Thank you, Mr. Speaker. Mr. Speaker, as we all know, mining is a vital component to the northern economy. In December, the Fraser Institute released its annual survey on mining investment opportunities around the world. Overall, the Northwest Territories ranked 14th out of 35 jurisdictions. At first glance, it would appear that the Northwest Territories offers an attractive investment opportunity for mining companies. While looking at the survey's individual components, we see a slightly different story.

In terms of geology and mineral potential, the Northwest Territories ranks a strong 11th. On the policy side of things, however, out of 35 regions we ranked 29th. This ranking should cause us great concern. Companies are increasingly basing their investment decisions on a region's policy climate. The main concern that mining companies have with the Northwest Territories is about the regulatory process and whether it is streamlined enough to accomplish what they need to do in a reasonable period of time.

Mr. Speaker, this may also be a major factor in determining whether a pipeline is built in the Mackenzie Valley. While maintaining strict environmental standards, Mr. Speaker, we must work towards streamlining the regulatory process. I am pleased by the commitments that have been made to date to work towards this.

As I have stated previously in this House, our government must continue to pressure the Department of Indian and Northern Affairs to provide adequate funding for the Mackenzie Valley Environmental Impact Review Board. I do not believe, Mr. Speaker, that this board can efficiently review the large number of potential projects without increased financial support from the federal government.

We also, Mr. Speaker, need to insist that DIAND develop guidelines to streamline the regulatory process and to make it clear to all parties how the process works. Companies are ready to make significant capital investments in the Northwest Territories but they need a clear picture as to how long it will take to open a new mine or build a pipeline. We have attractive mining and oil and gas opportunities in the Northwest Territories. In order to see them develop though, we need to clear up the uncertainty in the regulatory process and then let the world know that we are open for business.

Mr. Speaker, as we have often heard the Minister of Finance say, we have the potential to become a "have" territory. Mr. Speaker, we must not sit on our hands. We must move to realize that potential. Thank you, Mr. Speaker.

-- Applause