Mr. Speaker, a cornerstone of the GNWT's vision for a prosperous future is the development of our resources for the maximum benefit of Northwest Territories' residents and businesses. Development will not occur unless Northwest Territories residents fully participate and benefit from that development. Almost two years ago, this government took stock of the economic potential of the Northwest Territories' mineral and oil and gas resources, and developed a blueprint for promoting, managing and benefiting from the development of these resources. The Non-Renewable Resource Development Strategy continues to guide the GNWT in its investment decisions and we continue to urge the federal government to participate in funding the strategy. This budget proposes substantial investments in support of the strategy -- in business development, in training, and in infrastructure.
We developed this strategy in response to a request from the federal government. The development we predicted has occurred. Meaningful federal investment is overdue.
This government is committed to ensuring that Northwest Territories businesses and workers benefit from the development of our natural gas reserves and the construction of a Mackenzie Valley gas pipeline. This budget includes $1 million to support the Mackenzie Valley Development Project. This funding will be directed toward projects such as community-based entrepreneurial training, promotion of secondary value-added oil and gas industries, and natural gas conversion in Fort Liard.
As well, we will allocate over $1 million to increase capacity in regional offices.
The recent agreement between the Mackenzie Valley Aboriginal Pipeline Corporation and the Mackenzie Delta Producers Group on equity participation in a gas pipeline is an example of meaningful Northwest Territories participation in development. This agreement is a solid, respectful business partnership -- a partnership where each partner accepts the risks and rewards associated with investment in the gas pipeline.
The Mackenzie Valley Aboriginal Pipeline Corporation is a new business model for aboriginal governments. It brings those with settled claims and economic resources together with those who are still striving towards these results. It is a worthy endeavour, whose success will mean prosperity not only for its shareholders but for the entire Northwest Territories. For these reasons, it merits government support and commitment. If the federal and territorial governments can share the vision, the vision can become reality. We will continue to provide support to the Mackenzie Valley Aboriginal Pipeline Corporation and accept a fair share of the financial risk if the corporation is successful in securing federal government financial commitments to backstop its participation in the Mackenzie Valley Gas Pipeline.
Mr. Speaker, oil, gas and minerals are not the only resources of the Northwest Territories that have the potential to yield major economic benefits and result in large-scale developments. For the past year, we have been researching the hydroelectric potential of the Northwest Territories' river systems. Almost every region possesses significant hydroelectric potential that regional aboriginal governments may someday choose to develop. The Dogrib First Nations have already taken this initiative. The government is ready to work with and support any region interested in researching their hydro potential and to help address the related economic and environmental questions. Funding to support this research is provided for in this budget.