Mr. Speaker, the 17th Legislative Assembly identified the need for an Economic Development Strategy to strengthen and diversify the Northwest Territories economy.
Our strategy will respond to changing circumstances in the North and address business opportunities in all regions of our territory.
Mr. Speaker, the Economic Opportunities Strategy is part of a much bigger picture. It complements other initiatives the GNWT is undertaking such as a comprehensive Mineral Development Strategy, and other linked initiatives such as the Land Use and Sustainability Framework and a Northwest Territories Anti-Poverty Strategy.
While the NWT is filled with economic opportunity and potential, we are sometimes challenged to find ways to convert it into jobs and development that prevents poverty and encourages people in all of our communities to participate in the economy.
This strategy is of pan-territorial importance and cannot be developed by government alone. While Industry, Tourism and Investment is coordinating the government’s participation, the project itself is being overseen by a governance committee that includes representatives of the NWT Chamber of Commerce, the Northern Aboriginal Business Association, the NWT Association of Communities and the Canadian Northern Economic Development Agency.
Last December, in consultation with this governance committee, I appointed an advisory panel to engage NWT residents, the private sector,
governments and other key stakeholders in a series of discussions on the economy. This panel is travelling to communities to identify the economic opportunities that exist in our territory’s regions and communities along with the strengths, weaknesses and threats that exist in each area. All of this work will be very helpful as our governance committee drafts the Economic Opportunities Strategy.
This strategy will have benefits for every region of our territory. It will contain tangible, attainable recommendations for investments and decisions that will advance and sustain the NWT economy for the future.
Over 100 invitations and opportunities are being provided to NWT residents and organizations to engage with the NWT Economic Opportunities Strategy Advisory Panel. The panel has already met with stakeholders and residents in Hay River, Fort Smith, Fort Resolution and Inuvik. They will also travel this month to Fort Simpson, Norman Wells and Behchoko.
A public forum will be held tonight at six o’clock in the Explorer Hotel here in Yellowknife. These public meetings are opportunities for individuals and organizations to contribute experience and insights on the very important subject of our territory’s economic future.
Of course, Mr. Speaker, this period of listening and public engagement is only a part of the overall process. We have done a review of major NWT economic studies together with best practices in other regions. Our strategy will include the recommendations and applied experience and insights of our highly qualified advisory panel. We also value the advice of industry and economic expertise from our territory and elsewhere.
Collectively, through this extensive and multi-partnered process, we are putting in place the elements of an economic strategy that will enable the NWT to keep pace with the incredible opportunities and growth potential that it possesses. We will ensure that our North is positioned to manage this investment and growth to advance jobs for people, opportunities for businesses, self-reliance for communities and economic sustainability for our territory. Thank you, Mr. Speaker.
Thank you, Mr. Ramsay. Honourable Premier, Mr. McLeod.
