Remarks: NWT Chamber of Commerce AGM

News Type: 
Speeches

May 4, 2018

The NWT Chamber of Commerce is the largest business organization North of 60 and includes representation from every region. At their annual general meeting today, the Department of Industry, Tourism and Investment's Assistant Deputy Minister of Economic Development, Tracy St. Denis, spoke to delegates about the work the Department is undertaking to provide support and help local businesses grow. Below are her full remarks. 

 

Check Against Delivery. 
It’s a pleasure to be here with the NWT Chamber in one of my first speaking opportunities as Assistant Deputy Minister.

ITI may be the GNWT’s department for the economy, but you’re the men and women who embody the spirit of this territory’s economy. We cannot, and should not, be the boots on the ground driving forward businesses and corporations making up our economy. That’s your role. 

Our role, on the other hand, is threefold.

We are the promoters — advocating and lobbying for the investments from the private and public sectors to push economic development.

We are champions — fostering an economic environment where businesses and entrepreneurs like you can succeed.

And we are supporters — providing the assistance needed to help good ideas get off-the-ground and diversify our economy.

To optimize how we play these roles, the GNWT introduced – in partnership with this chamber and others – the Economic Opportunities Strategy in 2014.

It evaluated the status of our economy and provided recommendations as to how we could move forward.

I want to talk about this today — what’s been achieved to date and where do we go next.

As we begin a new government year, we are going to take a look at our work on the EOS – and how we responded to its recommendations.

Much of what we set out to do is done or in play. 

But first, I think I need to say this: Our outlook is a bit better than that of the Conference Board of Canada’s. 

I think it’s important to keep in mind that the Conference Board’s projections are very conservative and based on a degree of project certainty. 

It was interesting to hear Graham Clinton’s interview on CBC yesterday – who had a fairly similar view.  

In reality, I believe that we are seeing a rebound that the Conference Board has not yet registered.

We know that there has been an uptick in interest and exploration. 

That said, it’s important not to dismiss this forecast.  It highlights how important diamonds and mining are to our economy.  Our diamond mines are maturing and we need to get new projects moving.

All of us need to be operating with an awareness to the challenges that exist for investors – and what they mean for our economic future.

We cannot ignore the need for land certainty and a more stream-lined regulatory environment.

We have, for example, an opportunity in the creation of a new Mineral Resources Act to streamline and improve our regulatory climate for exploration and mining.

The settlement of outstanding land claims - and the land certainty that results will improve investor confidence.

We have put strategies and investments in place to pursue mining.  We are tireless, promotors and champions.  

But, land claims and regulatory process are an area that the GNWT, alone, cannot realize.

That said, they are well within your collective ability to influence and leverage.

The most important investments that we can make to stimulate opportunity and diversity in the NWT economy are to attract and retain major infrastructure or industrial projects and a healthy vibrant population.

Resource development, undeniably sits at the foundation of our economy.

We continue to seek out big picture investments to drive this sector forward.  We are selling the “NWT Difference” to investors.

The way our world-class resource potential comes together with our ability to build partnerships and participation in the natural resource sector is beginning to resonate with global investors.

Like I mentioned, we are seeing positive signs in the investments that have been made into our companies over the past two years.

Investments in infrastructure are one of the most-effective ways to stimulate economic activity when it is required.  We continue to highlight to the federal government that such investment is sorely needed in the NWT.

We are looking forward to hearing from Canada on our funding application for the Mackenzie Valley Highway.

We anticipate a further call of submissions for funding later this year that is specific to projects in the three territories - so we’re not taking our foot off the pedal.

We have signed an Integrated Bilateral Agreement with Canada to invest nearly $760 million dollars over the next 10 years in NWT infrastructure under the various steams of the Investing in Canada plan. As these individual projects play out, they will bring jobs and investments for our Territory.

Finally the GNWT remains committed to working with you to address labour market challenges and support long-term economic growth by providing opportunities for residents, Canadians and Foreign nationals to begin or expand their careers in the NWT.

ECE’s Nominee Program has increased the number of nominations in the NWT in each of the last four years.

At ITI, we have renewed our commitment, support and promotion for the investor stream to increasing results.

We are targeting Post-secondary graduates from the North and across Canada with the message that the NWT is a fantastic place to start their careers. 

The Bring it North campaign highlights the many attractive benefits of returning to the NWT to work and live.

But of course, we understand we can’t fall victim to tunnel vision.

Our economy must be broad, diverse, and vibrant for our territory to be a great place to live and work.

In addition to big-picture investment - we are advancing the NWT economy at the regional level – setting the stage for businesses and services that bring economic vibrancy and quality of life to our residents – initiatives that are encouraging and supporting diversity.

Our investments in tourism – in particular – are taking hold and providing jobs to many in the NWT.  

It was encouraging for Stephen Poloz to recognize tourism as the “best growth business” for the territory’s immediate future.  That means that the ground work that we have laid as a territorial government is solid.

Infrastructure, training, product development, you name it — our two successive tourism strategies have invested in it to foster our territory’s potential in this important field.

We’ve also laid the groundwork for success with strategies in film, fishing, agriculture currently being implemented.

We’ve seen some big successes so far.

We have signed on to the Canadian Agriculture Partnership with a renewed understanding and agreement with NWT growers and producers as to how it is going to roll out in the NWT.  

As I take the helm as ADM economic development, we are now looking to build on the success of the EOS to take it to the next level. That next level is to bring it home - to make it work better for folks like you.  Are our initiatives and investments doing what we need it to do? It’s an important question for us to ask ourselves, and our stakeholders.

We’re going to take a good hard look this year at how we are dealing with the third role that we have in the NWT’s economic development - that is our support and assistance for entrepreneurs and small business people.

We will be building on the work we have begun with this Chamber and others on the need for greater and easier access to capital and after care.  

Our intent is to take a good look at our SEED policy this year.

We will need your input and participation in each of these exercises to ensure that needed changes and improvements are identified and made.

We will be sponsoring a couple of high level discussions this year on the future of our economy – an Indigenous business conference set for August — and an Economic Summit in November.

In the meantime, please know that we continue to work in your interest on some smaller things.

We have protected our NWT interests and BIP in the Free Trade deal.

We’re improving access to our program applications and information – making them all available online so small business owners.

We’re piloting a new strategic investment initiative, which could give our government more tools to get innovators and entrepreneurs the resources they need to see their ideas through.

All of this to say – here’s a lot going on – and lots for us to talk about and collaborate on.

Know that I respect what I’m sure is a collective century or two of business experience in this room, and value the ideas and feedback you bring to the table.

I hope to hear a lot from you in the coming months and years.

Please know my door is always open.