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Provincial Budget

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Backgrounder: Development and Technology

The Department of Development and Technology supports conditions and actively promotes partnerships which foster sustainable growth in Prince Edward Island's economy, population and communities.

Budget Highlights
Through Prince Edward Island Business Development, the Department works in partnership with new and existing businesses to promote the creation of value-added products and services.

Through the introduction of the Progressive Tax Rebate Program, PEIBDI will move away from direct business investment. The Progressive Tax Rebate Program will provide tax incentives to companies and individuals who invest in innovation, growth and development of targeted sectors. These incentives will be performance driven and tied to outcomes and results. The tax credits apply to companies in six strategic areas: aerospace; bio- science; interactive, information and communications technology; renewable energy; financial services (except share purchase) and export-focussed manufacturing and processing.

Prince Edward Island Business Development will also provide incentives to encourage further research and development through academic and private sector initiatives and partnerships. The Research and Development Fund will offer specific encouragement to individuals and companies doing pre-commercialization research. The fund is structured to promote partnerships between academic or research organizations and private sector organizations.

The Employment Development Agency helps workers to find meaningful placements which provide employment skills and experience. A change in mandate means the Agency will concentrate increasingly on private partnerships in job creation and will put greater emphasis on employment opportunities which can lead to full time work.

The Job Creation Program, previously located in the Department of Health and Social Services, has been relocated to the Employment Development Agency.

The new Population Secretariat will work to realize steady employment growth for the province. By 2010, more people will be leaving the workforce than will be entering it. The Secretariat will emphasize three areas: recruitment of immigrants, retention of young Islanders and the creation opportunities for Islanders who live out of province to return home.

The Provincial Nominee Program helps to identify and assist immigrants with particular skills and businesses to locate on Prince Edward Island.

Single Window Service provides access to government services through the government website (www.gov.pe.ca) and through the eight Access PEI sites in communities across the province. Access PEI sites offer over 200 services in one location.

The Community Development Bureau works in partnership with Island communities to build on their strengths and to recognize their needs. Community Development officers work with groups to identify projects which help to strengthen and sustain communities.

During the coming year, the Institute for Nutri-Science and Health will open at UPEI. The Institute will partner with private business for their research, a new approach by the National Research Council to encourage continued business growth and investment.

Cost savings of $1.6 million will be realized in the Development and Technology budget this year through administrative, lending and property operations, cost reductions of $863,000 and reductions of $150,000 in the Equity Investor Incentive Program, $30,000 in the Short Film Program, $457,000 in the Strategic Infrastructure Business Development Program and $100,000 in capital acquisition programs.

Contact:
Ann Thurlow
Department of Development and Technology
902-569-0571

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