Premier Wade MacLauchlan holds economic forum

Ryan Ross
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Premier Wade MacLauchlan addresses the crowd at an economic forum he held Macyh 18, 2015.

When it comes to investment in business, Premier Wade MacLauchlan says he didn’t think that responsibility should fall solely on government.

MacLauchlan said there is a tendency to put more of the risk on government, but, “I don’t think that’s the way we should be proceeding if we’re planning to grow our economy or do it sustainably,” he said.

Instead he said he wans to talk to lending institutions to make sure they understand their part in a growing economy.

MacLauchlan recently announced the creation of a board of economic advisors to provide advice and analysis on economic trends and policies.

Wednesday’s forum panelists included Tim O’Neill, a former economist with the Bank of Montreal and a member of the board of economic advisors, Jordan Fraser, CEO of BamText, and Steven Stewart from Vector Aerospace.

During his presentation MacLauchlan highlighted some of the brighter points in P.E.I.’s economy, including that the province’s GDP growth outpacing the rest of Canada in many recent years.

The province also exceeded national growth in sales of manufactured goods.

P.E.I.’s job growth has been ahead of the rest of the Maritimes and MacLauchlan said there were advantages to being small and nimble.

MacLauchlan referred repeatedly to what he sees as a need to shrink the province’s trade deficit by selling more Island goods.

“Every trade dollar that comes into the province is 100 cents of new money and it goes into somebody’s pocket,” he said.

He also said trade dollars were more valuable than dollars from transfer payments from the federal government.

“We’re making a contribution to some of those.”

MacLauchlan said he hoped the economic forum would become a tradition linked to the work of his board of economic advisors.

The forum had the same goals as the board, he said.

“To gain a greater understanding of our Prince Edward Island economy.”

Organizations: Bank of Montreal, Vector Aerospace

Geographic location: Prince Edward Island, Canada

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Recent comments

  • Bill Kays
    Bill Kays
    March 20, 2015 - 19:59

    Government and business have got to stay separated or corruption enters the mix. Why? Because their motives are different. Corps(es) must profit, while governments must struggle to do the people's work within a budget.

  • stupid voter
    March 20, 2015 - 18:39

    WHAT COLOR TIE DO YOU LIKE ???????? red ? blue ? orange ?\-- foolish little people wearing the costume !!!! -----------they are all color blind after they get your vote

  • stupid voter
    March 20, 2015 - 16:10

    WHAT COLOR TIE DO YOU LIKE ???????? red ? blue ? orange ?\-- foolish little people wearing the costume !!!! -----------they are all color blind after they get your vote

    March 19, 2015 - 15:51

    Why are we calling him Premier, he has not won his riding nor been elected. Please explain this???? He is merely head of the liberal party.

  • mc
    March 19, 2015 - 15:44

    Mac lauchlin, likes to be in control of the forum. He doesn't like having questions asked that he hasn't had been prep for! That's why he has people ready to ask certain questions! Not going to get any true anwoets from him!

  • Good
    March 19, 2015 - 14:52

    Interesting comment regarding dismissing the people in the various agencies that did not understand their responsibilities for having approval before writing off loans. If they retain their positions, we can only assume one thing,- namely that hey were told that was how it was to be. Therefoe, the first to go must be the Minister responsible for the department or agency. So Mr. Roach should be asked to resign, since he appears not to understand his lack of adherence to the rules. Goes without saying that the legal counsel, Mr. Roach refers to must be removed as department lawyer. The responsible and transparent action must be to make public the billings from Mr. Dow and his total annual billings to the Dept. of Innovation. ki

  • West prince political observer
    March 19, 2015 - 13:25

    In your discussions you plan on having with the lending institutions, I hope they point out to you that lending millions@1% wich is lower than government can borrow is not prudent.Oh, I forgot this government just grabs it from taxpayers.

  • SlyFox
    March 19, 2015 - 12:48

    If Wade wants more trade then fund small business instead of large,small companies will spend more on the Island ,employ local and in turn their employees will spend their earned dollars here also.As stated before there was a 20 million dollar loan to one company,what if we divided this into loans for start up of 100 thousand each instead? So there would be 200 new companies instead of one in existence.

  • Tony
    March 19, 2015 - 12:22

    We're eight years into this Government.

  • Economic Plan
    March 19, 2015 - 11:41

    Stop giving away millions to friends and hold those accountable! What are you doing with the Auditor General's findings?

  • reality
    March 19, 2015 - 11:00

    more pnp-like opportunity

  • Rafael
    March 19, 2015 - 10:26

    A politically convenient comment. Now let us see the list of the cancelled loans ,- names and amounts, and a list of the people demoted who did not know their responsibilities.

  • bruce
    March 19, 2015 - 10:07

    this is all good and well and Wades thoughts about less government funding is a political timely sentiment following revelations of unauthorized write-offs. but otherwise what was reported were just musings. Did anybody have anything of substance to offer, or did the reporter short change us???

  • reality
    March 19, 2015 - 10:01

    more pnp-like funding .no doubt!!

  • Obsever
    March 19, 2015 - 09:53

    Mike Redmond is 100% correct; in that these public forums by Wade MacLaughlan are just Liberal rallies! The 50 or so people there were all Liberal caucus members, told by Wade to be there; orLiberal hacks like Alan Holman, a former Principal Secretary to Catherine Callbeck! I am SURE that Wade got some needed information that will be government policy someday!!!! I seriously doubt; if the Liberal Guardian will print my viewpoint!!!

  • don
    March 19, 2015 - 09:39

    this is done to wade ideas on how to run government as he has no idea due to the screw up by ghiz and wes. but i understand he will hold 3 forms a year and i bet all will be held in the CAPITAL. as the rest of PEI is not important just like ghiz.....

    • Yes Don
      March 19, 2015 - 12:10

      Yes Don , most likely held in the capital & why not . The rest of the Island doesn't matter& we are still stupid enough to give the liberals enough seats to form the goverment . The capital seats alone can't do that . So again Why Not .