Thank you, Mr. Chair. Mr. Chair, I am pleased to present the 2024-2025 Main Estimates for the Department of Industry, Tourism and Investment.
Overall, the department's estimates propose an increase of $1.9 million, or 3.1 percent, over the 2023-2024 Main Estimates. These estimates support the mandate objectives for the Department of Industry, Tourism and Investment while continuing to meet the Government of the Northwest Territories's fiscal objectives to prioritize responsible and strategic spending. Highlights of these proposed estimates include initiative funding totalling $1.2 million, which include:
- $529,000 to continue to support the growth and potential of the Northwest Territories film and media sector and increasing the competitiveness of the NWT to generate benefits to the NWT economy;
- $521,000 to support the completion and implementation of the Mineral Resources Act regulations; and,
- $100,000 to continue our support of the tourism sector under Tourism 2025 towards the five-year investment strategy for the tourism sector.
- Forced growth funding totalling $279,000, which include:
- $149,000 to address the growing costs associated with the territorial parks' operator contracts and utilities; and
- $130,000 to support the opening and ongoing operations and maintenance of the North Arm Territorial Park.
Other adjustments totalling $3.3 million, which include:
- $2.4 million to continue to support the GNWT's commitment to revitalizing the commercial fishery sector to grow and diversify the NWT economy to create jobs and to advance greater food security;
- $489,000 to continue to support the growth of the agriculture and Agri-food sector in the NWT through partnership agreement with agriculture and Agri-food Canada;
- $298,000 to continue to support the growth and potential of the NWT film and media sector through partnership with Canadian Northern Economic Development Agency; and,
- $94,000 to support the increasing technology service centre chargeback costs.
Fiscal sustainability reduction of $2.7 million to support the GNWT's fiscal strategy for the 20th Assembly by reducing expenditures to streamline programs and services, and the department will continue to find operating cost efficiencies and revenue opportunities where possible, and sunsets of $913,000. These estimates support the priorities of the 20th Assembly and vision of the Budget 2024 by including 75 actions in ITI's business plan.
In relation to the mandate commitment and the spirit of collaborative governance, working with partners on an economic vision for the NWT and an investment attraction action plan, ITI is continuing to work closely with the Indigenous governments on an Intergovernmental Council technical working group on the completion of the Mineral Resources Act regulations. This co-development approach will support the priority to build a strong economic foundation in a manner that meets the objectives of the United Nations Declaration on the Rights of Indigenous Peoples and advances the long-term prosperity for all territorial residents.
Some of the other actions ITI will pursue in support of the strong economic foundation priority include working with partners to find regulatory efficiencies for the mineral resource sector and supporting responsible resource exploration and advance and operating projects including for our critical mineral departments. A strong economic foundation also depends on the strength of all our economic sectors. ITI will encourage a diverse range of economic activities by promoting entrepreneurship, fostering research and innovation, building strong partnerships, and leveraging opportunities in all regions.
Some of the actions I'm most excited about include:
- Completing a program review of the SEED program with an eye to ensuring that business supports are effective in achieving their intended purpose;
- Identifying pathways for entrepreneurship and public housing, as well as through income assistance;
- Promoting access and opportunities in nonextractive sectors, including the arts, fisheries, film, and tourism;
- Advancing plans to transition the diamond mine workforce; and
- Improving the accessibility for arts and immigration programming.
That concludes my opening remarks, Mr. Chair. Thank you.