For Immediate Release
July 25, 2018
Board welcomes initiative to develop a plan for economic growth
The St. John’s Board of Trade welcomes the Government of Newfoundland and Labrador’s request for proposals regarding a Strategy for Economic Growth.
On Friday, the Government issued a request for a qualified consultant to examine prospects for Newfoundland and Labrador’s economy and to identify promising areas of economic opportunity that will position the province for near term improvement and long-term growth.
“The Board of Trade has long been an advocate for the development of an economic plan for the province,” says Andrea Stack Chair of the St. John’s Board of Trade. “Inspired by the Michigan Turnaround Plan, the Ivany Report in Nova Scotia and the Scotland National Performance Framework, the Board has organized several meetings with business leaders, chambers of commerce, industry associations and academia to rally them to be masters of our own collective economic destiny.”
“In addition, the Board has conducted research into how other jurisdictions have set themselves up for long term economic success,” says Stack. “The key components for long term economic success are:
* It is driven by the private sector
* A well-articulated vision that has buy-in from all interest groups – government, academia, business and the community
* There is benchmarking and regular pulse taking to ensure the approach continues to be relevant
“NL has so much potential, but there are many threats to ensuring our economy remains strong and prosperous in the years to come,” says Stack.” If we are not strategic and focussed, we run the risk of being victims to happenstance. We would prefer we be masters of our own collective economic destiny.
All businesses need to prepare a vision and plan for their future prosperity within the framework of this province. Our research has indicated that most businesses recognize that succession planning is critical, but few have actually put a plan in place.
Now is the time, when business success has never been better to invest in the technology, people, markets and innovations that will see our continued success in the future.
We look forward to working with the province in developing an economic strategy to guide the success of this province to create jobs and ensure prosperity for all.