Province Looks to Expand Marine Technology Sector

07/07/2015
A new incentive has been announced by the PEI provincial government to aid in the development of the Island’s Marine Technology sector. The program, announced Friday July 3, will provide a rebate on provincial corporate taxes for qualifying companies that employ 15 people or more, reach $700,000 in payroll and develop exportable advanced marine technology. With these incentives, the Province hopes to attract innovative companies with a diverse range of specialties in the oil & gas industry, offshore wind & tidal energy, and defense & workboats.

PEI currently has several innovative and highly competitive businesses within its Marine Technology Sector including Marine Nav, Aspin-Kemp & Associates, and Portsmouth Atlantic. These companies compete on the global marketplace and contribute to PEI’s reputation for delivering high quality research, technology, and customer service. The Marine Technology cluster will complement PEI’s Aerospace industry by providing additional highly skilled, high paying year-round employment opportunities.

 

Additional Information

PEI Government Release: Province announces program to expand advanced marine technology sector