Our Evolving Economy

In the past, our wealth has been drawn from the resources of our land and surrounding waters. To ensure continued wealth, we must strengthen the new factors of competitiveness in today’s economy – people and technology – and apply them across the full range of our economy.

Our traditional industries and our new industries are not two separate worlds. They must act together, just as one hand strengthens the other.

Our bioscience sector is helping to transform our resource industries into innovative, competitive value chains extending from the fields, forests, and sea to highly sophisticated food and health products.

At a complementary level, the aerospace and information technology sectors – which are founded purely on human skill and advanced infrastructure – hold growing promise.

In the renewable energy sector, our high quality wind regime holds great potential to make the Island a net exporter of green energy, and thus create wealth in the process.

And of course, the province’s tourism industry is a strong contender in the world’s most rapidly growing industry.