The traditional backbone of the island economy is farming (producing 25% of Canada's potatoes), but increasingly PEI’s economic diversification is opening opportunities in aerospace, bioscience, IT, and renewable energy.
Charlottetown itself is home to the BioAlliance, a private-sector-led not-for-profit organization that fosters a multi-stakeholder collaboration for the growth and development of the bioscience sector in PEI.
Since 2005, the PEI Bioscience Cluster has more than tripled in size, showing a marked increase in private and public-sector investments. Recent investments in the cluster include a $16.4 investment in MicorSintesis, an animal-health company in 2019.
BioAlliance also includes the Emergence Bioscience Business Incubator, a virtual incubator that supports the formation and growth of innovative bioscience and food-sector ventures.