In addition, Mr. Speaker, a clear and concise regulatory environment is also an important element of economic growth. Last year, we made a commitment to initiate a comprehensive review of all government regulations in an effort to reduce regulatory burden that deters economic growth while, at the same time, ensuring that the public trust is protected.

Although this initiative has been slow to get off the ground, we have now established an office to undertake this work. I want to make it clear that this review will be transparent and an open process and will include participation by all interested stakeholder groups.

Mr. Speaker, opportunities do exist for significant job creation if the business community has access to a trained labour force. This remains one of our most pressing needs. Without an adequately trained northern workforce, the new jobs that are created will be filled by imported labour and historically disadvantaged northerners will continue to be under represented in our workforce.

During a recent discussion of the affirmative action policy, Ordinary Members called for the development of a broad northern employment strategy to deal with this issue. The Minister of Education, Culture and Employment has taken the first step through the preparation of a labour force development strategy that he will be bringing forward during the current session.

With this baseline work completed, the Minister of Resources, Wildlife and Economic Development will be able to work with industry to develop a strategy that brings together supply-side training with demand-side job creation measures. It is our intention to fast-track this initiative for completion this summer.

Mr. Speaker, to assist in the creation of an economic climate conducive to economic growth, we launched a new business investment strategy and established a Northwest Territories Investment Office designed to bring money and jobs into the territories.

Since that time, we have sponsored the establishment of the Aurora Fund, an Immigrant Investment Fund incorporated under the current federal regulations. This fund was approved by federal regulators on November of 1996, and is now being marketed overseas, with potential for up to $21 million dollars of reasonably priced debt financing to be available to northern businesses in the coming construction season. It is important to note that this fund is expenditure neutral to this government. We made an initial $300,000 working capital advance that is fully repayable by the fund prior to March 31, 1998.

Mr. Speaker, the Investment Office has also been reviewing a number of other exciting initiatives to foster trade and investment in the territories, including but not limited to:

- Marketing the advantages of doing business in the territories including, as I said earlier, the attractive corporate tax rates and support services available in the territories;

- We are looking at a taxpayer investment initiative plan designed to encourage northerners to invest in the establishment or expansion of existing businesses, and;

It is our intention to bring forward recommendations on these initiatives for review by this Legislative Assembly in the spring of this year.

Mr. Speaker, I made a commitment to Members of this House that I would not proceed with the $5 million equity investment in the Mortgage and Loan Fund until I had discussed this issue with the traditional banks. I have since met with senior representatives of several of these banks. They have provided assurances to me in writing that they are willing and eager to provide financing to prospective home owners and housing developers, particularly in our smaller northern communities, and for this reason, Mr. Speaker, we will not be proceeding with this initiative at this time.