Thank you, Mr. Chair. Today we are considering Bill 16, NWT Business Development and Investment Corporation Act.
The proposed NWT Business Development and Investment Corporation Act consolidates government business programming and allows for development of new and innovative approaches to business assistance financing.
The proposed legislation responds to business community recommendations, beginning with the Common Ground Strategy released in 2000.
The Business Program Review Committee was established by former RWED Minister Handley to follow up on recommendations of the Common Ground Strategy. In 2002, the committee made a number of recommendations to improve government business programs. The most significant recommendation was the establishment of a single agency to coordinate business programs, which has resulted in this proposed legislation.
I would like to provide you with some broader background and perspective on the proposed BDIC Act, specifically why the government needs a new business assistance corporation, and why the proposed BDIC Act meets those needs.
The Northwest Territories has enjoyed rapid economic growth over the past decade; growth that could provide the basis for a prosperous future for all the residents of the NWT. However, the reality is that the growth that we have achieved over the past decade has not been distributed evenly throughout every sector of our economy, or in every region and community in the NWT. Some sectors, like non-renewable resource extraction, have grown much faster than others. Some communities have highly-developed access to essentially business support services, others do not.
All communities and individuals in the Northwest Territories must have equitable access to financial and information resources needed to ensure that the NWT's economic growth benefits all northern residents.
We must also find ways to promote diversification of economy, to ensure that the NWT's economic growth is sustainable over the long term. We can do this by increasing expertise and providing the essential assistance that Northwest Territories businesses need to develop, expand and prosper.
The proposed BDIC Act has been designed to help meet these needs, by providing the GNWT with a more effective, efficient and flexible means to provide northern businesses with financial and other vital assistance.
The model proposed will allow for optimal regional delivery in a manner that reflects regional circumstances.
The BDIC Act was developed after intensive preparation and extensive consultation to help northern businesses meet the challenges of a changing local, national and global economy. The BDIC Act will serve as a cornerstone of government business assistance programming in the NWT. The improved services will help to meet the goals and priorities of the government's strategic plan to develop a diversified economy that provides northerners with opportunities and choices.
I want to thank the members of the Standing Committee on Governance and Economic Development for their work in reviewing Bill 16, and I look forward to hearing Members' views on this legislation, which adds to our efforts to diversify our economy in a manner that is accessible to all residents. Thank you, Mr. Chairman.