DOING BUSINESS IN Newfoundland and Labrador, CANADA

Government of Newfoundland and Labrador
1-709-729-1619
mcluett@gov.nl.ca
www.gov.nl.ca/iet/invest/

Newfoundland and Labrador
(Photo: Adobe Stock)

TARGETED GROWTH SECTORS

Energy Sector: Newfoundland and Labrador is Canada’s only offshore oil producer with low emissions per barrel compared to the international average and a strong environmental, social and governance structure. A world-class wind resource is driving establishment of a wind to green hydrogen industry with six major projects under development that propose to install over 18 GW of wind capacity.


Critical Minerals and Mining: With over 30 internationally recognized critical minerals, the province offers unparalleled opportunities for mineral exploration and development backed by a clean hydroelectric grid, and potentially wind energy or green hydrogen.


Technology Sector: Valued at over $1.3 billion, with $80 million in venture capital raised in 2024, the province’s tech sector is innovating in financial services, health tech, ocean tech, aerospace and defense, SaaS, and AI, and its clients include some of the world’s leading manufacturers and service providers.

FAST FACTS

Population (July 2024 est.): 545,241
Real GDP (2022): $40.7 billion2

¹ Statistics Canada
² Government of Newfoundland and Labrador

Investment Opportunity

The Government of Newfoundland and Labrador issued an expression of interest EOI for the development of a new high-purity iron ore deposit at Julienne Lake in Labrador. Preliminary exploration and studies suggest this deposit could serve as a high quality, strategic feedstock for the manufacturing of green steel. The deposit is in the heart of an established mining district, in a region with some of the purest iron ore resources in the world.

Payroll Rebate

The Job Accelerator and Growth Program can provide a 10-15% payroll rebate on a minimum of 20 new jobs over three years with an average salary of $50,000 to companies that demonstrate a long-term commitment to the province through capital or other investment.

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