Thank you, Mr. Speaker. Mr. Speaker, small business is the life blood of our community. My riding of Kam Lake is home to many entrepreneurs and is as diverse as it can be when it comes to Northern-owned and operated businesses. Even while much of our economy struggles, Yellowknifers are seizing their own opportunities to open new businesses with nothing but a dream and I imagine a good credit score.
Even though Kam Lakers and Northerners will grind and grit through difficult times with perseverance and resolve, it cannot be stated enough that that this government must give greater priority to building confidence in our economy through tangible support to our industries and real investment in Northwest Territories' small businesses. Many of my constituents are the owners of these small businesses and they need real reassurance that this government's focus in not based solely on the big corporations who run the mines, but equally on the local suppliers who keep the mines running.
In the recent budget address, the Minister of Finance spoke of the need to create an environment that supports innovation and risk-taking for Northwest Territories residents and businesses to build a lasting economy, as well as the need to support the expansion and diversification of the economy.
I agree almost entirely with these aspirations, but I would also like to inform my honourable friend across the aisle that innovation, risk-taking, and diversity already exist in our economy, but will deplete over time unless we invest immediately in the Northerners, who already exemplify these qualities.
Mr. Speaker, we can start now by implementing my continued suggestion of lowering the small business tax and fulfilling our mandate commitment to lower the taxes on small business. Why stop there by merely lowering it 1 per cent, Mr. Speaker? We could follow the suggestions of the Yellowknife Chamber of Commerce, lower it by an additional 2 per cent, or what our neighbours to the Yukon have pledged to do and eliminate it entirely.
Mr. Speaker, our businesses are looking for that tangible symbol of support, and I say now is the time to deliver on that commitment and lower the taxes once and for all. It's imperative to the economic health of the Northwest Territories that we do not lose pace with competiveness and ensure that we continue to be the best place in Canada's North to invest. Thank you, Mr. Speaker.