Thank you, Mr. Speaker. Mr. Speaker, I also would like to express the concerns raised by my honourable friend from Yellowknife North regarding the length of time it takes to approve and issue a remote sensing licence under the current Remote Sensing Satellite Systems Act.
As it stands today, while other jurisdictions have updated their regulatory regimes to accommodate a remote sensing licence in as little as 30 days, Canada still requires two years. The space industry is evolving, and the remote sensing sector is growing all over Canada, including here in the Northwest Territories.
This is a perfect example of the knowledge-based economic development that I have advocated that this government pursue in order to create a truly sustainable and diversified economy since the beginning of my tenure as the Member of the Legislative Assembly for Kam Lake.
Through the inability of the federal government to provide regulatory certainty to the remote sensing sector, it has stalled new developments, and we must continuously push forward and put pressure on our federal counterparts to approve the current licences on the ground and to streamline the regulatory process. This is a great opportunity, Mr. Speaker, that will create many more jobs and economic growth when these licences are approved and when we can gain certainty over this growing sector of our economy.
The commercial satellite sector is growing at a phenomenal pace. For Canada to effectively compete in this highly competitive global market, regulatory certainty is required. Many jurisdictions today recognize the importance of attracting and promoting the space science sector and have streamlined their regulatory regimes accordingly to become competitive. The space industry has transitioned into a highly competitive commercial market, and they will locate where conditions are most favourable. We know that Inuvik has some of the most favourable conditions in the world, not just in Canada.
Our government has made a significant public investment of over $100 million plus operating costs to high-speed fibre optic infrastructure from Inuvik to Alberta to support the data requirements in the satellite industry in Inuvik. When this is approved, licences, we will clearly indicate to the growing market that we in the North are open for business.
There can be no denial that in order to create the level of certainty in this new sector of our economy, the current regulatory regime must be overhauled and I hope this Cabinet will step up to the plate and advocate for a regulatory reform at the level of the Government of Canada and protect our economic advantage in Inuvik. Thank you, Mr. Speaker.