News release

Nova Scotia Tops in North America for Foreign Investment

Nova Scotia Business Inc. (Dec. 2004 - Nov. 2022)

Nova Scotia's success in attracting international investment and creating new jobs is gaining world-wide recognition.

fDi Intelligence, a division of The Financial Times, recently recognized Nova Scotia for having the best success in North America in attracting investment from around the world, known as foreign direct investment. It helps companies grow by building exports, investing money into the economy and accelerating supplier development through partnerships with local companies.

"International companies recognize Nova Scotia is a great place to do business," said Economic and Rural Development and Tourism Minister Graham Steele, and Minister responsible for Nova Scotia Business Inc. "Companies are choosing Nova Scotia over other jurisdictions and are spending new money in our province. Foreign direct investment means new jobs and new money for the economy."

fDi Intelligence is the largest foreign direct investment centre of excellence globally.

"Nova Scotia was the best performing region in North America in attracting inward investment in 2012, with Nova Scotia attracting more foreign direct investment projects per capita than any other state or province," said Henry Loewendahl, vice-president North America, representing fDi Intelligence, Financial Times Ltd. "Furthermore, three of the four largest job-creating projects in Canada went to Nova Scotia in 2012 with major investments by IBM, Admiral Insurance, and Stream."

"All Nova Scotians share the credit for this success, in communities large and small," said Mr. Steele. "The province is fortunate to have people who work hard and bring their very best to the job every day. That commitment is what is attracting more investment and more jobs that are building a better future for Nova Scotia families."

"Nova Scotia is a competitive jurisdiction that has attracted some of the world's top companies in every key sector," said Stephen Lund, president and CEO of Nova Scotia Business Inc. "These international companies create good jobs and inject new investment into our economy."

New investment in the province has also resulted in the creation of new sub-sectors. In 2012, KPMG recognized Halifax as the fastest growing hedge fund administration centre in Canada.

"Admiral Administration just celebrated its first anniversary of opening its operations in Halifax and the first year has been a great success," said Ben Pershick, managing director, Admiral Administration Canada. "We have grown from a staff of five to thirty in a very short period of time with minimal recruitment costs. We are thrilled to be here."

"DSM Telecom supplies Admiral Administration with its Digital Phone service, a cloud-based business telephone system. As a small and relatively new business, this opportunity has meant a great deal to us," said Dan Merzetti president, DSM Telecom. "It helps us showcase to the local market that small Nova Scotia companies can supply international companies with the goods and services they require."

With Nova Scotia's emphasis on partnerships between the educational institutions and industry, graduates are receiving the skills required by these international companies.

"Due to NSBI's relentless dedication to attract world-class, global middle office hedge fund administrators and diversify our Atlantic financial services sector, Nova Scotia Community College has been able to work with new industry entrants and craft a specialized program designed to meet the labour force needs of these companies," said Barbara Powers, program co-ordinator, finance, NSCC Waterfront Campus.

Nova Scotia Business Inc. is the province's private-sector-led business development agency. Through trade development, investment attraction, business financing and venture capital, NSBI assists local companies and attracts international companies to Nova Scotia. For more information, visit www.nsbi.ca/connect .