Thank you, Madam Chair. Madam Chair, I am here to present this evening Bill 84, An Act to Amend the Northwest Territories Business Development and Investment Corporation Act.

The Northwest Territories Business Development and Investment Corporation Act and regulations have not been comprehensively updated since their introduction in 2005, despite there being significant market changes over the years. Based on recommendations in the last five-year program review of the Northwest Territories Business Development and Investment Corporation and direction received from the Board of Directors, an in-depth legislative review with public engagement over the last 18 months was conducted.

I would like to extend my gratitude to the 130 businesses and stakeholders who invested their time and resources to participate in the research and public engagement sessions. I also want to thank the chairpersons and members of the Northwest Territories Business Development and Investment Corporation board of directors, both former and current, who played a central role in identifying the opportunity for change and who were involved throughout the legislative development process. Having an independent and public board supports an arm's length structure and offers a level of independence for the organization, which is highly valued and preferred by the public.

The result of this extensive undertaking by the Northwest Territories Business Development and Investment Corporation and its board is Bill 84. Bill 84 modernizes and amends the act to enhance clarity, transparency, and value-added supports to NWT entrepreneurs and businesses. There are nine amendments being put forth that will create flexibility for the organization to better respond to business needs which can quickly change, especially during times of emergencies or crisis, like the wildfires, and will help community businesses thrive in the territory.

To support these proposed amendments and the organization's strategic direction, a new name for the organization is also being proposed. The proposed name, Prosper NWT, will enable the organization to overcome the significant challenges that exist with the current name, Northwest Territories Business Development and Investment Corporation, and better aligns to the ultimate purpose and goal of the organization which is to help bring greater prosperity to the Northwest Territories.

Prosper NWT has generated much interest from my colleagues. I want to assure my colleagues and the public, of two things: First, I am confident that the new name is a well-informed, meaningful, and strategic choice made only after significant research; and second, that I have had the benefit of very strong boards, board chairs, and management staff on whom to rely for these recommendations, that remain arm's length and responsive to the needs of the private sector in a way that government cannot always achieve.

A comprehensive and professional approach was taken to arrive to this name, a process that is typically followed by many other companies and organizations, balancing stakeholder engagement with the expertise of branding professionals, legal considerations, and the organization's overall goals and vision. Of note, the proposed name, Prosper NWT, does appear to have support from the business community as demonstrated by a recent poll conducted by the Northwest Territories Chamber.

I strongly believe that with the proposed amendments in Bill 84, including the new name for the organization, we will be able to do more and do things differently to better support Northwest Territories businesses, contributing to a stronger and more diversified economy.

That concludes my opening remarks, Madam Chair. I would be happy to answer questions committee may have.