Mr. Speaker, today I am pleased to announce the sale of the Rae Lakes General Store Ltd., a wholly owned subsidiary of the Northwest Territories Business Development and Investment Corporation, better known as BDIC, to the Tlicho Investment Corporation.
This sale is a win-win situation for all. It is a win for the residents of Gameti as the sale represents significant progress in the evolution of the store by providing employment, economic opportunity and self-sufficiency to the community and its residents. Like other remote communities facing challenges induced by geography, infrastructure and local capacity, the store provides essential products year round. The sale is a win for the Tlicho Investment Corporation as it signifies a strong commitment by the Tlicho Government in investing in its people and communities.
The Tlicho Investment Corporation, an investment arm of the Tlicho Government, has the financial resources, expertise and experience needed in
operating businesses. With the ownership of similar stores, the addition of the Rae Lakes General Store Ltd. creates an economy of scale in purchasing and thus allows the products to be affordable for Gameti residents.
Finally, the sale is a milestone for the BDIC in meeting its objective of encouraging economic development and employment opportunities in local communities. The event marks the first time a BDIC subsidiary has obtained self-sustainability. In addition to its business expertise and financial resources, the Tlicho Investment Corporation is committed to developing the human resource needs of the store and supporting the local economic base.
Over the years the BDIC and its predecessor, the Northwest Territories Development Corporation, have provided financial assistance and guidance to the Rae Lakes General Store, allowing it to grow and succeed. The Tlicho Investment Corporation, store management, and the BDIC saw an opportunity for the community to become self-reliant and they made it happen.
At this time I ask that my colleagues join me in congratulating the Rae Lakes General Store’s board of directors and staff, the Tlicho Investment Corporation and the BDIC on their achievement.