Nova Scotians are benefitting from another year of business growth.
Nova Scotia Business Inc. (NSBI), the province's business development agency, released its sixth annual report today, Aug. 1, which covers the fiscal year from April 1, 2007, to March 31, 2008.
"The province, through NSBI, is creating a strong, competitive and sustainable economy throughout Nova Scotia," said Economic Development Minister Angus MacIsaac. "NSBI continues to support the growth of both local and international businesses."
In 2007-08, NSBI clients committed to create and retain up to 4,303 jobs in Nova Scotia within the next five years. These projected jobs are expected to produce up to $181.9 million in total annual payroll.
"Nova Scotia continues to be a location of choice to do business," said Doug Hall, chair of NSBI's board of directors. "Companies in the province are competing and finding success both locally and in the global marketplace."
NSBI's investment-attraction team completed 15 transactions with local and international companies. Those transactions are expected to create about 3,000 of the new jobs in Nova Scotia.
"We deliver results because of valuable partnerships and a hard-working team," said Stephen Lund, president and CEO of NSBI. "I am proud to work with such dedicated people who are passionate about creating a strong and prosperous province."
The business-advisory team worked with more than 600 businesses across Nova Scotia to assist them in their growth.
NSBI's business-financing team completed six term loans and invested in three Nova Scotia companies through the expanded use of the payroll rebate.
The trade-development team arranged more than 1,800 selling and partnering meetings for Nova Scotia companies in international markets. These companies have also reported more than $93 million in actual and projected export sales.
The venture-capital team added three companies to its portfolio and invested 3.5 million.
For more information on the 2007-08 annual report, visit www.novascotiabusiness.com/i-we .
Nova Scotia Business Inc. is Nova Scotia's private-sector-led business development agency. NSBI is the investment attraction arm of the province and helps businesses in Nova Scotia meet growth potential through advisory services, trade development, financing and venture capital.