News Release Archive
ECONOMIC DEVELOPMENT--ITALIAN INVESTORS LOOK TO NOVA SCOTIA
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Premier John Savage and Economic Development and Tourism Minister
Richie Mann returned from Italy last night with proof that Nova
Scotia can compete and win in the global marketplace.
The investment mission returned with several written proposals
from Italian manufacturers interested in establishing operations
in Nova Scotia. In addition, up to 50 Italian companies will
visit the province this summer to examine investment prospects
first-hand.
Premier Savage made presentations to more than 100 companies in
the cities of Bologna, Ascoli Picone and Fermo. During the
four-day mission, the premier, Mr. Mann and deputy minister Bert
Loveless also met with the premier of the Ascoli Picone region,
mayors of several cities and senior officials of Italy's External
Trade Department. They also toured several industrial sites in
northern and central Italy.
"The companies expressed overwhelming interest in expansion into
Nova Scotia," the premier said. "We presented a strong business
case for investing in the province and we came away with
proposals from several manufacturing and processing companies."
Mr. Mann said, "This summer we'll travel the province with a
delegation of representatives from 35 to 50 major manufacturing
companies. These are serious investors that view Nova Scotia as a
springboard into the North American marketplace."
High labour, energy and taxation costs are reducing Italian
industries' ability to compete in world markets. Many companies
are considering manufacturing in North America as a way to reduce
costs and gain easier access to international markets. Premier
Savage said that Nova Scotia is well positioned to attract some
of these companies with lower operating costs, a skilled
workforce, reduced taxation and attractive research and
development tax credits.
"Our message to the Italians," said the premier, "is that with
free trade and excellent transportation links, Nova Scotia can be
a gateway into a North American marketplace of 350 million
people."
"In addition to the formal proposals we're reviewing right now,"
Mr. Mann said, "we're following up on requests from several other
companies interested in expanding their manufacturing base into
Nova Scotia." Nova Scotia offers tariff-free access to the United
States, which is particularly attractive to Italian companies.
Premier Savage also signed a cooperation agreement on economic
and cultural association with the Ascoli Picone premier.
Nova Scotia exported about $35 million worth of goods to Italy in
1994. Natural resources such as wood and pulp products, and fish
products topped the list, followed by manufactured products such
as plastic, machinery and equipment. Nova Scotia imported about
$25 million worth of goods from Italy in 1994, mainly clothing,
footwear and food products.
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Contact: Linda Laffin 902-424-6810
David Harrigan 902-424-3750
sab Apr. 8, 1997 - 5 p.m.
