Mr. Speaker, as a major participant in the Northwest Territories economy, the Government of the Northwest Territories has had a longstanding policy commitment to encourage and support the development of a healthy private sector. That commitment is reflected in the Business Incentive Policy, which is the Government of the Northwest Territories preferential procurement policy.
I am pleased to report that the Government of the Northwest Territories has revised the Business Incentive Policy after two years of consultations with Members of the Legislative Assembly, the Northwest Territories business community, aboriginal governments and other interested parties. The revised Business Incentive Policy will come into effect on November 1, 2010, across all Government of the Northwest Territories departments and applicable public agencies.
This is another significant achievement for this government. It is significant because it strengthens the Business Incentive Policy, which will benefit our communities and our Northwest Territories resident businesses.
During consultations to revise the Business Incentive Policy, stakeholders were clear about the concerns that they had with the Business Incentive Policy. We heard communities were concerned that the Business Incentive Policy undermined their authority over government funding they received for operations. We heard there was a need to increase competition on major capital projects. We heard more support was needed for Northwest Territories resident-owned small to medium-sized businesses.
I believe the revised Business Incentive Policy addresses those concerns. Revisions have been made to the scope, tender adjustment, and non-resident eligibility criteria. The format for the policy has also been changed to make it consistent with other current Government of the Northwest Territories policies. These revisions are designed to result in a better Business Incentive Policy, one that ensures benefits for Northwest Territories residents are maximized and one that provides all communities with opportunities and choices while also ensuring the best value on government procurement.
Government of the Northwest Territories procurement dollars have a positive impact on a competitive Northwest Territories economy. In 2009-2010, 85 percent of government contracts by value, $217 million, have been awarded to Northwest Territories-based companies. With the revised Business Incentive Policy in place, this positive impact will continue and will be enhanced.
Thank you, Mr. McLeod. The honourable Minister responsible for Education, Culture and Employment, Mr. Lafferty.
