Why is Atlantic Canada's economy so sluggish
Whose fault is it that Atlantic Canada`s economy is so sluggish? John Risley, co-founder of Nova Scotia seafood producer Clearwater Seafoods, says Maritimers themselves must share some of the blame.
Faced with an aging population, high unemployment and an exodus of young workers, the Atlantic provinces have been slow to adapt to a changing world, falling further behind the rest of the provinces`while becoming more dependent on federal transfer payments. Risley knows the territory, and he knows the stakes: in addition to his role at Clearwater, he serves as an adviser to 4Front Atlantic, an annual conference series focusing on how to improve the Maritime economy and business climate. Risley`s own career is proof that global businesses can be built in Atlantic Canada. Not only did he co-found Clearwater, but he also grew Ocean Nutrition Canada into the world`s largest producer of Omega-3 fatty acids, selling it recently to Dutch firm Royal DSM for $540 million. Risley explained to
Canadian Business senior writer Joe Castaldo that if the region is to produce more successful businesses, it needs to foster innovation, promote entrepreneurship and, hardest of all, transform its change-averse culture.
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