Natural Resource Task Force Urges Government to Protect NB’s Business Advantage
FREDERICTON – After yesterday’s news of PotashCorp’s suspension of operations in New Brunswick, Ignite Fredericton’s Natural Resource Task Force is urging the provincial government to protect the province’s business advantage.
The loss of 430 jobs at PotashCorp’s Picadilly Mine near Sussex has spurred this push to encourage the province to find ways to expedite natural resources projects.
With the lowest corporate tax rate in Atlantic Canada (12 per cent), New Brunswick is on par with Alberta, Manitoba and Saskatchewan. This low corporate tax rate has been successful in attracting companies to relocate to or stay in New Brunswick in the past but job losses such as these and the time it takes to get government approval for projects poses a real threat to the province’s business environment.
“We are concerned with the situation that is unfolding in our region, particularly in Sussex,” says Ignite Fredericton CEO Larry Shaw. “Job losses are a real concern and it’s extremely important for the government to realize that investors spending millions of dollars on projects, taking years to be approved, is not nimble and quick. It inadvertently sends the message that New Brunswick is not open for business.”
The task force aims to emphasize the fact that natural resource projects bring millions of dollars in investment and hundreds of jobs to the region.
Joel Richardson, task force member and vice president of the New Brunswick and PEI division of the Canadian Manufacturers & Exporters, says that events such as the PotashCorp mill closure bring to light the importance of keeping New Brunswick competitive in the local, national and global economy.
“Economies that are agile and open to investment and business are the only ones that can thrive in a dynamic global marketplace,” Richardson says. “Natural resources are key to this province and we look to the provincial leadership to work with us to responsibly develop and diversify our resources to show they are all in on economic development to create jobs.”