The Atlantic Provinces Economic Council (APEC), a Halifax-based think tank, is holding its annual update on "major project" work in the region today in St. John's.
APEC held its update on regional major projects at the Delta Hotel on Wednesday morning. -Photo by Ashley Fitzpatrick/The Telegram
Major projects are projects requiring significant capital investment, providing opportunities for subcontracts, employment and local spinoff benefits. Each year, APEC produces a list of projects in the works in Atlantic Canada.
"Newfoundland and Labrador continues to lead the way with $9.8 billion of major project investment in 2014, up 10 per cent over last year and accounting for 65 per cent of the regional total," states a report on APEC's latest roundup.
The total is a rough figure, based on estimates for the capital cost of projects, including the province's largest: the Lower Churchill development, the hydromet processing plant at Long Harbour, Hebron, West White Rose and the new Kami iron ore mine.
On the Kami mine, Alderon Iron Ore's president and CEO Tayfun Eldem was a guest speaker at this morning’s event and The Telegram will be providing more from his address.
The event began with another guest speaker, Innovation Business and Rural Development Minister Susan Sullivan, who offered a welcome to the ballroom filled with provincial leaders in construction, finance and heavy industry.
She walked through IBRD's program spending and noted commitments by the province to two venture capital funds.
"As a government, we recognize that we have a role to play in supporting our province's business community and economic growth," Sullivan said.