Diversified Economy
Energy
The vast oil and gas reservoirs of Hibernia , Terra Nova and
White Rose produce more than half of Canada's conventional
light crude oil. And St. John's is the primary business centre for
the east coast oil and gas industry—exploration, development,
and production. That’s why it was elected to the World Energy Cities
Partnership, an organization of the world's most prominent
energy capitals.
Ocean Technology
With advanced technical capabilities in research and development and in manufacturing, our ocean technology companies and products are penetrating the global market for specialized areas such as:
- Remote sensing
- Engineering
- Product development
- Marine communications
- Marine geomatics
- Ice management
The northeast Avalon region is committed to building and enhancing a well-deserved reputation as the international location of choice for ocean technology. Supporting that vision is Oceans Advance. It fosters and promotes the development of an ocean technology cluster on the Northeast Avalon. And ocean technology companies locating here will find an organized and ready ally in their efforts develop their products or services.
Tourism
Newfoundland and Labrador’s tourism product is one of the most unique and intriguing in the world today. Supported by he provincial government’s commitment to market the product and to support the tourism industry, this sector continues to expand and profit from the more than half a million visitors who come here each year by land, sea and ferry.
Information and Communication Technology
The Information and Communication Technology (ICT) community includes approximately 600 companies, the majority of which are mall to medium-sized.
But there is nothing small about their accomplishments.
Specialized products and services developed by local firms generate annual revenues of more than $360 million. And, with an annual growth rate of 8 per cent, there are excellent opportunities for private and public partnering.
For those companies looking to build export strength, Memorial University of Newfoundland and the Canadian Centre for Marine Communications, and other institutions, are ideally suited for strategic business alliances. And their training programs help to deepen the pool of approximately 6,000 knowledge workers.
Manufacturing
With more than 600 businesses producing a wide array of products, the manufacturing sector exported $5.4 billion in 2007. These companies understand the importance of Newfoundland and Labrador’s strategic location for the export of high tech and other products.
Research and Development
The Northeast Avalon is known world wide for its expertise in cold ocean and marine technologies. We also have world leading expertise in biotechnology, in mobile communications, in distance education, and in environmental systems.
Agrifoods
The province’s agriculture industry is valued at $500 million a year. It provides direct and indirect employment for 6,200 people, mainly in rural Newfoundland and Labrador.