Newfoundland & Labrador

Eastern Gateway to North America

Newfoundland and Labrador is strategically located on the east coast of Canada as the entrance to North America from Europe. With its rich natural resources, surplus of skilled labour and modern infrastructure to transport goods and services, Newfoundland and Labrador is an ideal place to do business. The province leads the country in GDP growth, thanks to its vast offshore petroleum reserves, massive hydro-electric power capacity, minerals, forestry and fishery resources, and fast-growing high-tech industries specializing in advanced ocean technologies, marine bio-technologies, defence and aerospace. Factor in business-friendly tax credits and incentives, and an outstanding quality of life, and it’s easy to understand why knowledgeable investors are choosing Newfoundland and Labrador as their new home.

Business Environment

  • Home to low cost business real estate and office space, and 17 industrial parks, all with easy access to water, energy and communications and transportation networks
  • Economic Diversification and Growth Enterprises program (EDGE) provides long term corporate tax holidays to new and expanding business locating in Newfoundland and Labrador - up to 15 years in most areas of the province
  • Tax credit programs such as the Business Attraction Fund, Oil & Gas Manufacturing and Services Export Development Fund, Direct Equity Tax Credit, Small Business Tax Credit, Scientific R&D Tax Credit and the Film and Video Tax Credit make this province perfect for new and expanding businesses

Workforce

  • Progressive labour environment and an education and training infrastructure that has resulted in a skilled and talented workforce
  • Surplus labour supply means incoming employers can find the right people - with the right skill sets - across a broad range of occupations
  • Some of the lowest labour costs in Canada

Other Key Advantages

  • Produces 12% of the value of all mineral production in Canada
  • At the forefront of the oil and gas production with 80% of eastern Canada's offshore petroleum resources located offshore, producing close to one-half of Canada's conventional light crude oil and accounting for 35% of the province’s annual GDP
  • Sophisticated ICT infrastructure, including the longest uninterrupted stretch of submarine fibre-optic cable in the world and separate hybrid cable network service
  • Year round deep sea port and 2 international airports make it a gateway for economic growth

Sector Strengths

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