Nova Scotia – A Global Financial Services Centre
As we send out 2011 and ring in 2012, we have seen some great things happen in Nova Scotia this year, and I wanted to take a moment to thank our many partners and my team at Nova Scotia Business Inc.
NSBI’s trade development and business financing teams each had a busy and productive year. And NSBI’s investment attraction work hasn’t gone unnoticed on the world stage with the recent news about Financial Centres International’s FCI 500 list and my inclusion on this list of 500 most influential people in financial centres around the world. This is definitely an honour for me; there were only 14 Canadians recognized on the list. But more importantly, the recognition reflects the hard work of my team, our partners and the many people in the financial services sector in Nova Scotia.
This really is a win for our province. We compete in a global business market and awareness of Nova Scotia has always been one of our biggest challenges. This recognition will generate more attention for Nova Scotia and our businesses.
It validates that we have the attributes we need to compete globally. Nova Scotia offers competitive costs, skilled labour and a location strategically near markets in the US and Europe.
Despite global economic challenges, we continue to be aggressive, proactive and build on our strengths. We are creating new opportunities for our talented graduates to stay in Nova Scotia and many are earning weekly salaries that are 20 per cent higher than the provincial average.
We have a long history in the financial services sector. Nova Scotia is seeing growth in alternative areas such as fund administration and re-insurance. And our financial services sector grew 22 per cent from 2005 to 2010. Including insurance, this vital sector employs approximately 16,000 people, accounting for about five per cent of the provincial GDP in 2010.
We have attracted some of the top financial companies in the world, including Citco Fund Services, Flagstone Re-insurance, Butterfield Fulcrum and Marsh Captive Solutions. In addition to creating new jobs, these international firms have been a source of new technologies and ideas enhancing the competitiveness of our financial services industry.
In 2012 and beyond, we must continue to boast our strategic advantages and be top of mind for companies contemplating expansion.
All the best in 2012,
Stephen
