Thank you, Mr. Speaker. Mr. Speaker, last year the Standing Committee on Government Operations set up an Investment Search Subcommittee. I was a member of that Investment Search Subcommittee, and we travelled to the Atlantic provinces to share information and ideas. Because of that trip, the Government Operations Committee made several recommendations for new programs to use dollars other than Government of the Northwest Territories' dollars to stimulate business activity across the north. One recommendation, of course, was the Aurora Fund, which is an immigrant investor fund. This fund has raised about $35 million and is now providing loans to northern businesses. The Aurora Fund 2, I cannot remember the name, will raise another $30 to $35 million. As Chairman of the committee that recommended this fund, I have been keeping up-to-date, and I am confident that things are running smoothly.

Another recommendation that the committee made was the Tax Credit Investment Program. We suggested the name of NORTHTIIP, which I believe stood for Northwest Territories Tax Incentive and Investment Program. The idea would be for people to buy shares in the funds which would be invested in businesses. The investors would get Northwest Territories personal on income tax credits and could also claim investments as RRSPs. There are several advantages to a program like this. It would allow Northwest Territories businesses to get equity risk capital in the Northwest Territories that will allow new businesses to start up and existing businesses to expand. A national consequence of that, of course, new jobs are created and old jobs are sustained. It would also help the Northwest Territories' economy to diversify and expand while GNWT dollars are used for social programs instead for economic activity.

Finally, the people investing would get tax breaks thus, they would get more money back from income taxes which would be put back into the system. We are told that every year, Northwest Territories residents invest over $25 million in RRSPs. That money is currently invested in the south. Mr. Speaker, I request consent to complete my statement.