Harper Government Promotes Opportunity Readiness in the NWT

City of Yellowknife creates economic development strategy

YELLOWKNIFE, Nov. 19, 2013 /CNW/ - The Honourable Leona Aglukkaq, Minister of the Environment, Minister of the Canadian Northern Economic Development Agency (CanNor), and Minister for the Arctic Council, today announced an investment for research into opportunity readiness to support development and implementation of a five-year economic development strategy for the City of Yellowknife.

"Our Government is pleased to invest in projects which will identify economic opportunities for people living and working in Yellowknife," said Minister Aglukkaq. "We recognize the tremendous potential of the North and this initiative will help ensure that Northerners can participate in and benefit from the economic success of the territory."

"The City of Yellowknife, in partnership with Federal and Territorial orders of Government, is creating and implementing our Economic Development Strategy," said Yellowknife Mayor Mark Heyck. "Over the next five years, the City will be faced with opportunities, challenges and exciting new developments through the growth of our territory."

"This Strategy Development process will build on the findings and approach of the NWT Economic Opportunities Strategy and extends the model of economic partnership and collaboration that has already been established," said GNWT Minister of Industry, Tourism and Investment David Ramsay. "The economic health of our capital city will benefit from strategic, appropriate and cooperative investments, and establishing a foundation of sound economic planning in Yellowknife will serve to support economic prosperity for all NWT residents."

CanNor is pleased to invest $100,000 to support research toward the creation of an economic development strategy for the City of Yellowknife. Research will focus on connecting Yellowknife businesses to economic opportunities across multiple sectors, and it will contribute to better informed decision-making by the City of Yellowknife as it prepares for the next wave of activity associated with major projects as well as economic diversification initiatives.

With contributions from the proponent and the Government of the Northwest Territories, this initiative represents a $165,000 investment in economic diversification and readiness for current and emerging major projects. These efforts are complemented by the recently announced NWT Economic Opportunities Strategy, which seeks to connect businesses and communities to economic opportunities in the Northwest Territories, and is an initiative in which CanNor also invested.

Investment in this project is made possible through CanNor's Strategic Investments in Northern Economic Development (SINED) program, which focuses on long-term economic growth, economic diversification and capacity-building across the North. SINED is one of several economic development programs within CanNor. CanNor works to help develop a diversified, sustainable and dynamic economy across Canada's three territories, and delivers on its northern mandate through funding programs, the Northern Projects Management Office and by undertaking policy and research.

SOURCE: Canadian Northern Economic Development Agency