Nova Scotia Business Inc.

Nova Scotia Business Inc.
Name	Nova Scotia Business Inc.
Type	Crown corporation
Founded	2007
Headquarters	Halifax, Nova Scotia
Key people	Board of Directors
Services	Economic development, investment attraction

Nova Scotia Business Inc. is the provincial economic development and business attraction agency for Nova Scotia. It operates as a Crown corporation headquartered in Halifax, Nova Scotia and interfaces with provincial ministries such as the Department of Economic Development and Trade (Nova Scotia) and federal entities like Innovation, Science and Economic Development Canada. The agency works with partners including Invest in Canada, regional development agencies such as Atlantic Canada Opportunities Agency, and municipal governments like the Halifax Regional Municipality to promote foreign direct investment and export growth.

History

The organization was created in 2007 following policy shifts influenced by earlier regional strategies involving Nova Scotia administrations and advice from consultants with ties to firms like Deloitte and KPMG. Its establishment followed provincial debates that referenced precedents such as Nova Scotia Economic Development, the restructuring of crown corporations seen under leaders like Darrell Dexter and John Hamm, and comparisons with agencies such as PEI Business Development. Early years featured initiatives aligned with federal-provincial programs such as those driven by Atlantic Provinces Economic Council reports and recommendations from task forces convened after economic transitions in sectors like fisheries post-Cod Moratorium, 1992.

Throughout the 2010s the agency adjusted strategy amid market shifts driven by multinational firms including IBM, Siemens, and GE Aviation, and regional investments linked to projects by Irving Shipbuilding and the aerospace cluster around Bombardier Aerospace. Board appointments and executive leadership changes referenced corporate governance practices similar to those overseen by entities like the Public Accounts Committee (Nova Scotia Legislative Assembly) and drew scrutiny akin to reviews of Nova Scotia Power and other provincial instrumentalities.

Mandate and Governance

Its mandate centers on investment attraction and export development, aligning with provincial statutes and oversight by the Premier of Nova Scotia and the Minister of Business. Governance involves a board appointed through executive procedures comparable to boards of Nova Scotia Health Authority and Halifax Port Authority, and reporting mechanisms mirror accountability frameworks used by agencies such as the Canada Revenue Agency regional offices and the Office of the Auditor General of Nova Scotia. Executive roles interact with counterpart offices like the Canada–Nova Scotia Offshore Petroleum Board when cross-jurisdictional issues arise, and strategic direction has referenced economic plans similar to those advocated by the Atlantic Growth Strategy.

Programs and Services

Programs offered include investment attraction services comparable to those delivered by Invest Ottawa and export assistance reminiscent of Business Development Bank of Canada supports. The agency provides site selection services paralleling work by Halifax Stanfield International Airport economic development units, industry cluster facilitation similar to Innovacorp programs, and client attraction initiatives akin to campaigns promoted by Tourism Nova Scotia when aligning with sector opportunities. Sector targeting has included information technology clusters resembling Volta (Halifax) ecosystems, ocean technology networks like Ocean Frontier Institute, and aerospace supports echoing partnerships with institutions such as Nova Scotia Community College and Dalhousie University.

It administers incentive structures related to tax measures and rebate mechanisms practiced in provinces alongside arrangements observed in programs like Scientific Research and Experimental Development Tax Credit promotions, and coordinates with lenders resembling the Business Development Bank of Canada and insurers similar to Export Development Canada.

Economic Impact and Investments

The agency has claimed roles in attracting both domestic and international companies, with project announcements involving firms akin to Amdocs, Cognizant, and regional suppliers to networks of multinational customers such as Lockheed Martin and Honeywell. Investment files have spanned sectors from clean technology connected to initiatives like the Pan-Canadian Framework on Clean Growth and Climate Change to aquaculture tied to enterprises similar to Cooke Aquaculture. Job creation metrics and capital investment figures have been analyzed by independent bodies such as the Atlantic Provinces Economic Council and reported to oversight authorities like the Nova Scotia Utility and Review Board for comparative purposes.

The agency’s pipeline management and project wins have been compared to outcomes seen in other provinces’ agencies like Alberta Innovates and Saskatchewan Trade and Export Partnership, and its role in large procurements intersected with procurement policies referenced by authorities including the Treasury Board of Canada Secretariat.

Controversies and Criticisms

The organization has faced scrutiny over investment claims and performance metrics, prompting comparisons to debates involving BC Investment Management Corporation reporting and inquiries similar to those that have affected entities like Nova Scotia Power Inc. Public commentary has referenced audit-style reviews akin to work by the Office of the Auditor General of Canada and legislative questions posed in forums such as the Nova Scotia House of Assembly. Critics have highlighted confidentiality provisions and incentive agreements echoing controversies in high-profile deals with corporations comparable to Vale and Shell Canada.

Allegations around governance, transparency, and cost-effectiveness have led to calls for reform that referenced governance changes seen at crown corporations including Nova Scotia Liquor Corporation and NS Power. Reviews recommended stronger performance indicators and coordination with research institutions such as Acadia University and policy think tanks like the Canadian Centre for Policy Alternatives for independent assessment.

Category:Crown corporations of Nova Scotia