Mr. Speaker, the Government of the Northwest Territories is committed to sustainable economic development in the Northwest Territories and to encouraging the development of a healthy private sector.

This commitment has been supported by the Business Incentive Policy providing local preference to registered northern companies on all procurement contracts entered into directly by the Government of the Northwest Territories.

These procurement dollars have had a residual and positive impact on our territory and our communities. Small businesses have developed in number and capacity and our Northwest Territories business community is now vibrant and competitive. Our economy has matured and with it, the role of the Government of the Northwest Territories procurement in this environment has also changed.

As a government, we must ensure that our programs and services reflect these changing times and balance the need to provide effective support to our community with the reality of higher costs and tightening budgets. We are currently seeking the input of our aboriginal business community stakeholders on amendments we are proposing to the Business Incentive Policy.

These proposed changes have been developed to address concerns by community governments that the Business Incentive Policy is restricting their authority over funding they receive for operations, to strengthen support to Northwest Territories resident-owned small businesses and improve competition on major infrastructure projects in the Northwest Territories.

Mr. Speaker, our government maintains that the principle of supporting Northwest Territories business or local preference for the Business Incentive Policy remains firm. Changes that have been identified are designed to maximize benefits for Northwest Territories residents and provide all communities and regions with opportunities and choices while ensuring best value on government procurement.

These proposed revisions have been developed to support ongoing Government of the Northwest Territories efforts to refocus areas of service delivery and infrastructure management to ensure affordable and effective government operations.

Mr. Speaker, the Government of the Northwest Territories is committed to working in partnership with Northwest Territories communities and supporting our business community through our contracting practices. Once we have concluded this consultation, I plan to return to the committee this fall to provide our findings and recommended next steps to get my colleagues’ feedback.

I would encourage all of our partners and interested individuals to embrace this opportunity to provide input on this very important economic policy. Thank you, Mr. Speaker.