The Department of Industry, Energy and Technology (IET) is the lead for innovation, economic development and diversification in Newfoundland and Labrador. The department creates and maintains a competitive economy to support investment, trade activity, research and development (R&D), business growth and diversification; fosters entrepreneurship, innovation and technology transfer/commercialization; and supports industries in Newfoundland and Labrador such as mining, energy and technology. Working closely with key stakeholders, the department also develops and monitors supporting regulatory and benefits activities.
The department supports Newfoundland and Labrador as an international centre for ocean expertise and marine technology, establishing it as a leading force in Canada’s oceans economy and the Ocean Supercluster.
Newfoundland and Labrador’s deep-rooted experience in harsh environments of the North Atlantic and as the world’s real time cold ocean laboratory strategically positioned along the path to the Arctic, has transformed challenges into opportunities with unique competitive advantages that are exported to over 50 countries worldwide.