Mr. Speaker, entrepreneurs and small business owners are a crucial part of the Northwest Territories’ economy. They are essential to creating an economic environment that is strong and diversified, providing each region with opportunities and choices.
The last few years have been challenging for business and investment in the Northwest Territories. The downturn in the global economy also affected this territory, and it is more important than ever to do what we can to help the NWT economy grow and develop. Today I would like to highlight recent work this government is doing to assist small businesses and improve the NWT business climate.
The Department of Industry, Tourism and Investment works in partnership with entrepreneurs, small business owners and local community organizations to promote and support economic prosperity in the NWT.
In 2010-11, ITI’s Support for Entrepreneurs and Economic Development Policy – referred to as the SEED Policy – contributed over $3.6 million to entrepreneurs, small business owners and local community organizations in the NWT. This year nearly $300,000 in additional funding is available to support entrepreneurs and small businesses.
This policy is focused on increasing business activity and employment, particularly in the smaller communities. Since its inception in 2008, the SEED Policy has been extremely popular with NWT entrepreneurs and small businesses.
ITI has also expanded its commitment to different economic sectors. We realize there is no one-size-fits-all approach when it comes to business support. NWT entrepreneurs are a varied group. We have responded by actively engaging with the film industry to find the best ways to provide support, reviving the Prospectors Grubstake Program, and increasing funding for residents engaged in the traditional economy, and arts and crafts. As well, we will continue to eliminate red tape whenever possible to provide better services to our clients.
A goal of this Assembly is reducing poverty in the NWT. A key element in reaching this goal is ensuring support has a significant community-based component. To that end, ITI remains committed to the Community Transfer Initiative and the Community Futures Program. The Community Transfer Initiative places resources directly into the communities through a locally-based economic development officer.
Through the Community Futures Program, support is directed to the community level, where the Community Futures development corporations are operated and managed. Year after year we continue to be impressed with the results of these programs and the economic development they encourage directly in the community.
I am also pleased to announce the launch of the newly-designed investment website, InvestNWT.ca. Developed in partnership with the NWT Chamber of Commerce, the NWT Construction Association, the NWT and Nunavut Chamber of Mines, and the Conseil de développement économique des Territoires du Nord-Ouest, CDETNO, the site highlights the economic potential of the territory and contains a wealth of information for potential investors. ITI is working closely with CDETNO on the French version of the website and we hope to launch that in the spring.
Finally, I would like to highlight that the United Nations has declared 2012 as the International Year of Co-operatives. The International Year of Co-operatives is intended to raise public awareness of the invaluable contributions of co-operative enterprises to poverty reduction, employment generation and social integration. The year will also highlight the strengths of the co-operative business model as an alternative means of doing business and furthering socio-economic development.
Thank you, Mr. Ramsay. Colleagues, before we go on today, I’d like to welcome Mr. Anthony “Tony” Whitford to the House; former Speaker, Minister, Member and Sergeant-at-Arms and recent recipient of the Queen’s Diamond Jubilee Medal. Welcome back to the House, Tony.
---Applause
The honourable Minister responsible for the Power Corporation, Mr. Miltenberger.
