobs and support businesses, and help to make our economy more diversified and resilient.
Increased trade and investment between countries can bring many benefits. It can lead to the growth of technological know-how and skills, the sharing of best practices, and the development of new and innovative products. It can also help to create jobs and drive economic growth.
In addition, increased trade and investment can help to improve living standards and contribute to the development of poorer countries. When done responsibly, it can help to create a more stable and prosperous world for all.
The Atlantic provinces are working hard to increase trade and investment. The governments of Newfoundland and Labrador, Prince Edward Island, Nova Scotia, and New Brunswick have all put in place programs and policies to attract more businesses and investment to the region.
One such program is the Atlantic Investment Tax Credit, which provides a 15% tax credit on eligible investments in the region. This program is designed to encourage businesses to invest in the Atlantic provinces, and it is having a positive impact. In the first year of the program, there was a significant increase in investment in the region.
The Atlantic provinces are also working to improve access to capital for businesses. The Atlantic Canada Opportunities Agency (ACOA) provides financing and support to businesses in the region. ACOA is working to increase the amount of money available for businesses by partnering with private sector lenders.
The Atlantic provinces are often overlooked as a place to invest, but there are a number of reasons why they can be a great investment opportunity. The provinces of Newfoundland and Labrador, Prince Edward Island, Nova Scotia, and New Brunswick offer a unique combination of resources, location, and lifestyle that make them attractive investment destinations.
The Atlantic provinces are home to several key industries, including fisheries, aquaculture, agriculture, forestry, and mining. These industries provide a solid foundation for the regional economy, and they offer investors several opportunities to get involved. In addition, the provinces are located near key markets in the United States and Europe, which makes them an ideal location for businesses seeking to export their products.
Finally, the Atlantic provinces offer a great quality of life, with beautiful scenery, friendly people, and a relaxed lifestyle. They are committed to increasing trade and investment with the world. This is a great opportunity for businesses in all industries to explore new markets and expand their operations. If you would like more information on how your business can take advantage of this initiative, please contact us at Mesidor Canadian Immigration Services. We would be happy to discuss the options available to you and help you get started on the path to success in the Atlantic provinces.