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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
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