IEL stemmed from the Voluntary Planning Act, instituted by Premier Robert Stanfield's government in the same year. The first president of IEL, Frank Sobey, was paid an honorary salary of $1/year and was instrumental in attracting new companies to the province throughout the 1960s.
IEL began with a $23 million start-up investment from the government and received a mandate to build industrial parks and lease space to companies, though through an aggressive pursuit of outside investment. IEL quickly began building and financing plants for companies that were willing to move to the province. By 1968, 60 firms had benefited from the program, producing 10,000 new jobs and $40 million in provincial revenue.
IEL was at its zenith during the 1960s as it played an important part in modernizing and diversifying the province's economy. Its influence declined significantly in the 1970s with the increasing role of the federal government in economic development through the Department of Regional Industrial Expansion and its successors.
Further reading
Roy E. George, The Life and Times of Industrial Estates Limited, Halifax: Henson College, Dalhousie University, 1974.
The Volvo Group is a Swedish multinational manufacturing corporation headquartered in Gothenburg. While its core activity is the production, distribution and sale of trucks, buses and construction equipment, Volvo also supplies marine and industrial drive systems and financial services. In 2016, it was the world's second largest manufacturer of heavy-duty trucks.
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Volvo Car Manufacturing Malaysia Sdn. Bhd. (VCMM) is a wholly owned subsidiary of Sweden-based Volvo Car Corporation. The company was established in September 1966 through a joint venture between AB Volvo and the Federal Auto Company Sdn. Bhd..
The automotive industry in Sweden is mainly associated with passenger car manufacturers Volvo Cars and Saab Automobile but Sweden is also home of two of the largest truck manufacturers in the world: AB Volvo and Scania AB. The automotive industry is heavily dependent on export as some 85 percent of the passenger cars and 95 percent of the heavy vehicles are sold outside of Sweden. The automotive industry and its sub-contractors is a major part of Swedish industry. In 2011 around 110,000 people were employed and the export income of 150 billion SEK accounted for 12 per cent of Sweden's export income. During 2009 128,738 passenger cars and 27,698 heavy vehicles were built in Sweden. Koenigsegg is also a famous swedish company which makes some of the fastest cars in the world, but also some of the most expensive. They make cars like:Koenigsegg Jesko, Gemera, 1:One, Agera, Regera etc.
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