Key Growth Sectors for a PEI Business
PEI’s economic strength is historically grounded in well established industries like agriculture, fishing and tourism. The economic focus for the future involves innovative research and development as well as supportive clustering in several key growth sectors:
- Advanced Marine Technology is becoming a key growth sector with sales increasing from under $5 million to more than $100 million during the past five years. Much of this success is the result of a stable economy with increasing export potential, labour availability and an expanding training presence.
- Aerospace and Defence has become one of our fastest growing sectors with a strong base of companies employing more than 1350 skilled Islanders, generating over $400 million in sales and increasing international markets 300 per cent in just five years. World-class aerospace infrastructure in two key locations, on-site, customized training programs and 24/7 flight services ensure continued growth and success.
- Bioscience: This sector has tripled in size and funding for research and new product development has increased 600 per cent. Our vibrant bioscience sector is well positioned for continued growth in key areas: natural products for human and animal health; high-value AgBio and BioRenewables; and diagnostic technologies and API manufacturing.
- Financial and Business Services – Recognizing PEI as a desirable location with a significant cost advantage over larger urban areas and a time-zone advantage, multi-national financial services firms are establishing a presence here. The rewards include a common regulatory system, a robust telecom infrastructure and access to our high-quality labour pool with expertise in fund management, accounting, customer service and administration.
- Food Development – PEI as Canada’s Food Island has the special ingredients for a sustainable, high-quality agri-food industry - clean environment, temperate climate and abundant natural resources - and a commitment to food safety and innovation. BIO|FOOD|TECH offers specialized professional services to food and bioprocessing companies and entrepreneurs.
- Information and Communications Technology (ICT) – Tech companies in PEI benefit from highly competitive business costs, a positive tax environment and superior telecommunications infrastructure that can meet any technology requirement. ICT is consistently growing across key areas: aerospace, financial services, gaming, health, independent software, and mobile and wireless applications.
- Renewable Energy (Wind Energy) – PEI is a North American leader in wind energy and positioned for success in emerging energy resources. Our small size, strong winds and solidly established research and training capacity makes PEI an ideal site for developing a reliable wind energy supply and supporting other emerging wind technologies. With wind energy supplying over 30 per cent of PEI’s electrical needs, the focus is shifting to a new generation of renewable technologies that will improve environmental sustainability and expand and strengthen the renewable energy cluster.