NSBI released its tenth annual report today, Dec. 6, which covers the fiscal period from April 1, 2011, to March 31, 2012, and marks the end of NSBI's second five-year strategic plan cycle.
"Nova Scotia is turning the corner on 20 years of the worst economic performance in the country and we are doing this by helping businesses showcase their innovation and products to the world - and by supporting the creation of high value jobs across the province," said Percy Paris, Minister of Economic and Rural Development and Tourism. "Our information technology sector is growing faster than any other province - and that was before IBM selected Nova Scotia as home for its Canadian global delivery centre."
This fiscal year was one of NSBI's busiest in investment and trade development. Export Development Canada forecasts Nova Scotia export growth to lead the country in 2013. KPMG recognized Halifax's financial service sector as the fastest growing hedge fund administration centre in Canada and the information technology sector grew faster than any other province in Canada over the last five years.
Stephen Lund, president and CEO of NSBI, said that in spite of the economic turbulence of the past few years, Nova Scotia has seen a 35 per cent increase in trade activities over the last year.
"We continue to see more world class companies, like Admiral Administration, wanting to do business in Nova Scotia," said Mr. Lund. "These gains have positioned Nova Scotia for future growth and created an opportunity for us to illustrate our success in bringing Nova Scotia to the world and the world to Nova Scotia."
During the past fiscal year, NSBI, along with its partners and clients, has done business in over 40 countries, spanning five continents. In 2011-12, the growth in total trade exceeded the growth of provincial GDP by eight per cent.
"NSBI is helping our Springhill-based company achieve our goals and service increasing demand in our export markets, especially in the renewable energy sector in Europe and Central America," said James Surrette, President, Surrette Battery.
Some highlights of the annual report include:
- In collaboration with partners, NSBI's trade services assisted 441 companies expand existing markets and explore new markets, versus 328 from the previous year.
- Investment Attraction, which focuses on attracting new investment to the province, closed five foreign direct investments deals for the fiscal year. The approximately $11 million in earned incentives will create up to 1135 jobs and $162 million in payroll and benefits. The province can potentially earn up to $16 million in direct tax revenue though these agreements.
- NSBI charted five transactions in business financing providing structured financial solutions totalling about $2.4 million to help Nova Scotia businesses grow.
- NSBI Venture Capital's five transactions provided access to about $14,850,000 in capital for businesses in Nova Scotia.
- The client-reported actual and forecasted export sales more than doubled to $318 million.
For more information on NSBI's 2011-12 Annual Report visit http://www.novascotiabusiness.com/AR2011-12
Nova Scotia Business Inc. is the province's private-sector-led business development agency. Through trade development, investment attraction, business financing and venture capital, NSBI assists local companies and attracts international companies to Nova Scotia.