Mr. Speaker, following up

on the Premier’s sessional statement, the 16th Legislative Assembly has a vision that is characterized by the title Northerners Working Together. As legislators,, we have stated that our goal, in part, is a vibrant and flourishing economy that will mean more choices for our people and more opportunities for our businesses. Supporting the growth of the Northwest Territories economy is work that, in large part, falls on the Department of Industry, Tourism and Investment. This includes supporting the groundwork of that environment in which to advance resource and economic development and maximize opportunities for Northwest Territories residents. Thanks to investment in our diamond industry and oil and gas potential, we have experienced an unprecedented level of economic growth and with it extraordinary opportunities for people and our businesses. In particular, through the Mackenzie Valley Pipeline Office, we are supporting the government participation and the development of the Mackenzie Gas Project. The socio-economic agreements that we have negotiated for the Mackenzie Gas Project, like those negotiated with each of the operating diamond mines, will ensure employment, training, procurement and value-added opportunities for Northwest Territories residents and aboriginal corporations. To date, our socio-economic agreements have resulted in significant contributions to the evolution and growth of our Territory’s business sector and are supporting the formation and joint partner

ventures that allow residents to be full participants in our region’s economic activity. We continue to solicit industry investment in the Northwest Territories and while we are working to establish the development climate of clarity, consistency and certainty required to attract exploration and investment, we are also working to protect and sustain the economic capacity that we have built. We want to preserve and maintain the potential that exists in our people, our businesses and our communities. Last fall we introduced a new Support for Entrepreneurs for Economic Development, or SEED, Policy. It is a policy that focuses on the needs of our clients, works more effectively with banks and other partners and incorporates a streamlined and simple approach. We have increased our investment in this policy to a total of $3.2 million this year, just one part of the $23.5 million that will be directed to Northerners and northern businesses and organizations as grants and contributions in support of our economic agenda. The Northwest Territories Business Development and Investment Corporation and our Community Futures organizations are also resources that we have funded to ensure the availability of capital for businesses here. Of course we cannot have a healthy business community without people. People empower our businesses and provide the market for goods and services that will create more businesses. We are continuing to invest in ways to attract and retain people to our Territory. The collaborative approach that we have initiated with our Territory’s diamond mines is one framework that has been put in place to develop the skills and capacities of Northwest Territories residents to meet the needs of our industry and attract even more new residents to the Northwest Territories. We will also take advantage of opportunities presented by the Olympic and Paralympic Games in Vancouver next year to promote Canada’s North and specifically the Northwest Territories. These initiatives and our Northern Marketing Campaign will ensure the message gets out that the Northwest Territories is a great place to visit, live, work, and invest.

Meanwhile, we are working to balance our government’s efforts to promote sustainable opportunities in the energy, mines, and petroleum resource sectors with initiatives to diversify the economy through tourism, agriculture, commercial fishing, the traditional economy, manufacturing, and secondary industries. In the long run, promoting a diversified economy will provide for greater future stability in all kinds of economic cycles. To this end we are working to develop initiatives and approaches that add value to our business products and services and broaden the knowledge, skills and creativity of our residents. More than any other investment, tourism holds the potential to advance and develop a myriad of jobs, business opportunities, and benefits in just about every corner of our Territory. Our programs and initiatives are helping industry operators invest in new products and market opportunities. We’re enhancing and improving our system of NWT parks and information facilities, investing in the production of traditional arts and fine crafts, branding and promoting the products and creations of our artisan community, and seeking out unique and innovative ways to market the NWT as a tourism destination of choice, one that is in demand by international travelers, Canadians, and Northerners. While the Northwest Territories’ natural beauty is a magnet for tourists, it’s a renewable resource in another sense too. Northern rivers and lakes have the potential to generate not just clean and reliable energy, but opportunities for partnership with aboriginal and community groups to develop this power and infrastructure that comes with it. In support of the government’s work to reduce the cost of living for Northwest Territories residents, we are working to change the way we produce and consume energy in the Northwest Territories. In the long term, these investments will make a critical difference in the cost of living and sustainability of our smaller communities and will reduce emissions. We are also conducting a review of the Northwest Territories electricity system. The Electricity Review Team has now heard residents’ views on electrical rates, regulation, and subsidy programs. This discussion will help us ensure that the electricity system reflects the values of our residents while providing the most reliable power at the most affordable price. The team will release a public discussion report on what they heard from communities within the next month. A final report with recommendations from the review team will be released late summer. The Ministerial Energy Coordinating Committee, working with all Members through the Standing Committee on Priorities and Planning, will develop a GNWT Response to Recommendations and Implementation Plan, to be released later this fall.

The Northwest Territories is blessed with a tremendous resource base. The Territory has been endowed with an abundance of natural mineral and petroleum resources, and at the same time its natural beauty is unparalleled. These are the Northwest Territories competitive advantages. As we work to advance the vision and goals of the 16th Assembly, the Department of Industry, Tourism and Investment is working to advance these attributes to maximize opportunities for our residents and reduce the cost of living in our Territory.