Our Changing World

Our Province exists in an ever more global society and economy. All around us, a range of complex forces are constantly evolving and interacting with one another – creating both opportunities and threats for Prince Edward Island. An effective strategy can make the most of those forces of change – if we are prepared to utilize and take advantage of the opportunities that naturally arise.

Rapid advances in technology are profoundly changing the world in which we must compete. Technology is driving continuous innovation worldwide to create new products and services, to enhance existing products and services, and to improve production processes and technologies. On average, the life of a product is one-quarter what it was forty years ago.

The factors that helped Prince Edward Island to succeed in the past – supply push, mass production for mass markets, growth through higher volumes, efficiency – reflect a traditional approach which is increasingly obsolete.

Today and in the future, innovation is the source of competitiveness. Innovation is vital to create and continuously improve new customized products to respond to and serve niche markets. Innovation is essential to the design of flexible, automated production processes efficient enough to deliver profit in markets where production runs are short and prices are set by global competition. Innovation is essential to gain a competitive edge through exemplary, customized customer services and support. In short, innovation must be at the core of this economic development strategy if Prince Edward Island is to build a secure and prosperous future.

In this new economic environment, we have key assets – strengths that we can build on to create a better future.

We are linked to other countries around the world through ties of trade and of relationships. Exports are the foundation of our future growth. One-quarter of our citizens came here from another province or country, and tens of thousands of Islanders by birth are now ‘living away.’

Mounting threats to the health of our planet and its people are making sustainability a worldwide priority. These trends pose risks for us as well – but they also create opportunities – to become a net exporter of green energy, to develop and sell high-value sustainably produced food and health products around the world, and to attract a growing number of visitors to enjoy our environment and culture.

Major demographic trends worldwide are creating profound changes in labour markets. Today and in the future, human resources are the single most competitive factor that a society can have. That new reality places it within our grasp to create competitiveness by developing the skills and talents of our citizens.

This strategy will capture and build on those advantages.