Thank you. The preamble of the bill says the purpose of the corporation is to support the economic objectives of the Government of the Northwest Territories, by encouraging the creation and development of business enterprises. The Minister just indicated, in a small example that I have, that it is really application based. I guess these entities are going to be out there. If the people want to take advantage of it and apply for the funding, that is one thing; but, if not, what can you do? I think that is one example of a big, huge discussion that we should have.
We hear a lot in this House about how there are uneven and even level business development and economic activities happening in the Territories. Economy in Yellowknife is overheated. There are businesses springing up all of the time. There is virtually full employment in Yellowknife. I have to tell you, it really bugs me when there are millions in public money being lent out to huge corporations, that I am not going to mention. I hear day in and day out about how there are no activities happening in small communities. I want to know how we can make a difference. I think setting up an organization like this is an opportunity to do that. I am being asked to sort of jump into that. It is really taking a leap of faith, because we are just creating a skeleton structure. We are creating a board. We are creating a corporation, and we are just going to leave them to do what they are going to do. When do we, as a Legislature, have a say on how much money we are spending, are we spending $30 million, $40 million, $50 million, $60 million? How much of that is going to be going to grants and contributions to small communities? How much of that is going to lending money to Aurora Company, a $1 million loan to Aurora Tourism Company or whoever? How much of that is going to government-funded businesses selling file folders made of buffalo hide? I think the private sector sells those things better than the public sector at Christmastime using government faxes. When do we get our opportunity to have a say in that?
I don't think that...what are other businesses? It is unbelievable the list of businesses in Yellowknife that get money from the public purse when we have so many businesses. I have to be careful. There are innovative businesses that are engaged in high tech and things where it is unproven and untried, but I don't think a retailer selling coffee or anything like businesses that are well-known and well-established, I don't think that is where the public money should be going. When do we have a discussion on that? Is it totally going to be up to the board? Maybe the Minister could tell me that this legislation has provisions there that give this new corporation direction as to what sorts of things this government is expecting to do. Or am I just here to approve this legislation and give it to the Minister and Cabinet to direct them on what they are supposed to do and just let it go at that? I don't know.