Mr. Speaker. Mr. Speaker, I'm going to just confirm that I'm being heard? Okay. Thank you, Mr. Speaker.
So I am quite conscious of the fact that there's been a reduction in the GDP over the last couple of years. We've obviously been through the pandemic and certainly in the last two years, that has been the predominant reason for that. Nevertheless, I think everyone's heard me say that we were in challenging times long before the pandemic and that we had to start looking at our economic situation. So I'm happy to have this question. Mr. Speaker, there's a couple of things.
Firstly, there's the mineral resource sector which continues to be one third of our private GDP contribution, and a lot of work is happening on that side to increase investor confidence, to increase awareness of the geological potential that we have, to incentivize early exploration and to incentivize advanced exploration.
There's also, of course, the other side of more general economic development that's going to diversify our industry. And in that regard, Mr. Speaker, just briefly, we have regional economic development plans underway. We have the Tourism 2025, which will hopefully bring back what was a growing sector and a lot of activity in that regard with the borders reopening. And certainly, Mr. Speaker, I'll make note of the fact that we've had very significant capital budgets in the last couple of years signalling that we are going to do as a government what we can to use our financial muscle to make sure that we're moving projects forward and giving access to those projects across the territory, which of course provides opportunity for local contractors to be involved but also builds up some of the infrastructure that we're hoping will then support continued growth and diversification. Thank you, Mr. Speaker.