As the lead economic development agency in Prince Edward Island, Innovation PEI works with local businesses to create jobs and accelerate our economy.
Prince Edward Island is developing a solid reputation as the location of choice for many leading international companies. Regardless of sector, we have a variety of programs and services to support the Island's economic development.
Since the early 1990's, the province's economy has undergone tremendous shifts and growth particularly in the high knowledge sectors. We have witnessed impressive growth in our aerospace and defence, bioscience, and information communications technology sectors. As these sectors have grown, our reliance on primary industries has waned. There is little to suggest these trends will not continue.
In accordance with these trends and our province's economic strategy, we are focusing on four main growth sectors:
Prince Edward Island’s aerospace and defence sector has developed into one of the fastest growing industries in the province, helped by the close working partnerships between industry, government and training institutions. Eleven aerospace companies now employ over 900 people in Prince Edward Island and generate sales in excess of $380 million annually.
The bioscience sector concentrates on natural product development, personal care & cosmetics, treatment of diseases of aging and obesity, infection and immunity, Ag-Bio and specialty oils, animal and human health products, nutrition, diagnostics and API manufacturing. We have a credible, business-focused cluster with a strong culture of collaborative relationships between academia, government and industry, allowing partnerships to flourish and prosper. The PEI BioCommons Research Park is designed to support the continued growth and evolution of the province’s promising Bioscience Cluster.
Our information and communications technology sector including those professional, knowledge intensive firms and is emerging as a major player. A key area of opportunity for PEI is interactive media and e-health, two of the fastest growing industries in the world. The PEI Government continues to foster an attractive work environment by offering tax incentives, labour rebates and infrastructure such as the Atlantic Technology Centre.
Finally, the renewable energy sector is very new to Prince Edward Island. Wind energy will contribute to our energy self-sufficiency and holds the potential to make the Island a major energy exporter within the next several years. Building on the strength of the Wind Energy Institute of Canada and developing strong public-private relationships will be our focus to round out a robust sectoral focus.
Several other sectors are also making significant social and economic contributions to Prince Edward Island and are continuing to display strong growth. Those sectors include:
- Advanced Manufacturing and Processing including value-added food development and production
- Financial Services
- Small Business
We can help you start or grow your business, or relocate your business to Prince Edward Island.
Contact our experienced team of Business Development and Investment Officers today for more information.