Little PEI Is Thinking Big!

Prince Edward Island's new five-year economic strategy has some people in the New Brunswick taking a closer look at this province's economic plans.

Last week, P.E.I. announced plans to direct $200 million into four sectors identified as key to the province's future: bioscience, information technology, aerospace and renewable energy. Featured are project including the creation of a $30-million biotech research centre and plans to make the province energy self-sufficient by increasing its wind-energy capacity to 500 megawatts from 100 megawatts by 2013.

These targets were described as "entirely realistic" by P.E.I.'s deputy minister Michael Mayne.

"Due to macroeconomic forces that exist in the global environment - and this applies to New Brunswick and Nova Scotia, too, I think - we needed to invest in areas we can manage. And we have to work with things that can't get on a plane and go to Fort McMurray," he said.

That kind of logic lay behind the strategy's focus on wind as a source of energy, rather than on biofuels or oil, Mayne said. He pointed to Brazil's lead in the production of ethanol from corn; P.E.I., he said, just couldn't compete.

"We had to look at what we could do realistically."

Moncton-based economic consultant, David Campbell, who also writes a column for the Telegraph-Journal was impressed by the plan's focus and clear financial commitments.

"Funding levels (in PEI) show a serious commitment to growth," said Campbell.

There are various growth and economic strategies currently being talked about in the province, but Campbell said there is yet to be a financial commitment on the scale of that on the Island.

Campbell said he has not seen targeted investment in emerging sectors in the province that are outside of the energy hub concept.

"The energy hub is, I think, going to be fairly short-lived. Once it's finished, what's left behind won't be enough. We need investment in other sectors in other areas of the province."

Campbell said that if a province like P.E.I., with the population of the city of Moncton will see a $200-million investment, why shouldn't the entire province of New Brunswick see a $600-million plan to target emerging industries across the province?

"We could have an energy hub in Saint John, an animation facility in the Miramichi, a life sciences centre in Moncton and an information technology hub in Fredericton," he said.

Bob Manning, chairman of the Benefits Blueprint, a strategy to maximize benefits from the coming energy hub, said that other industry sectors will grow as energy investments bring money and workers into the province.

"I've always viewed the energy sector as a catalyst to the economy," said Manning, who is also with the Owens MacFadyen Group in Saint John.

http://telegraphjournal.canadaeast.com/rss/article/272502