Premier: Can’t afford to miss Daewoo
Posted Mar 6, 2010 07:39:10 AM.
This article is more than 5 years old.
It’s a multi-million-dollar investment at a time when the province is looking to pinch it’s pennies. The finance minister is on his Back-to-Balance tour to close a $1.4-billion deficit gap by 2012-13. Meanwhile the premier has announce yet announce spending investment.
Premier Darrell Dexter says the $90-million-dollar joint venture with South Korean shipbuilding giant Daewoo is an investment Nova Scotia can’t afford to miss. The province’s portion is $60 million.
“What the province gets in return, once the plant is up and running, between direct and indirect jobs is about $5 million dollars a year, in tax revenue,” Dexter tells News 95.7 in a telephone conversation from Trenton. “In addition to having the equity stake which we can recover, the loans which are repayable, we will also be generating tax revenue off the many jobs that will be created.”
The company plans to make wind turbine parts in the former TrentonWorks rail-car factory. The deal will create 120 jobs in the first year with up to 500 within the three years.
