As expected, global economic conditions are having an impact on Nova Scotia. Despite the fact that the labour market in Nova Scotia continues to be strong, industries that are tied to the auto sector and the housing market have been the first to feel the impact of the slowdown.
This is a critical time in our province's history and one that requires strong, decisive action from government. When it comes to stimulating our economy, I believe all levels of government have a role to play. That's why I am so pleased to be traveling to Ottawa later this week to meet with Prime Minister Harper and Canada's other first ministers. We will also have the opportunity to meet with our nation's aboriginal leaders.
Our discussions will focus on what actions governments can take immediately that will translate into jobs and positive economic impacts in the provinces and will centre around four broad themes: accelerating infrastructure investments, strengthening financial market regulation, improving competitiveness and ensuring labour market preparedness and flexibility. I will be advocating for assistance for Nova Scotia's farmers, fishermen and people in the forestry industry.
In my State of the Province Address and long before, I stressed the importance of stimulating Nova Scotia's economy by investing in infrastructure. Infrastructure projects have the potential to put Nova Scotians to work, building and modernizing roads, public buildings and community infrastructure.
Our Finance Department estimates that for every dollar spent on infrastructure, $1.50 is generated throughout the economy. That's money that pays mortgages, buys groceries and keeps communities vibrant.
In mid-December John Baird, federal Minister of Transportation, Infrastructure and Communities traveled to Halifax for the Atlantic Canada Infrastructure Summit. It was very encouraging to see that Minister Baird and his colleagues were making infrastructure in our region a priority. I look forward to building on the progress made at the summit in Ottawa later this week. I am hopeful that together we can remove obstacles that traditionally keep projects from moving forward as quickly as we would like.
Global uncertainty has highlighted the need for Nova Scotia to become more competitive. We must ensure that our tax regime doesn't discourage investment and jobs in our province. My government understands the importance of a competitive tax structure to our future prosperity and in the Budget 2008 announced a comprehensive Tax Review that will examine all provincial taxes and fees on businesses and individuals.
I expect the First Ministers Meeting we will discuss ways that the provinces can work with the federal government to further improve tax structures.
In Nova Scotia, we have a well-education and hard working work force. In Ottawa, we will talk about how labour mobility barriers can be eliminated, and how the skill level and flexibility of Nova Scotia workers can be increased.
I am looking forward to a thoughtful and productive First Ministers Meeting that will result in concrete solutions that will help Nova Scotians weather the current financial down turn and prepare for a strong, prosperous future.
