TORONTO - On Wednesday, May 28th, the 1st Annual Atlantic Business Summit was held at the Rotman School of Management and hosted by East Coast Connected in partner with the Rotman School of Management and Dalhousie University. The event united Atlantic Canadians to discuss economic development and growth in the Atlantic region.

Atlantic Canadian economic prosperity was at the centre of the panel discussion, "What Will it Take to Transform Atlantic's Canada's Economy, So As to Grow and Prosper While Protecting our Unique Culture?" The Honorable Paul Oram, Minister of Business, Newfoundland and Labrador introduced the discussion, which was moderated by Andrew Coyne, national editor of Maclean's, by emphasizing the need for innovation and leadership in economic development in Newfoundland and Labrador.

Mr. Coyne opened the discussion by asking the panel their thoughts on the role of culture and whether it is an asset or a liability to the Atlantic Canadian economy. The answers were mixed.

The panelists included, Dan MacDonald, president and CEO of InNovacorp, Scott Montreuil, senior vice-president of operations, Citco Fund Services Canada, Gerry Pond, chairman of Mariner Partners and Jerry Byrne, president and CEO of D.F. Barnes Group. Each panelist differed in their view on what is needed for the Atlantic Canadian economy to be sustainable, while preserving the unique heritage of these four provinces.

The panel explored a number of controversial topics and the issue of culture Atlantic Canadian culture as an asset or a liability, stirred vigorous debate. Both Mr. MacDonald and Mr. Byrne cited Atlantic culture as an asset in their careers; they recognized that the region often struggles with a lack of confidence associated with "have not" province status. They felt that overcoming this liability would, in part, help attract and retain people in the region.

Other ideas for economic revitalization included Mr. MacDonald's suggestion that government should invest in industries of the future, with which all panelists agreed. Mr. Byrne echoed these sentiments and thought that investing in emerging markets such as renewable resources, IT, and knowledge based industries would not only foster immigration to the region, but would also offer Atlantic Canadian ex-pats a reason to reinvest in the economy.

"The Atlantic region needs to think long term," said Mr. MacDonald, referencing the cost required to invest in infrastructure, social programs and tax incentives to attract new business and investment opportunities. While these costs would be substantial in the short term, the influx of capital would not only improve the economy of Atlantic Provinces, but influence the entire Canadian economy. Mr. Pond called for investment in infrastructure to equip the region to truly become a great place to do business.

As the session closed, the distinguished panelists concluded that in order to protect Atlantic Canada's culture a robust economy is required. Opportunities need to be created, and governments need to take a holistic approach, integrating the Atlantic economy. Action needs to be taken and businesses, government, post-secondary institutions and communities must work together to develop strategies for long-term economic sustainability.

- Sara Ritchie and Ashley McCaw