Board of Trade says province must diversify economy

The St. John’s Board of Trade says diversification of the provincial economy is essential in ensuring a strong workforce in Newfoundland and Labrador. Spokesman Jo Mark Zurel says that there is a great foundation laid “in terms of the tenacity and work ethic of the people of Newfoundland and Labrador”, but the provincial economy must be diversified beyond the oil and gas industry. He added provincial revenues from oil are going to drop unless there is more exploration. Zurel suggested expanding the province’s ocean technology and ocean sciences industries, as well as the fishery and information technology sectors.

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