Soon-to-be P.E.I. premier Wade MacLauchlan offered a little more detail about his plans for the economy at the Greater Summerside Chamber of Commerce annual president's dinner Thursday night.

The focus of MacLauchlan's talk was business and how to grow the Island economy.

Wade MacLauchlan

Incoming premier Wade MacLauchlan gave some insight into his plans for the P.E.I. economy. (CBC)

He says the main problem with the economy right now is the trade deficit.

To fix that he says there needs to be more support for industries that are bringing in trade dollars such as manufacturing and food products.

"We need to buy less abroad and sell more abroad," said MacLauchlan.

"That's a very clear plan and one that I think all Prince Edward Islanders can support."

MacLauchlan also spoke a lot about entrepreneurs, encouraging them to start new businesses.

"It starts by recognizing and celebrating entrepreneurial leadership and to be sure that we see it in our communities and then ultimately, the first thing we have to do as Islanders, is build our success stories," he said.

Focusing on the trade deficit and growing the economy will also solve what he considers the second-biggest problem the Island faces, population decline, specifically young people.

If the economy is strong than more young people will stay on the Island or will come back home to live, he said.

While he didn't go into specifics, MacLauchlan says these problems will be a priority for his government.

He will be sworn in as premier Feb 23.