Sectors
FISHERY
The Labrador Straits Development Corporation intends to maximize benefits from existing fish resources and determine uses and markets for under-utilized species while encouraging the adaptation of conservation-oriented harvesting techniques.
Outside of the private sector, the fishery is still the major employer in economic zone 5. Approximately 181 plant workers are employed at the groundfish plant in L'Anse au Loup operated by the Labrador Fishermen's Union Shrimp Company. The plant processes mostly cod and turbot.
Outside of the private sector, the fishery is still the major employer in economic zone 5. Approximately 181 plant workers are employed at the groundfish plant in L'Anse au Loup operated by the Labrador Fishermen's Union Shrimp Company. The plant processes mostly cod and turbot.
BUSINESS AND MANUFACTURING
The Labrador Straits Development Corporation will assist and encourage new business start-ups and provide support to existing businesses to help bring about growth and expansion.
The private sector accounts for the greatest percentage of jobs in the Labrador Straits. The business sector is very dynamic and poised for growth.
The private sector accounts for the greatest percentage of jobs in the Labrador Straits. The business sector is very dynamic and poised for growth.
TOURISM
The Labrador Straits Development Corporation proposes to create a greater concentration on year-round tourism by emphasizing developments in winter and adventure tourism and marketing initiatives to entice the traveling public to visit the region and extend length of stay.
The tourism sector contributes greatly to the economy of economic zone 5. It creates seasonal employment, provides increased revenue for locally-established businesses and creates opportunities for new business start-ups.
The tourism sector contributes greatly to the economy of economic zone 5. It creates seasonal employment, provides increased revenue for locally-established businesses and creates opportunities for new business start-ups.
TRANSPORTATION
The Labrador Straits Development Corporation realizes that transportation is a vital link to economic development. It is essential to upgrade existing transportation routes via air, roads and marine services and it is equally important to identify new opportunities for enhancement and development.
Approximately 15 percent of businesses operating within the region directly depend upon transportation to generate wealth such as construction work, heavy equipment, delivery and rental services.
Approximately 15 percent of businesses operating within the region directly depend upon transportation to generate wealth such as construction work, heavy equipment, delivery and rental services.