News Release

 
For immediate release
April 16, 2004

ECBC Vice-President Believes a Multi-Faceted Approach to Economic Development is Paying Dividends


Sydney, N.S. – Reflecting on his four and half years as vice-president of Enterprise Cape Breton Corporation (ECBC), Rick Beaton met with members of the media today to review what has been accomplished in terms of economic development in Cape Breton.

“When I assumed my position in November 1999, the local economy was at a critical juncture due to the closure of Sydney Steel and Devco. Many feared that the Island’s already weak economic base would become even worse. While I do not purport to say that we have overcome all of our economic challenges, I am encouraged by the positive changes that have taken place. The economy has persevered. The business base is expanding, new investment is occurring and jobs have been created.”

Mr. Beaton believes that ECBC and the CBGF have been a catalyst for this economic growth. Both entities have worked with the private sector and community-minded individuals from across the Island to address their economic development needs.

“We do more than respond to funding applications”, said Mr. Beaton. “The approach is multi-faceted. We work to attract outside investment, to provide advice to local entrepreneurs, to stimulate exports, to complement private sector investment by supporting community infrastructure and to research new areas of economic opportunity.”

ECBC and the CBGF maintain an Island-wide focus that includes Mulgrave. Since 1999, a total of 787 projects have been approved representing total assistance of over $188 million. These projects have leveraged additional investments worth over $645 million and have resulted in the creation of
5,756 jobs.

Using New Waterford and Glace Bay as examples, Mr. Beaton pointed to the many improvements made in those communities with ECBC and CBGF support. Through investment attraction efforts and with financial assistance, major employers have set up operation. Using non-commercial programs, the two downtown cores have been dramatically improved. Other community infrastructure investments have been made to make the area more attractive to investment. These include support to the Miners’ Museum Foundation, the Glace Bay Heritage Museum and the establishment of a state-of-the art soccer facility in New Waterford. Spurred on by the positive changes, a growing number of entrepreneurs have made further investments.

“We take pride in the fact that we have been able to offer a level of support to most communities on the Island, big or small, from a local festival in L’Ardoise or the Celtic Music Interpretive Centre in Judique, to Cape Breton Castings Inc., a car parts manufacturing facility in North Sydney” adds Beaton. “I often wonder what the economic conditions would be like if Cape Breton did not have access to ECBC and the CBGF.”

Enterprise Cape Breton Corporation offers programs in support of economic development initiatives and is responsible for delivering ACOA's programs on Cape Breton Island and in the Mulgrave area.


FOR ADDITIONAL INFORMATION CONTACT:

D.A. Landry
ECBC Communications
Tel: (902) 564-3617