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The Department of Innovation, Trade and Rural Development (INTRD) was created in 2004 to reflect the enhanced emphasis placed on the innovation aspect of the provincial economic agenda. It is the lead agency for economic development in the province and in each of its regions.
The department’s business investment portfolio is overseen by a crown agency, the Business Investment Corporation. Also reporting to the Minister are the Ireland Business Partnerships, the Strategic Partnership, the Economic Diversification and Growth Enterprises Board and the Newfoundland & Labrador Immigrant Investor Fund Ltd
Mandate
The mandate of the Department of Innovation, Trade and Rural Development is to lead:
(a) the creation and maintenance of a competitive economic environment that encourages and supports private sector business growth and long term sustainable employment opportunities for the people of the province;
(b) the diversification of the economy on a provincial and regional basis, with particular attention to rural areas;
(c) the promotion and encouragement of increased trade in and exports of goods and services by provincial industries and businesses in the national and international marketplace;
(d) the attraction of new business enterprises and industries to the province;
(e) the creation of a climate conducive to innovation in business through the facilitation of research and development, technology transfer and technology commercialization within provincial industries and individual business enterprises;
(f) the provision of business information, counseling and financial support programs and services to small and medium-sized enterprises, including private businesses, co-operatives, credit unions and community development corporations, to stimulate economic and employment development within the province;
(g) promoting the value of an enterprise culture and encouraging economic self-reliance throughout the province; and
(h) the negotiation and administration of comprehensive federal/provincial economic development co-operation agreements and other forms of collaboration.
Acts
The department is responsible for administering:
- The Economic Diversification and Growth Enterprises Act
- The Business Investment Corporation Act
- The Research Council Act
Lines of Business
The department is responsible for supporting development and diversification throughout the province. To achieve this, it operates four lines of business, supported by three corporate service areas: policy, communications and information management. The four lines of businessare as follows:
- small and medium-sized enterprise (SME) development;
- industrial diversification;
- innovation; and
- business promotion, trade and investment development.
Administration
The department has a Deputy Minister, and four executive branches, each headed by an Assistant Deputy Minister: Business Development and Strategic Industries; Innovation, Research and Advanced Technologies; Trade and Investment; and Regional Development. The department partners with the Atlantic Canada Opportunities Agency in managing and operating the Canada- Newfoundland and Labrador Business Service Centre/Network.
There are five regional headquarters, 17 local area offices, and a corporate headquarters in St. John’s. A second corporate office responsible for Portfolio Management and Administration is located in Marystown. Approximately 40 per cent of employees operate from offices located outside of St. John’s.
The department’s budget for 2006-07 is $45.8 million and includes $9 million for small and medium-sized enterprise financing, $7.9 million for a regional economic development including the regional/sectoral diversification fund, and $5.0 million for innovation funding to companies and organizations.
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