Thank you, Mr. Speaker. Mr. Speaker, the discover of diamonds and a renewed interest in oil and natural gas have created a flurry of economic activity in the Northwest Territories as well as the highest rate of GDP growth in the country. During the next 25 years, this unprecedented growth is expected to continue.
However, not all sectors of our economy are well positioned to take advantage of this growth.
The manufacturing sector, for instance, is still in its infancy. In 2001, it contributed only $7 million, or .3 percent, to our GDP. Despite its lack of development, the manufacturing sector is very important to the Northwest Territories. As recent Conference Board of Canada report states the manufacturing section is one "that contributes more in net inflows to the economy as a basic industry or primary economic generator, than would a support industry."
Mr. Speaker, this government recognizes the importance of manufacturing to our economic development. We asked the Northwest Territories Business Advisory Panel to recommend methods for effectively assisting manufacturers in overcoming the competitive disadvantages facing their sector. These recommendations will help guide the development of a comprehensive manufacturing strategy.
The panel has delivered its report with recommendations on building a favourable environment for manufacturing in the Northwest Territories and cultivating growth in the manufacturing section.
Mr. Speaker, I would like to commend the panel for its work. The report is comprehensive and clearly outlines the groundwork needed for the development of a manufacturing strategy for the NWT.
The next step is to gain additional input from industry, businesses, MLAs and other interested parties. Copies of the panel's report will be available from RWED regional offices and on the RWED web site. The department will develop an action plan based on this feedback.
Again, I would like to thank the Business Advisory Panel for its work on this issue. I am confident we will be able to develop a manufacturing strategy that will help further diversify our economy. Mahsi.
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