Mr. Speaker, this week is Small Business Week, a time to celebrate and thank northern small and medium-sized businesses for their enormous contributions to our territorial economy. They invest in our communities; bring new ideas, products, and services; and foster the economic opportunities that create long-lasting careers and economic growth. This is no more evident than in my riding of Kam Lake, the hub of our territory's small businesses. Since its humble beginnings until the present day, small businesses are everywhere you turn throughout Kam Lake; so much so that I would state that my riding acts as an economic indicator on the growth of our entire territory. When Kam Lake prospers, so does the rest of the North.
Mr. Speaker, the Yellowknife Chamber of Commerce is holding their 71st Annual Business Award Gala, a long-standing event that demonstrates the strength of our economy and acknowledges the contributions of our hard-working business sector. I applaud the Yellowknife Chamber of Commerce for keeping this tradition going strong for 70 years and continuously advocating for small businesses in Kam Lake and around the North. Some of the great Kam Lake businesses nominated this year are Arctic Farmer Nursery, Ron's Auto Services Limited, Weatherby Trucking, Polar Tech Recreation, All West Glass, Bassett Petroleum, and Paul Brothers NEXTreme. I congratulate all of them for these well-deserved accolades and wish them the best of luck.
The roots of any stable economy, Mr. Speaker, are its small businesses. Nationally, they make up 98 per cent of all business operations in Canada, employ over 70 per cent of the total labour force in the private sector, and contribute more than 30 per cent to our gross domestic product. This week, the federal government has lowered the small business tax, a measure that I have been advocating for since I first took office, and it is something that is in our mandate that we are going to do to give back to our business community. Mr. Speaker, the Yellowknife Chamber of Commerce agrees with me, and I tabled their letter calling for a more competitive tax system last year.
Mr. Speaker, in the spirit of Small Business Week, I want to call on this government to give our businesses a nice present and cut the small business tax, in line with what the federal government has done, so that we can ensure competitive rates and future prosperity for our business community. Thank you, Mr. Speaker.