Mr. Speaker, our job as government is to stimulate and maintain a healthy economic environment for our Territory.
During this time of slower economic growth, it is incumbent on us to play a role in counting the impacts of this downturn and, in doing so, protect and sustain the economic capacity and potential that exists in our people, our businesses and our communities.
Recent events have shown that the economy of the Northwest Territories is not immune to the impacts of the current global economic slowdown.
Mr. Speaker, our government must create and maximize economic opportunities for NWT residents by providing access to opportunities and markets and access to credit and capital. Addressing these issues has become an urgent matter, not just in terms of growth but also in terms of viability of our businesses. At the same time, we need to be guided by a strong and healthy working relationship with the Northwest Territories business community.
To that end, Mr. Speaker, and working closely with the president of the Northwest Territories Chamber of Commerce, I am pleased to advise Members of this House of this morning’s inaugural meeting of the Minister’s Advisory Panel on the Economy.
The Minister’s Advisory Panel on the Economy was established in the fall of 2008 to obtain firsthand advice and guidance from the private sector regarding Northwest Territories economic issues. The Ministers Advisory Panel consists of 11 Northerners representing stakeholders from a broad scope of business interests in the Northwest Territories. These include the Northwest Territories and regional chambers of commerce, the Aboriginal Business Association, the Northwest Territories Tourism, the Northwest Territories Construction Association, the Northern Air Transport Association, the Northwest Territories Chamber of Mines and Alternatives North.
In this current economic climate, the advice and guidance that this group of Northerners can provide is more urgently required than ever. This panel will provide a forum in which government, non-government organizations and the private sector can discuss policies, strategies, initiative and other economic development issues. It will play an advisory role to myself and to our government. They will insist in the development of programs and initiatives that will be relevant to our Territory’s business environment and the advancement of economic development in our regions and communities.
Mr. Speaker, I am confident that the first formal meeting of the Minister’s Advisory Panel on the Economy was the beginning of a great vehicle for productive dialogue. More than ever before, there is a need for collaborative effort between the Government of the Northwest Territories and the drivers of economy of this Territory. This panel will provide that vehicle.
If the feedback, insight and engagement, evidenced at this morning’s meeting, is indicative of future
dialogues, I believe we are on the path to success. Thank you, Mr. Speaker.