Mr. Speaker, we have incredible resource potential in our territory, and with it, significant opportunity for economic growth. But to truly have a diversified economy that provides all communities and regions with opportunities and choices, we need more than just resource development. Today I would like to talk to you about the Sustainable Economic Development Strategy.
This Assembly has indicated that we need to grow our economy carefully and sustainably. MLAs have identified a comprehensive, sustainable economic development strategy as a priority.
Mr. Speaker, economic conditions in the NWT are changing.
A Sustainable Economic Development Strategy will give us the opportunity to keep pace with the incredible growth potential that our territory has, ensure we are positioned to guide and manage this investment and growth, and to use it to build capacity in our communities and self-sufficiency in our people.
We need to plan for the use of currently underused resources to stimulate regional opportunities and competitiveness. We need to modernize and adjust our approach to economic development to increase our regional focus, and we need to take a more integrated approach to business development programs.
The Sustainable Economic Development Strategy will go right to the community level to identify the best development practices in each community and region, identify local economic growth opportunities, and recommend ways to improve business and economic development programs.
Our work to prepare this strategy will also serve as a review of our government’s support of economic development. It will examine the status of current NWT industries and economic sectors, identify strengths and weaknesses in our economy, and establish a foundation of principles, goals and priorities on which to build and implement economic policies, programs and services for the future.
Mr. Speaker, a healthy economy is an essential component of a healthy NWT. Increasing opportunities for employment and self-sufficiency will play a crucial role in the development of our Anti-Poverty Strategy.
The Department of Industry, Tourism and Investment will be leading the development of the Sustainable Economic Development Strategy in the coming year. But it will be a collaborative effort and establishing an effective strategy will require the involvement of businesses, industry and the Government of Canada. Regional meetings will begin in the fall, and we are aiming to have a completed strategy in place by next summer.
The development of this strategy will be a major undertaking. We will be engaging with partners – including the Canadian Northern Economic Development Agency, the NWT Chamber of Commerce, the Northern Aboriginal Business Association, the NWT Association of Municipalities and Members from this Legislative Assembly, to provide guidance and input. To ensure a fully representative strategy, a panel of regional representatives will consult with the public throughout the territory. This is key to ensuring the strategy reflects needs throughout the NWT.
This initiative complements other initiatives the GNWT is undertaking, such as a comprehensive Mineral Development Strategy and development of NWT energy resources. This includes development of our renewable energy resources and expansion of our hydro grid, a key to long-term sustainability for communities.
Mr. Speaker, our vision as Members of the 17th Assembly is to responsibly realize our full economic potential and use it to ensure lasting prosperity for NWT residents and their communities.
The Sustainable Economic Development Strategy is a critical next step to creating a diverse, multi-pronged economy that will allow us to meet the economic challenges that lie before us, and realize the economic opportunities and potential that we have long sought as residents of the NWT. Thank you, Mr. Speaker.
Thank you, Mr. Ramsay. The honourable Minister of Education, Culture and Employment, Mr. Lafferty.
