Liberal Government Invests in Technology Sector to Create Jobs
The Liberal Government supports growth and diversification of one of the province’s innovation-driven businesses, which is why we announced $2.25 million over two fiscal years for a forgivable loan to PAL Aerospace to support its Force Multiplier project. The loan is contingent on the company achieving an employment target of 150 person years of employment over five years. The Research & Development Corporation is providing an additional $750,000 in non-repayable funding.
The Force Multiplier project involves modifying a Dash-8 aircraft to operate as a special mission aircraft. The aircraft will be used for domestic and international opportunities, including maritime surveillance. It will expand on PAL Aerospace’s current business model and build on its existing technologies.
PAL Aerospace is a leader in its field, and this project not only demonstrates another success story for the company, but also what can be achieved in the aerospace and defence industry in our province. Our government is committed to supporting diversification and growth of this industry, which in turn will foster creation of highly skilled, high paying jobs in Newfoundland and Labrador.
– Premier Dwight Ball
The new project has a number of benefits for the province, including:
- The creation of new, long-term, high-paying and high-skilled jobs in the developing aerospace sector within the province;
- The enhancement and growth of new research and development opportunities resulting from a variety of new components and systems that will be installed by PAL Aerospace for the first time; and
- Continued diversification of the provincial economy.
Support for the Force Multiplier project advances commitments made in The Way Forward: A vision for sustainability and growth in Newfoundland and Labrador aimed at stimulating new business activity and creating new private sector jobs for residents throughout the province.
This project fosters innovation in the technology sector and will enable PAL Aerospace to further establish itself and the province as a leader of expertise in this area, expanding business activities between Atlantic Canada and international markets.
– Minister Christopher Mitchelmore