Mr. Chairman, the Department of Economic Development and Tourism is presenting for the approval of this committee, a 1992-93 capital budget of approximately $11.5 million.
The majority of these initiatives contained in this budget, totalling some eight million dollars, are for investments through the Northwest Territories Development Corporation. Investment decisions are made by a board of directors composed of business people from across the Territories.
Mr. Chairman, the primary objectives of the Northwest Territories Development Corporation are: increase employment and income opportunities for residents of the Northwest Territories, primarily in small communities; to promote economic diversification and stability in the business sector; and, to stimulate the growth of business activity.
Mr. Chairman, the remainder of the capital expenditures proposed in this budget are for tourism initiatives such as parks and visitor centres. Over the last few years, the department has consulted with residents of the Northwest Territories, private sector operators and visitors to the Territories, with a view to developing infrastructure for tourism that reflects the cultural heritage of the people of the Northwest Territories and, at the same time, meets the needs and expectations of visitors.
Mr. Chairman, a satisfied tourist is one of the best ways to advertise tourism. If the basic infrastructure is not in place, if our facilities are not maintained, or if the level of service is not up to standard, people will leave the North with a bad impression and are not likely to recommend that others visit the Northwest Territories.
Not making the most of what the Northwest Territories has to offer in the way of a tourist destination would be selling our economic potential short. Tourism means jobs and economic activity for the people of the Northwest Territories. For the most part, it means opportunities for people to be employed in their home community and, equally important, Mr. Chairman, tourism promotes a sense of community pride by providing the opportunity for people of the Northwest Territories to share their cultural heritage with visitors from all over the world.
In conclusion, Mr. Chairman, this 1992-93 capital budget reflects a commitment by this department to work with the people of the Northwest Territories to increase employment and income opportunities for Northerners, through the development of tourism infrastructure, and through direct and joint venture investment in NWT businesses. Thank you, Mr. Chairman.