Mr. Speaker, later today I will be tabling the NWT Development Corporation's 2001-2002 Annual Report that highlights their initiatives and includes their audited consolidated financial statements.
Mr. Speaker, there are lots of good things happening at the corporation. This is the second year in a row that the corporation has received a clean audit report. I am also pleased to report that there is a 13 percent increase in the number of jobs created and maintained by the corporation. The results of the last audit determined that the number of jobs sustained increased from 133 to 150 over the last year. The corporation has also been successful in reducing the amount of the subsidy per job paid to operating subsidiary companies by almost 13 percent.
Arctic Canada Trading Co. Ltd, a wholly-owned subsidiary of the corporation, has been restructured and, working through the corporation's head office, has been actively promoting northern products. They have been working with Canadian Geographic Magazine and the most recent version of their catalogue contains eight products produced and manufactured in the Northwest Territories. As well, over 20 different items supplied by Arctic Canada Trading Co. Ltd are featured in Up Here Magazine's 2002 gift guide, The Trading Post. Copies of the catalogues have been provided to all Members.
Mr. Speaker, on September 20, 2002, the corporation received payment to redeem all its preferred shares in the Grey Goose Lodge in Deline, Northwest Territories. The corporation first invested in this lodge in October 1998 when they purchased 1,000 preferred shares in the company. This represents another success story for the corporation.
Mr. Speaker, this is the way the board of the NWT Development Corporation and our government would like to see all their venture investments work. The corporation could come in as an equity participant early on in the development of a viable business. When things are going well, and better financing can be arranged, the NWT Development Corporation's investment should be redeemed so that this money would become available to invest in other businesses.
I am also pleased to state that the corporation still has money available for further venture investments. I want to congratulate the board of directors and the staff of the NWT Development Corporation on their good work and recent successes. Mahsi cho.