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October 10, 2006
For immediate release
Federal and Provincial Governments Invest in PEI's IT Outsourcing Sector
Development and Technology
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The Honourable Peter MacKay, Minister of Foreign Affairs and Minister of the Atlantic Canada Opportunities Agency (ACOA) and the Honourable Pat Binns, Premier of Prince Edward Island today officially announced funding for the new building, which is currently being built in Stratford, just east of Charlottetown.
Nearshoring is the practice of companies relocating portions of their work to areas that are geographically close and cost-effective.
“This project is a great example of Canada’s New Government working with its provincial and community partners to help attract jobs and investment to PEI,” said Minister MacKay. “This new centre will help PEI seize the significant opportunities that exist in the IT outsourcing sector.”
"We are very excited about the potential job opportunities which will be made available to Islanders through our investments to attract nearshoring companies to the province," said Premier Binns. "Investing in strategic economic sectors has helped to create over 11,000 new jobs in Prince Edward Island and we are confident the construction of a nearshoring centre will help us grow that number further."
By providing a strategic location, skilled workforce and modern equipment, the 30,000- square-foot facility will attract companies looking for an affordable location to outsource their information technology requirements. The building is being constructed and will be managed by the Charlottetown Area Development Corporation (CADC).
“We are pleased to be part of this project, which is a great fit with our mandate,” said Jim Larkin, chairperson of CADC. “The nearshoring centre will provide economic and social benefits to the community and the province in general.”
Canada’s New Government through ACOA is contributing $3.4 million to the project while the provincial government will contribute $990,000 over five years.