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BCAdvantage 2008; Business and investment across British Columbia Vancouver Island/Coast region: Sustainable development Island-based businesses are developing a range of environmentally-friendly technologies, to complement the existing high-tech cluster By Jan-Christian Sorensen A large part of Victoria’s charm and renown stems from the capital’s enviable climate – but the region’s long-range economic forecast is developing its own sunny reputation these days. While tourism – the region’s largest industry, accounting for more than one million visitors and $1.1 billion in revenue annually – continues to set the economic pace across B.C.’s Vancouver Island/Coast Development Region, there’s a newer kid on the block. More than 1,000 advanced and sustainable technology companies have set up shop in the region – primarily in the districts of Victoria and Nanaimo – employing 15,000 people and generating revenues of $1.8 billion last year, which outpaced the provincial average and slotted the Island/Coast Region as second-largest tech sector in the province, with an approximate annual growth rate of 20%. Environmentally sustainable developments such as the Knob Hill Wind Power Project and the Nahwitti Wind Farm in Port Hardy, valued at $675 million and $100 million, respectively, are just two of the Island/Coast region’s myriad alternative-energy firms. “We’re starting to see the nucleus of a real sustainable development technology cluster here,” said Sasha Angus, economic development officer with the Greater Victoria Development Agency (GVDA). “A lot of the technologies and ideas that come out of academic institutions are being commercialized here. There’s a huge upside for that part of the economy and it dovetails well not only with our local economy but also with the policy initiatives that the provincial government is undertaking. “The province is playing a significant leadership role in this cluster – if you look at the Premier’s [Climate Action Team], about half of the people are from Victoria, so there’s the recognition that there’s a lot of talent here not only on the academic side but on the industrial side as well. We’ve got some amazing companies in this region that are doing groundbreaking work. They’re not only local success stories; they’re also shipping most of their products internationally.” The GVDA, which was formed last year, launched its own industry task force in November to help promote and grow the region’s top sustainable development companies – firms such as renewable-energy innovator Carmanah Technologies Corp. and underwater forestry pioneer Triton Logging Co. – as well as make inroads to attracting investment dollars. But not all the big money coming into the Island/Coast region in 2007 was funnelled into emerging or advanced technologies. On the retail side of the ledger, Island grocery giant Thrifty Foods Inc. was acquired by Sobey’s Inc. in September for $260 million, and, one month later, Victoria-based Aspreva Pharmaceuticals Corp. was bought by U.S.-based drug company Galenica Inc. for $915 million. Real estate has also been a big draw. “We’re seeing a lot of money flying in from not only the Lower Mainland but Alberta as well, and for all sorts of properties – both commercial and residential,” said Angus. That economic boon has also caused a ripple effect in the brick-and-mortar industry throughout the Island/Coast region, which led the province in job creation in 2006, providing workers with 20,000 new construction jobs in the area’s eight regional districts. A number of major projects are on the horizon for the Island/Coast region. Among them: the $90 million Marriott Inner Harbour Hotel and highrise residences, the $200 million Vancouver Island Conference Centre in Nanaimo, the $1.2 billion Bear Mountain development in Langford and the $100 million Marine Drive Properties project in Ucluelet. Clearly, the construction industry shows little evidence of slowing down. “The construction industry is going gangbusters with residential and commercial projects,” said Angus, who predicts the sector will grow by 3.8% a year for the next five years. “It’s steady growth. And in terms of housing starts, we’re sort of bucking the national trend right now. Housing starts in most parts of the country are down, but last year Victoria remained the same as the previous year if not increased just a touch.” Perhaps more than any of B.C.’s other seven development regions, the Island/Coast zone is well-positioned both financially – and geographically – to act as a gateway for foreign investment by Asian-Pacific countries. The proximity of deep-water ports in the region’s northwest – Prince Rupert, Kitimat and Stewart – are three days closer to Asia than other North American ports, which gives the region an edge in securing shipping routes. Last fall, representatives of both the GVDA and Greater Victoria Chamber of Commerce embarked on a trade mission to Victoria’s sister city of Morioka, Japan, with the aim of developing new business and cultural connections with Morioka’s chamber of commerce and industry, as well as lending tourism industry and employee training expertise to the Tianjin Economic Development Area which bridges Beijing and Tianjin, China. “Over the last 10 months we’ve already had four delegations from China come over and the follow-ups are now starting to happen where Asian investors – particularly the Chinese investors – have seen what’s going on corporately, and they’re now coming back with investment dollars because they want to make sure that they’re a part of this. From a trade perspective there’s a huge opportunity for two-way trade, and the world-class companies that are here want to be a part of it as well,” said Angus. “We just have to be diligent. There are things that we’re trying to stay ahead of the curve on, like labour market development – which is going to be exceptionally competitive in the next five to 10 years, as the baby boomers retire – so we want to make sure we’re out there espousing to the world what Victoria has to offer and why it’s such a great place to do business and to live.” • Vancouver Island/Coast •Campbell River •Comox •Courtenay •Cowichan •Duncan •Ladysmith •Langford •Nanaimo •Parksville •Port Alberni •Port Alice •Port Hardy •Port Mcneil •Powell River •Qualicum Beach •Saanich •Sooke •Sidney •Tofino •Ucluelet •Victoria |
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