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NEWFOUNDLAND & LABRADORQuick Facts It consists of the island ofNewfoundland and themainland of Labrador. It is the most easterly provincein Canada, where you can findthe most easterly point in NorthAmerica. The population is 508,000people, mostly concentrated onthe Avalon Peninsula where thecapital city of St. John’s islocated. It is in the unique position ofhaving two time zones.Labrador is in the Atlantic TimeZone, which is one hour aheadof the Eastern Time Zone.Newfoundland has its own timezone, which is one-half hourahead of the Atlantic TimeZone. So if it is 1 p.m. inToronto it will be 2 p.m. inLabrador and 2:30 p.m. inNewfoundland. BothNewfoundland and Labradorobserve Daylight Saving Time.Newfoundland and Labrador’s economy is currently one of the fastest growing in Canada. Oiland gas is leading this growth including well established projects at Hibernia, Terra Nova andWhite Rose, and new discoveries off the Flemish Pass Basin. The development of a multi-billiondollar hydro-electric project, the Lower Churchill project, further enhances the province’s strongposition in the energy markets.Labrador’s mineral development, particularly in iron ore, is also expected to rise. This remotearea of the country is rich in mineral deposits and large mining companies from around theworld have invested in its potential.The City of St. John’s, its capital, is also investing in its ocean technology. With 15 research andeducational institutions in the surrounding area, the City aims to attract over $1 billion in privatesector revenue by 2015. Private sector investment in R&D in this region is particularly strong,including the development of its manufacturing, oceans, technology and biotech sectors.Introduction 7