• Newfoundland and Labrador is a place of dramatic natural wonder, with a storied and colourful history and strength of character unlike any other.
  • Approximately 80% of eastern Canada’s offshore petroleum resources are located offshore Newfoundland and Labrador, and the province produces roughly 30% of Canada's conventional light crude oil.
  • Newfoundland and Labrador is home to a cluster of world-class institutions, companies, and industry organizations offering some of the most innovative ocean technologies in the world. Our experience, knowledge, expertise, infrastructure and strategic location have made us base of operations for current and future Arctic-related activities.
  • Newfoundland and Labrador has a rich mineral endowment, record exploration expenditures, and a proven record of discovery and development of world-class mineral deposits. 12% of the value of all mineral production in Canada and 47% of Canada’s iron ore is produced in Newfoundland and Labrador.
  • Newfoundland and Labrador has a long history in aerospace and defence and has been recognized as the “crossroads of the world” because of its strategic location for marine and air travel. Home to a growing number of aerospace and defence companies, the province has become a centre of excellence for marine technologies and training, maritime surveillance, and UVS research and testing.
  • Over $36 billion in major capital spending is planned or underway in Newfoundland and Labrador, including over $20 billion for projects related to Mining and Oil and Gas. Newfoundland and Labrador’s Real GDP growth levels are the highest in Canada, with a rate of 7.9% for 2013.


  • Newfoundland and Labrador has a progressive labour environment and an education and training infrastructure that fosters a highly skilled, dedicated and talented workforce.
  • The province is home to the largest university in Atlantic Canada, Memorial University, and its top-ranking programs in medicine, engineering, business and more.
  • The Marine Institute is an international stand-out in ocean technology education, with facilities that include a full motion ship bridge simulator and the largest flume tank in the world.
  • The College of the North Atlantic is one of the region’s finest, with a network of 18 campuses, including one in the State of Qatar.

Provincial Incentives

Newfoundland and Labrador investment incentives are among the most flexible in the country. The province encourages and supports new business with a growing suite of lucrative incentives across a range of sectors.

  • Business Attraction Fund – provides flexible and customized financial assistance to inward investors in support of start-up or business expansion in Newfoundland and Labrador.
  • Economic Diversification and Growth Enterprises (EDGE) Program – provides long term corporate tax holidays and readily-available crown land to new and expanding businesses.
  • Tax Incentives – include the Direct Equity, Manufacturing and Processing Profits, Small Business, Scientific Research and Experimental Development, Film and Video, and Labour-Sponsored Venture Capital Tax Credits.

Sector Strengths

  • Oil and Gas
  • Mining
  • Ocean Technology
  • Arctic Opportunities
  • Manufacturing
  • Information and Communications Technology
  • Aerospace