Thank you, Madam Speaker. The NWT's non-renewable resource economy has experienced many changes over that last several decades. The NWT has witnessed the development and closure of gold mines around Yellowknife, an oil and gas boom that we eventually saw slowly fade away and give way to diamond exploration and production which appears to also be moving in the same direction.
Madam Speaker, all these non-renewable industry activities provide the residents of this great territory with hope: hope of moving away from reliance on government as the economic driver; hope for well-paying jobs; hope for better education; hope of owning their own home as an option over public housing; and hope of providing one's family with a chance at a successful and wholesome future.
Madam Speaker, it was the oil and gas industry that allowed me to realize the dream of bettering my life, and I expect that many others have been provided the same benefits from our non-renewable resource sector, whether it be gold or diamond mines.
Madam Speaker, let us be clear here, the Northwest Territories is rich in renewable and non-renewable resources. I am talking about our forests; I am talking about wildlife; I am talking about an abundance of water; I am talking about the richness of minerals such as gold, diamonds, and rare earth minerals that lie beneath our feet; and I am talking about the untapped oil and gas trapped below us.
Madam Speaker, with the variety and abundance of non-renewable resources present in the NWT, we continue to be a have not territory. We as a government must promote and support the exploration and development of our non-renewable resource sector through clear and reasonable legislation and with timely decisions so projects can advance.
As government, we must be willing to support our constituents, and that support is to provide them with an opportunity for employment and business opportunities beyond government. Those companies that undertake non-renewable resource development provide jobs, whether directly or indirectly, through use of northern contractors. The non-renewable resource sector provides our northern businesses with the opportunity to build capacity and provide us with well-trained individuals.
Madam Speaker, with the loss or slow-down in the non-renewable resource sector, we will experience a decline in our GDP. We will experience a loss in resource royalties. We will experience a loss of a major employer. We have to do all we can to support this sector. Thank you, Madam Speaker