Newfoundland and Labrador is a province rich in natural resources and has a diverse economy. The major industries in Newfoundland and Labrador include offshore oil and gas, mining, forestry, and fishing. These industries play a vital role in the province’s economy and provide employment opportunities to thousands of people.
If you’re interested in starting a business in Newfoundland and Labrador, the province offers many opportunities in various industries. The Department of Industry, Energy and Technology is the lead for innovation, economic development, and diversification in Newfoundland and Labrador. The department focuses on creating a competitive environment to support private sector investment and business growth and supporting industries in Newfoundland and Labrador such as mining, forestry, and ocean technology.
Oil and Gas Industry in Newfoundland & Labrador
Newfoundland and Labrador accounts for 100% of Canada’s offshore petroleum and 25% of Canada’s conventional light crude oil production. The province’s offshore oil and gas industries represent 25% of GDP and export over $9 billion in oil and refined petroleum products.
The government of Newfoundland and Labrador recognizes the importance of maintaining clear and competitive regulatory and royalty regimes to attract new investment in the province’s petroleum development sector. To this end, they have established a comprehensive regulatory framework that includes a royalty regime designed to encourage investment and development.
The offshore oil and gas industry in Newfoundland and Labrador has also been the subject of net-zero commitments. Despite this, the provincial government has signaled that it is full speed ahead in the industry, with a commitment to continue to bet big on the offshore.
If you are interested in learning more about the oil and gas industry in Newfoundland and Labrador, the Government of Newfoundland and Labrador’s website is a great resource. They provide information about the province’s regulatory framework, royalty regime, and investment opportunities. You can also visit Advantage St. John’s website to learn more about the key sectors and industries in the province.
Mines and Mineral Development in Newfoundland & Labrador
Newfoundland and Labrador is home to one of Canada’s largest and oldest mining industries, and it continues to be a major contributor to the province’s economy, particularly in rural areas. More than fifteen mineral commodities have been produced or mined in the province, with iron ore, nickel, copper, cobalt, and gold being the most significant.
Currently, there are five metal mines operating in the province, producing iron ore, nickel, copper, cobalt, and gold. In 2022, these mines produced approximately $5.4 billion in mineral shipments and employed over 8,000 people. The mining industry is a vital source of employment and income for many communities in Newfoundland and Labrador.
The Mining and Mineral Development Branch of the Industry, Energy and Technology Department of the Government of Newfoundland and Labrador is responsible for regulating and promoting the province’s mining industry. The branch works closely with mining companies to ensure that mining activities are carried out in a safe and environmentally responsible manner.
Newfoundland and Labrador’s mining industry has attracted significant investment in recent years, with investors bullish on the province’s potential. According to a survey of senior executives in the mining industry, published by the Fraser Institute, Newfoundland and Labrador is one of the top ten jurisdictions in the world for investment attractiveness in mining.
The province’s diverse geology and rich mineral endowment make it an attractive destination for mining companies. Newfoundland and Labrador is home to a wide range of minerals, including iron ore, base and precious metals, uranium, tungsten, molybdenum, antimony, and rare earth and industrial minerals. The mining industry provides a wide variety of commodities to the world market, contributing to the province’s economic growth and development.
For more information on Newfoundland and Labrador’s mining industry, visit the Government of Newfoundland and Labrador’s Mining and Mineral Development website at https://www.gov.nl.ca/iet/mines/.
Ocean Technology Sector in Newfoundland & Labrador
Newfoundland and Labrador is a global leader in ocean technology, with a strong academic sector and a steady stream of talent for the province’s ocean technologies sector. Due to the harsh environment of Newfoundland and Labrador, engineers from around the world can develop tried-and-tested technologies here that are applicable globally.
The ocean technology sector in Newfoundland and Labrador is diverse, with companies specializing in areas such as ocean observation, underwater vehicles, and marine communications. The sector is supported by organizations such as the Ocean Technology Innovation Cluster, which provides resources and support for ocean technology companies.
The ocean technology industry in Newfoundland and Labrador is also supported by the provincial government, which offers funding programs and tax incentives for companies in the sector. The government has also established the Centre for Ocean Ventures and Entrepreneurship (COVE), a collaborative facility that provides access to ocean technology resources and expertise.
Newfoundland and Labrador’s ocean technology sector has a global reach, with companies participating in events such as Oceanology International, a leading forum where industry, academia, and government can share knowledge, showcase, and connect with the world’s marine science and ocean technology communities and developments.
To learning more about the ocean technology sector in Newfoundland and Labrador, visit the government’s Industry, Energy and Technology website.
Technology Sector in Newfoundland & Labrador
Newfoundland and Labrador’s technology sector is a critical part of the province’s knowledge-based economy. It enables growth in every other industry and sector, and the government recognizes its importance by supporting research, company scale-up, and innovation. The sector includes companies in ocean technology, clean technology and environmental industries, aerospace, and defense.
The Technology Sector Work Plan identifies 27 action items to support increased business activity and growth in Newfoundland and Labrador by 2022. The government provides strong supports to the sector, including funding for research and development, training, and infrastructure development.
TechNL is a not-for-profit membership association that provides visibility, business growth services, and a collective influential voice to the tech sector in Newfoundland and Labrador. TechNL’s vision is to make Newfoundland and Labrador the most sought-after Canadian technology hub for growth, innovation, and opportunity.
Newfoundland and Labrador’s technology ecosystem is robust and growing, with a highly skilled workforce and a supportive business environment. The sector offers numerous opportunities for investment, collaboration, and innovation.
If you are interested in learning more about the technology sector in Newfoundland and Labrador, visit the Industry, Energy and Technology website, the Invest in Newfoundland and Labrador website, or TechNL’s website. These resources provide detailed information about the sector, including funding opportunities, business supports, and success stories.
Aerospace and Defense Sector in Newfoundland & Labrador
Newfoundland and Labrador’s aerospace and defense sector is growing, offering significant potential for job creation and economic growth. The province’s unique location and environment have shaped its expertise in the marine and aerospace industries, making it a key player in the global supply chain.
The aerospace and defense sector in Newfoundland and Labrador is supported by the provincial government’s Industry, Energy and Technology department, which offers investment attraction and export development programs. The sector includes companies involved in the design, manufacture, and maintenance of aircraft, as well as defense-related products and services.
One of the province’s major players in the aerospace industry is PAL Aerospace, which provides aerial surveillance and intelligence services to clients around the world. The company has a fleet of specialized aircraft and a team of highly trained professionals who work in challenging environments. PAL Aerospace is also involved in research and development, with a focus on innovative solutions for the aerospace industry.
In addition to PAL Aerospace, Newfoundland and Labrador is home to a number of other companies involved in the aerospace and defense sector. For example, Virtual Marine Technology is a leading provider of simulation-based training solutions for the marine and offshore industries. The company’s products are used by clients around the world to improve safety and efficiency.
Overall, the aerospace and defense sector in Newfoundland and Labrador is poised for continued growth and success. With its unique expertise and location, the province is well-positioned to play a key role in the global aerospace and defense industry. To learn more about the sector and its opportunities, visit the provincial government’s Aerospace & Defense website.
Innovation Supports Sector in Newfoundland & Labrador
Newfoundland and Labrador’s economy is built on innovation and strategic investments in people, infrastructure, and research. The Industry, Energy and Technology (IET) department supports projects that align with industry needs and development opportunities. Here are some of the ways IET is supporting innovation in the province:
- Sector Diversification Division: This division provides funding and support to businesses and organizations that are working to diversify the province’s economy. This includes the Innovation and Business Investment Corporation (IBIC), which provides equity financing and support to small and medium-sized enterprises.
- Research and Development: IET supports research and development in a variety of sectors, including energy, mining, and aquaculture. For example, the department has invested in the Centre for Analytics, Informatics and Research (CAIR), which is a partnership between Memorial University and IBM Canada. CAIR is focused on developing new technologies and solutions that will help businesses and organizations in Newfoundland and Labrador become more competitive.
- Innovation Supports: IET provides a range of supports to businesses and organizations that are working on innovative projects. For example, the department offers funding through the Innovation and Business Investment Fund (IBIF), which is designed to help companies develop and commercialize new products and services. IET also provides support through the Business Innovation Program (BIP), which offers funding and support to businesses that are working on projects related to research and development, technology adoption, and market development.
Innovation is a key driver of economic growth in Newfoundland and Labrador, and IET is committed to supporting businesses and organizations that are working on innovative projects. Whether you are a small business owner or a large corporation, there are a variety of supports available to help you succeed. For more information on how IET can support your business, visit the Innovation Supports website.