From the sky, Newfoundland and Labrador looks like a green jewel in the deep, cold waters of the North Atlantic. It’s a land of rugged coastlines, a history of sea faring, famed for its music and stories; home to a resilient population forged in the collapse of the cod fishery and the subsequent rise of the province’s oil and gas industry.
In a world of uncertainty caused by fluctuating trade policies and global conflict, it’s a hub of stability, perfectly positioned to serve clients from all over the world.
Global Public Affairs’ newest recruits on the Rock, the Honourable Seamus O’Regan and the Honourable David Brazil have spent their careers promoting the advantages of their home province.
“We are the centre of the world,” O’Regan says. “Every map in every office I had, had a Newfoundland and Labrador-centric map of the world. The map that you’d see on the wall in grade school had Newfoundland on the earth’s end of it. But in fact, if you look at a global map, we are in the middle of it.”
Newfoundland and Labrador’s proximity to Europe is a huge advantage, says O’Regan. It’s only a 3.5-hour flight from Gander to Europe, making the province a viable place to do business, especially if that business is oil and gas.
“About three-quarters of Canadian exports go to the United States, but that’s not the case in Newfoundland and Labrador. Only about a third of our exports go to the US. The proximity to Europe has allowed us to diversify our exports. About fifty per cent of Newfoundland and Labrador’s oil goes to Europe. And that gives us a huge advantage.”
Brazil says that’s an opportunity the province is seizing. “We’re an easy sell. We have all the amenities you need. We have a stable workforce used to working in some of the toughest conditions in the world. We have a stable political system and the natural resources that businesses are looking for. We have a vast collaboration of national and international companies who have invested here, know the history, have proven their wares to be very viable and very beneficial to clientele all over the world.”
Global uncertainty is pushing the province’s oil revenues up these days, which is having a positive impact on the province’s coffers as companies seek reliable sources of fuel. Some are finding the answer to their problem in NL and Brazil thinks many of them will stay once the current Middle East conflict is resolved. “We’re trying to provide service to the rest of the world so that the disruption in the Middle East doesn’t hinder economies. I think, when they see our skill set, our stability and our environmental awareness, they’ll want to get their supply from us on a continuous basis.”
Oil isn’t the only natural resource being explored. The aerospace and defence sectors are growing. Verafin, a fraud detection technology and anti-money laudering software firm that was born in St. John’s, was purchased by Nasdaq for $2.75 billion. The demand for renewable energy is turning eyes to the Newfoundland coastline.
“We have areas in our province that regularly get Category 3 winds,” said O’Regan. “We get steady winds, particularly on the west coast of the island. So watch that space, because that’s going to be huge.”
Both Brazil and O’Regan say the possibilities of Labrador’s mineral sector seem endless.
“Labrador is showing unlimited potential for critical mineral exploration and job creation,” Brazil said. “There’s still so much to be explored. I don’t think anyone has an inkling of how much is there. At the rate technology is developing, Newfoundland and Labrador’s minerals are going to be absolutely essential. I think it’s our next Hibernia.”
Whatever happens, O’Regan and Brazil say Newfoundland and Labrador is ready for it.
“We have proximity, resiliency and we are very open to trade,” O’Regan says. “(Bank of Canada Governor) Tiff Macklem calls it the Newfoundland and Labrador advantage, and I think he’s right.”
“Our doors are open – 100%,” agrees Brazil. “It makes all the sense in the world for everyone, no matter where you are located, to do business in Newfoundland and Labrador.”