Thank you, Mr. Chair. I, too, am glad to hear the Minister's address and feel in support of those comments and add mine. Mr. Chair, I comment on today's largest piece of legislation faced by this Assembly on post-devolution. As we modernize history in the spirit of balancing Indigenous engagement, stakeholder confidence, environmental concessions and protection, and the remedial process, it comes to the point in telling ourselves: do we society all stakeholders and produce valued legislation? Looking at the legislation that is going to govern the industry and looking at the industry itself and the huge presence of benefits by industry in this territory has over the course of our deliberations on the last four years have really given me a different perspective on the length of benefits created by industry's presence.
The Northwest Territories natural resource sectors are bedrocks of foundation of our economy. Our mining sector in particular is widely recognized as a global destination for mineral investment, as identified by the recent Fraser Institute report. The Abacus 2016 report identifying 86 percent of the Northwest Territories residents say that the mining sector is important to the economy, while 82 and 83 percent say regulation works well and would like to see more projects. I am confident that number will go nothing but higher given the fact that we are modernizing legislation.
Now, Mr. Chair, we have the benefits of our northern supply chain vendor system, a system that includes businesses and residents. As I mentioned earlier, this mining industry and the supply chain is truly the backbone of our economy outside of the PFF. At a time of global economic situation, drafting legislation and supporting our regulation regime is our responsibility, a post-devolution responsibility I personally take seriously, knowing the benefits of its production. On the federal level, the mineral legislation, particularly Bill C-69, has been welcomed by the Mining Association of Canada, which sees it as an improvement on the status quo. The status quo is not sustainable for Canada nor the NWT, where we have mines coming to an end and a few options to replace them. It is my hope that Bill 34, the Mineral Resources Act, will provide greater certainty to the mining industry on how to operate in the Northwest Territories, ensuring that our economic foundation remains firm.
I add those words, Mr. Chair, and look forward to making history on modernizing our Mineral Resources Act in confidence that we are providing confidence to the industry that we recognize there is a big economic driver in our Northwest Territories and the huge amounts of benefits provided to individuals, businesses, and government. Thank you, Mr. Chair.