The Northern Peninsula has a rather stable economy at the present time. The main industry sectors are Fishery, Forestry, Tourism, Natural Resources and Business Development.

With two Unesco World Heritage Sites on the Great Northern Peninsula, our tourism industry now sees 160,000 visitors annually. The industry value has tripled over the past 20 years and the tourism sector continues to grow at 3% to 5% annually. There are many opportunities to develop new tourism products and services, particularly in entertainment and interpretive programming.

The Fishery has evolved over the past twenty years, with the closure of the cod fishery and opening up of the shrimp and crab fisheries. The aging workforce in the Fishery means there are employment opportunities in that sector. Much of our skilled labour workforce is migratory, working in other parts of Canada for part of the year. This also has created a need in some communities for skilled workers.

Our Forestry sector is also changing, looking to new technology to create opportunities. The Business sector is also looking to new technology, in particular information technology to provide marketing and training to enhance our economy.

For further information on Business Opportunities in this area, please Click Here for the Trans Labrador Highway Transportation Impacts and Business Opportunities Project Report.

In March 2007, the Government of Newfoundland and Labrador launched its first ever immigration strategy aimed at increasing the number of skilled immigrants who choose Newfoundland and Labrador as their new home. The Employers' Guide to Hiring Immigrants and International Students in Newfoundland and Labrador provides information for businesses who are recruiting new employees.

• Immigrants develop export opportunities and create links to different countries that can be used to boost the export of local goods and services. They also bring technical skills, creative ideas, linguistic diversity, global insight, and commercial contacts that can reduce the transaction costs of doing business and help expand the company's market presence.
  
• Many immigrants are available who possess the skills and experience required for the job in some hard-to-fill sectors of the economy. For example, the province avails of internationally-trained university professors, physicians, engineers, and other groups of skilled individuals to fill some of the vacancies that currently exist.
  
• Immigrants have the knowledge, experience, and connections to help make your business globally competitive
  

The Newfoundland and Labrador Provincial Nominee Program (NLPNP) can provide an alternate and quicker entry into Canada. It allows Newfoundland and Labrador to nominate applicants who qualify under provincially established criteria for Permanent Resident Status. The NLPNP offers:

• A quicker immigration process for qualified skilled workers, family members, international graduates and entrepreneurs who wish to settle permanently in Newfoundland and Labrador.
  
• Assistance from provincial program officers who are available to explain the program requirements and processes.
  

This program would be of interest for Entrepreneurs who wish to start a business or purchase an existing business in Newfoundland and Labrador.

Business support agencies to assist new businesses.

Support for newcomers:

• AXIS (Acquiring eXperience; Integrating Skills) provides career-focused services and employment programs for educated professionals, trades persons and entrepreneurs. Through interactive engagement with employers and collaborative partnerships with all levels of government, industry and the community, AXIS aims to facilitate successful labour market integration for newcomers.
  

Support for businesses in Newfoundland and Labrador:

• Community Business Development Corporations are a network of independent, not-for-profit organizations that work in cooperation with all levels of government and the private sector to meet the needs of small businesses. CBDC Nortip is located in Plum Point and services the Great Northern Peninsula.
  
• Newfoundland and Labrador Organization of Women Entrepreneurs (NLOWE), is an organization that assists women in business in Newfoundland and Labrador.