Thank you, Mr. Speaker. Mr. Speaker, the Northwest Territories is reaping many benefits from the increase in resource investment and development. We want to ensure that our young people are able to take advantage of the business opportunities this development brings. To that end, the Department of Resources, Wildlife and Economic Development will target at least $50,000 for business assistance to young entrepreneurs in the next fiscal year.
This is an opportune time to encourage our young people to take advantage of the business opportunities now available in the Northwest Territories. During the past year our economic growth has doubled that of Alberta's. We expect even higher rates of growth this year. For example, retail sales are increasing by $240,000 every month, restaurant and caterer sales are growing by almost $100,000 every month and we are seeking growth in other sectors such as tourism.
I recently spoke about these opportunities to a Nexplore conference for young entrepreneurs. I will deliver the same message early next month at a conference hosted by the Deh Cho Business Development Centre for young people interested in starting their own businesses.
Young people face a major challenge in finding work. They often cannot get a job unless they have experience and they cannot get experience unless they have a job. At the same time, young people are traditionally the most innovative group in society. Young people often come up with many of the new ideas and start some of our most successful businesses.
Mr. Speaker, this funding will not be another new business program. All assistance will be channelled through our existing business programs and regular business criteria will apply. The funding will be targeted at young adults under the age of 30 and will complement the initiatives being undertaken by the Minister of Youth and through Maximizing Northern Employment. The department will announce more details on how the funding can be accessed in the next couple of weeks.
I believe this funding will produce some new and innovative ideas and business opportunities in many of our communities. These could include "starter" businesses such as catering, coffee shops, janitorial, painting, landscaping, web design, computer consulting and maintenance. Tourism business opportunities could include bed and breakfast operations, adventure and eco-tourism ventures.
Mr. Speaker, the future of the Northwest Territories lies with our youth. If our economy is going to continue to prosper, we need to add value to resource development. Our young people need and deserve to be at the forefront of these opportunities. Mahsi, Mr. Speaker.
-- Applause