Thank you, Mr. Speaker. Today I would like to speak about the value of a diversified economy. Hay River, which is definitely not a one-industry town, is a good example of this principle, although some of those small sectors do need government attention from time to time. We have all heard of small mining or fishing or factory communities in other parts of Canada which completely shut down when the one industry that they depended on collapses. Indeed, we have an example here in the NWT, the former town of Pine Point.

Mr. Speaker, we cannot afford either to be a one or two-industry territory. Just as smart investors diversify their portfolios to maximize returns and minimize risk, we need to look beyond the diamonds and hydrocarbons to other areas of potential growth. We must heed the advice of the old saying, don't put all your eggs in one basket. Oil, gas and mineral prices are susceptible to changes in global supply and demand. Today we are fortunate to enjoy a relatively high barrel price for oil, and the diamond industry is expected to turn a profit for many years to come, but what if the winds of change begin to blow sooner than expected?

The government hasn't done as much as they should for commercial fishing, agriculture, hunting and trapping, timber harvesting, trophy hunting and ecotourism. These industries, if properly handled, could also bring greater economic rewards to the Territories. Though these are all relatively small industries alone, taken together they will help the NWT's economy to flourish and they will all become more important in the future when, as is bound to happen, some of our non-renewable resources are used up.

Mr. Speaker, it is not my intention to focus on the negative and forecast a downturn in any sector of our economy, but I want this government to make every effort to ensure that our territory's prosperity continues to grow in the future. However, I am concerned that if we become fixated on only large-scale, non-renewable sectors to the exclusion of others, we are placing our economic future at risk.

The GNWT can begin by simplifying a process, removing unnecessary obstacles and assisting with access to regulatory process when necessary for some of the smaller businesses. It will also be important to develop viable management practices for our renewable resources because perhaps the single most important factor for renewability is how the resource is managed.

Mr. Speaker, the economy of the NWT is doing very well right now and every effort must be made to ensure that our current prosperity only continues to grow in the future. Thank you, Mr. Speaker.

---Applause