Regional Spotlight: Nova Scotia

“Nova Scotia has seen substantial growth in the last few years. Attracted by our experienced talent pool, strategic location and focus on sustainability, global companies are choosing to expand operations here to tap into the advancements we have made in green energy and clean technology.’’ — Peter MacAskill, President & CEO, Invest Nova Scotia 

 

Foreign Direct Investment (FDI) Attraction 

Nova Scotia stands out as a top location for FDI, offering an array of compelling advantages that attract global companies looking to expand in Canada, such as: 

• GLOBAL MARKET ACCESS, thanks to its prime location on the east coast. Nova Scotia’s naturally deep-water ports are some of the closest points in mainland Canada to Europe with well-established transportation networks. The Port of Halifax offers one of the lowest import container dwell times in North America and is 1,500 nautical miles closer to India via the Suez Canal than any North American West Coast port, and one full day closer to Southeast Asia than any other North American East Coast container port. 

• AN EDUCATED WORKFORCE IN INNOVATIVE SECTORS, as the province is home to 10 universities and 14 community college campuses, and is becoming known for its science, technology, engineering and mathematics (STEM) leadership. This field of study has seen an immense increase in graduates, depicting a 56.6% growth from 2013 to 2021, in comparison to BHASE (business, humanities, health, arts, social science, and education) graduates which increased by 17.5% within the same period. Within the STEM field, mathematics and computer and information studies saw the highest increase of 153.8%, followed by engineering and engineering technology at 59.1%, and science and science technology at 18.4%. 

• A LOYAL WORKFORCE, with an average tenure of 8.75 years for workers across the province. Nova Scotia also benefits from a high retention rate of its post-secondary students, with many deciding to stay within the province after graduating. The manufacturing industry specifically benefits from average tenure rates over 10 years.  

• OPPORTUNITIES FOR INNOVATION with Halifax’s Innovation District, which supports businesses, organizations and resources to connect and scale-up. It leverages and builds upon the city’s unique strengths – an ocean advantage, educated workforce, top-notch institutions, strategic location, excellent quality of life, vibrant startup community and established firms – to scale-up innovation and accelerate growth. ​ 

• RENEWABLE ENERGY, with a goal to reach 80% renewables by 2030. Nova Scotia’s 2030 Clean Power Plan prioritizes wind development with an objective to increase onshore wind generation from 20% to 50% of electricity. Offshore wind development is an emerging opportunity as well. Nova Scotia’s offshore wind speeds are world class, rivalling even the winds of the North Sea. The provincial government is exploring opportunities to capitalize on this abundant natural resource, recently announcing a target to offer seabed licenses for 5 gigawatts (GW) of offshore wind energy by 2030.   

 

“Nova Scotia’s capacity for connectivity is enormous. With a culture of cultivating deep relationships and strategic collaborations, businesses are set up to thrive. The Atlantic Trade and Investment Growth Strategy, and other initiatives, help to create meaningful jobs in a variety of sectors, particularly the blue and green economies. Invest in Canada is committed to bringing relevant and purposeful investments to the province to generate more prosperity for all Nova Scotians.” — Laurel Broten, CEO of Invest in Canada 

FDI in action 

Between 2013 to 2023, Nova Scotia attracted a total of 121 FDI projects, of which 69 were M&A deals, and 52 were net-new greenfield projects. The total CAPEX attached to these projects is estimated to be around $7.9 billion, with $3.4 billion associated with the greenfield investments, and the remaining $4.5 billion coming from the M&A deals across the province.   

Canada is currently one of the world’s top hydrogen producers, and Nova Scotia’s unique geographical characteristics, as well as willingness by its government to develop the industry, give the region the potential to become one of the most productive green hydrogen and ammonia development locations. Many global companies are taking notice and expanding there as a result, such as Bear Head Energy, Everwind Fuels and Simply Blue Group. 

Case study: Simply Blue Group  

Ireland-based Simply Blue Group is a leading renewable energy developer focused on decarbonising the transportation sector.  Using green energy, they are leading the development of competitive sustainable fuel projects targeted at aviation and marine transportation. 

On the Eastern Shore of Nova Scotia, Simply Blue Group is currently planning to build a renewable energy park to produce sustainable aviation fuel (SAF), an alternative to conventional aviation fuel. It will be powered with renewable electricity generated from the company’s solar and wind farms. This self-produced power will be used along with sustainable biomass and water to produce SAF and renewable methanol.  

With forecasts of a global SAF supply shortage in the coming years due to increasing demand, the company is working to supply the market with competitively priced, sustainable fuels. This would result in a potential savings of millions of tonnes of CO2 emissions from the atmosphere each year. This project is currently in its engineering design phase, with construction planned for 2026. 

 

‘’Nova Scotia is a small province that punches above its weight for having innovative centres of excellence for an array of industries such as agri-food, seafood and oceans technology. There is a strong government trade ecosystem, and the small size of the market allows for project development in a shorter timeframe, and in a more coordinated and cohesive manner.”

— Edward Steeves, EDC’s Regional Vice President for Atlantic Canada. 

 

Partner Spotlight 

In a dynamic and evolving investment landscape, these organizations are at the forefront of securing transformational projects: 

Invest Nova Scotia is a provincial business development agency supporting businesses small and large, new and new to Nova Scotia, Canada. We work with global companies to expand and locate here, helping clients connect to industry, academic institutions, and government partners while ensuring access to the programs, services, and resources that make it easy for businesses to thrive.  

Export Development Canada (EDC) is a Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. We equip them with the tools they need – the trade knowledge, financial solutions, equity, insurance, and connections – to grow their business with confidence.

Invest in Canada ensures that businesses considering Nova Scotia have the necessary tools and insights to make an informed investment decision. Invest in Canada provides a suite of comprehensive services tailored to meet the unique needs of each client, from business advisory services to strategic introductions, custom research, and facilitating incentive packages. Leveraging established connections with regional stakeholders and possessing an in-depth understanding of relevant programs in the region, Invest in Canada’s Regional Director for Atlantic Canada ensures seamless navigation of the investment landscape.  

 

About Nova Scotia 

Nova Scotia, one of four Atlantic provinces in Canada, is home to just over one million people. This gives the province a small-town feel while providing plenty of innovation and growth opportunities thanks to competitive business incentives, welcoming immigration policies and a steady stream of skilled and educated graduates. This strong quality of life is being noticed - in 2022, the province’s capital city, Halifax, emerged as the second fastest-growing municipality in the country, a testament to its burgeoning economy and vibrant communities. In fact, the share of recent immigrants settling in Nova Scotia has almost tripled, rising from 0.6% in 2006 to 1.6% in 2021. Further data from Statistics Canada shows that the total immigration of individuals who select Nova Scotia as their intended province of stay has increased by almost 177% from 2011-2015 to 2016-2021.  

Halifax stands as a vibrant capital, bustling with activity and steeped in history. From its lively waterfront to its historic Citadel, Halifax offers a dynamic mix of modern amenities and timeless charm. Beyond Halifax, Nova Scotia offers a diverse range of communities, from beach towns and lake-front properties to laid-back country settings. These picturesque towns and cities have something to offer everyone and are certainly worth exploring, both for business and leisure.

From the colorful streets of Lunenburg, a UNESCO World Heritage Site, to the charm of Wolfville, nestled in the Annapolis Valley, Nova Scotia beckons visitors and prospective residents to experience its warmth and beauty firsthand.

Invest in Canada ensures that businesses considering Nova Scotia have the necessary tools and insights to make an informed investment decision. Invest in Canada provides a suite of comprehensive services tailored to meet the unique needs of each client, from business advisory services to strategic introductions, custom research, and facilitating incentive packages. Leveraging established connections with regional stakeholders and possessing an in-depth understanding of relevant programs in the region, Invest in Canada’s Regional Director for Atlantic Canada ensures seamless navigation of the investment landscape.