INVESTMENT PLANNING:
N.B. launches agency to attract outside businesses

It was an announcement a year in the making. New Brunswick Premier David Alward recently hopscotched across the province to unveil Invest NB’s business plan framework and board of directors — and, he hopes, begin the process of providing a much-needed boost to the economy.

“New Brunswick needs a re-energized approach to economic development and investment attraction,” Alward said in making the announcement. “To that end, Invest NB has a fresh focus on identifying and aggressively pursuing businesses that will succeed in our province and create jobs.”

Invest NB will be focused on using public money to attract outside investment, creating high-salary jobs and developing the economy.

The goal is to increase the province’s gross domestic product by $293 million over the next three years. The government is promising performance measurements that will relate to real economic growth and greater wealth for people in New Brunswick.

The corporation’s efforts will be supported by the expertise of its private-sector-led board of directors. Those 11 board members come from industries ranging from telecommunications to the financial sector to academia.

“We have the right combination of dedication, drive and experience in place at Invest NB,” Economic Development Minister Paul Robichaud said.

The establishment of Invest NB was a central pledge of the Alward Conservatives in the election campaign that saw them ascend to power in the fall of 2010.

The four key planks of Invest NB’s mandate are: to promote New Brunswick as an attractive location for business investment; identify and pursue opportunities for strategic and commercially-viable investment; negotiate and provide financial assistance when required and as appropriate to secure investments; and manage portfolios of investments.