Text Size
  • Home
    • About the Department

About the Department

The Department of Innovation, Business and Rural Development (IBRD) was created in 2004 to reflect the enhanced emphasis placed on the innovation aspect of the provincial economic agenda. It is the lead agency for economic development in the province and in each of its regions.

The department’s business investment portfolio is overseen by a crown agency, the Business Investment Corporation. Also reporting to the Minister are the Strategic Partnership, the Economic Diversification and Growth Enterprises Board and the Newfoundland and Labrador Immigrant Investor Fund Ltd

Mandate

The mandate of the Department of Innovation, Business and Rural Development is to lead:

  • The creation and maintenance of a competitive economic environment that encourages and supports private sector business growth and long-term sustainable employment opportunities for the people of the province
  • The diversification of the economy on a provincial and regional basis, with particular attention to rural areas
  • The promotion and encouragement of increased trade and export of goods and services by provincial industries and businesses in the national and international marketplace
  • The creation of a climate conducive to innovation in business through the facilitation of research and development, technology transfer and technology commercialization within provincial industries and individual business enterprises
  • The provision of business information, counselling and financial support programs and services to Small- and Medium-sized enterprises; including private businesses, co-operatives, credit unions and community development corporations to stimulate economic and employment development within the province
  • Promoting the value of an enterprise culture and encouraging economic self reliance throughout the province
  • The negotiation and administration of comprehensive federal/provincial economic development co-operation agreements and other forms of collaboration.

^ Top of Page

Lines of Business:

The department is responsible for supporting development and diversification throughout the province. To achieve this, it operates five lines of business, supported by three corporate service areas: policy, communications and information management. The five lines of business are as follows:

  • Small and medium-sized enterprise (SME) development
  • Industrial diversification
  • Innovation
  • Investment Development
  • Economic Intelligence

^ Top of Page

Last Updated:
This page and all contents are copyright, Government of Newfoundland and Labrador, all rights reserved.