The rapid growth of the NWT economy has provided for many economic opportunities. We have many success stories we could report on.
Mr. Speaker, we began with the creation of the Common Ground Economic Strategy Panel, which undertook a comprehensive review of the NWT economy and recommended actions to foster continued economic growth. The strategy provided a foundation for specific actions in a wide range of areas, including access to capital. We then worked through the Business Program Review Panel to develop a "single window" approach to deliver our government's business development services. Draft legislation and recommended actions have been developed for the next government. We also took into account recommendations from the Bankers' Commission in order to remedy the chronic shortage of capital that hampers economic development in the NWT.
Through our business programs, we have provided the following assistance over the past four years:
- $10.1 million contributed through the business development fund;
- an increase of 33.3 percent in jobs established through subsidiaries or investments made by the Northwest Territories Development Corporation;
- establishment of the NWT opportunities fund, which provides access to additional capital under the new federal immigrant investor program;
- distribution of over 2000 copies of a new booklet on "How to Start a Business in the NWT" through the Canada/NWT Business Service Centre and community futures organizations;
- over $2.28 million provided since 2001 through the private partnership fund to territorial businesses to maximize northern employment in resource development;
- socio-economic agreements with diamond producers to access rough diamonds and business support to approved manufacturers in order to establish a value-added diamond cutting and polishing industry. We set up the world's first polished diamond certification program, and we developed a world-class diamond cutting training program that attracts students from every corner of the globe.
We also want to see aboriginal businesses grow and mature. Two highlights are:
- signing of the Gwich'in memorandum of understanding to give aboriginal businesses in the Gwich'in settlement area greater opportunity to participate in government contracting. To date, our overall contracting goals in this area have been exceeded, with a total of $4.2 million in contracts being awarded to Gwich'in businesses;
- financial and political support for the Aboriginal Pipeline Group, which Mackenzie Delta Gas Producers Group to secure a one-third ownership share of a Mackenzie Valley gas pipeline for aboriginal governments.
We have promoted our tourism industry which has faced severe challenges in recent years. I spoke earlier of our recent actions in this area. As well, an NWT tourism strategy was developed in cooperation with the industry. A comprehensive tourism exit survey and report was conducted last year to create more accurate market data for the industry, and a tourism marketing conversion assessment was completed to provide an accurate and useful analysis of the effectiveness of tourism media advertising campaigns.