Mr. Speaker, the economic outlook for the Northwest Territories continues to be mixed. While the economy did grow in 2016, we do expect it to grow faster than any other province or territory next year because of the economic activity created by the first full year of commercial production at our newest diamond mine and higher diamond mine production in general. However, we must not lose sight of the fact that while growth will be strong next year; the underlying outlook of the economy continues to show troubling signs.

Our non-renewable resource sector has been good to us and continues to be the cornerstone of our economy. When the last gold mine shut down, we opened the first diamond mine. But just because we have three world-class diamond mines providing good paying jobs in our territory doesn’t mean that all is well. Oil and gas is not coming back in the near term as shown by work bids that were returned in December. While diamond mine production is increasing in the immediate future, investment for mineral exploration fell by one half in 2016 from the previous year. This is not good news for the discovery and development of the next generation of Northwest Territories mines.

The Northwest Territories economy competes in the global market, whether it is marketing diamonds or attracting tourists. We remain vulnerable to global financial conditions, currency movements, and global economic stability.

For years, we have been saying that we must build on our resource industry and diversify our economy. We need to remember that these world-class diamond mines don’t last forever and the next mine closure may come as early as seven years from now.

We cannot leave our economic future to luck.

We need to support the expansion and diversification of the economy, which will create new opportunities for businesses and jobs. In today’s economy capital is almost free because interest rates are so low. Access to capital is not an obstacle but attracting that capital is. This is especially true for the capital-intensive mining industry. Strategic GNWT investments in transportation, communications, and energy infrastructure can reduce costs and make business opportunities more economically viable.

We also need to create an environment that supports innovation and risk-taking for Northwest Territories residents and businesses to build a lasting economy.

Building a strong economic future goes hand in hand with investing in our people to ensure we have a healthy, educated workforce to take advantage of the opportunities available in the Northwest Territories.