Mr. Speaker, the proposed Mackenzie Gas Project promises to be one of the single most important projects for the future of the Northwest Territories and one of the biggest economic development initiatives in Canada in the foreseeable future.

This project alone has the potential to build a thriving economy in our region and provide us with many of the choices and opportunities we require in order to create a vibrant, healthy and sustainable future for the Northwest Territories. It also has the potential to provide jobs, benefits to our country as a whole, and to serve as a much needed stimulus to the national economy.

The current economic downturn has given us the opportunity to highlight to our country's leaders that ours is a region whose economic potential and success promises to have direct and significant impacts on other provinces.

I discussed this potential with the Honourable Lisa Raitt, Minister of Natural Resources Canada, in

January. I emphasized to her that support of the Mackenzie Gas Project

would

contribute to the

economic recovery of almost every other Canadian jurisdiction. By way of our example, the Wright Mansell Report we commissioned determined that Alberta would see an increase in GDP of $9.9 billion and Ontario would see a GDP benefit of $5.1 billion from the construction and operation of the project.

I was pleased to see this support reflected in both announcements by Minister Prentice prior to the federal budget, as well as in the federal budget introduced on January 27, 2009. Minister Prentice indicated that the federal government is moving to work closely with the proponents of the Mackenzie Gas Project to ensure that the financial conditions were right to move forward with this project following the regulatory process. The federal government committed $ 37.5 million in their recent budget to ensure that the regulatory process could continue to conclusion and federal departments could continue to work on the project for the 2009-10 fiscal year. These are strong signals that the federal government is prepared to support the Mackenzie Gas Project as one of the cornerstones of the new Canadian economy. Clearly this project is of the utmost importance to Canada and indeed to the energy future of North America.

Mr. Speaker, the Mackenzie Gas Project represents our best option to enhance opportunities for our youth and ensure that the population of the Northwest Territories grows in the future. It also offers us the opportunity to reduce the cost of living through gas conversion and reduce greenhouse gas emissions not only in the Northwest Territories, but across North America.

It is the reason why this government continues to support this project, subject to the regulatory review outcome, because of its importance on a continental scale. This is why we are advancing our support to it as a strategic initiative and one of our highest priorities.

Our objective is to see this project completed in a manner that minimizes potential impacts and maximizes benefits to all people of the Northwest Territories.

In the past four years, we have made significant advances towards preparing our residents, businesses and communities to take advantage of the opportunities that this project will offer. We signed a socio-economic agreement with the project proponents which will result in employment and business opportunities, training, reporting and will serve to mitigate impacts on our roads, health care, and social support systems.

We worked with the federal government to realize the Mackenzie Gas Project Impact Fund which will provide half a billion dollars over 10 years to address potential socio-economic impacts in regions affected by the proposed Mackenzie Gas Project.

We have fully participated in the environmental assessment and regulatory processes for this project and eagerly await their conclusion.

Looking forward, we will continue to harmonize our efforts with those of other regulators to ensure no more process hurdles impede the conclusion of the Mackenzie Gas Project regulatory process.

We will continue to be diligent in representing our positions and interests in the National Energy Board process to make certain that the best interests of present and future generations of Northwest Territories residents are heard and taken into account.

And we will continue to support aboriginal organizations such as the Aboriginal Pipeline Group and other Northwest Territories businesses and corporations who will provide the means through which our people will benefit.

Mr. Speaker, we are fully aware that the Mackenzie Gas Project still faces many challenges but we remain confident that it can and will be built.

Our work and role as the Government of the Northwest Territories will be critical to the realization of this goal in a timely, coordinated and consistent manner that will result in the dawn of a new and bright economic future for our residents as a strong and proud part of our Nation. Thank you, Mr. Speaker.