Canada failing to tap into territories’ “immense” business potential: chamber

Canada is failing to leverage the economic potential of its territories and is in need of a long-term plan to do so, according to a ...

Canada is failing to leverage the economic potential of its territories and is in need of a long-term plan to do so, according to a new Canadian Chamber of Commerce report.

“We are selling our territories – and Canada – short,” said chamber president Perrin Beatty. “The federal government must take the lead in developing an integrated, long-term strategy and business case that create the conditions for full economic participation by the territories and all their people.”

Beatty said Canadian business wants to see the territories become more financially independent of the federal government and believes the private sector is the best route to that goal.

According to the chamber, some business people believe the cost of doing business in the territories today is five times higher, and the effort of operating 10 times greater, than in the rest of Canada.

The chamber notes business challenges in the area, including:

  • a shortage of skilled workers
  • a lack of infrastructure; and
  • poor access to capital.

“From education and training to physical infrastructure, there is not, nor ever will be, enough money and other resources to meet all of the territories’ economic development needs,” Beatty said. “However, some of their priorities could be addressed – and economic development opportunities improved – if the federal and territorial governments, communities, educators, businesses and other stakeholders worked together to develop a list of those priorities and an integrated plan, strategy and business case to address them.”

The chamber found that the territories offer “immense” opportunities, including what’s believed to be much of Canada’s untapped natural resources.

jwagler@biv.com

@JennyWagler_BIV

comments powered by Disqus

More from Economy

BIV on Global BC February 15, 2017: CETA to increase jobs; Home ...

Hayley Woodin discusses CETA and its effects on growth and jobs in Canada. Plus: Home sales are down as demand evens out

Read Article

Insider trading: February 14, 2017

The following is a list of stock trades made by corporate executives, directors and other company insiders of B.C.’s public companies filed in the week ...

Read Article

Infographic: RRSP tax tips

The March 1 deadline is just around the corner. Should you contribute to an RRSP? Here are some tips from CPABC.

Read Article

B.C. adds 11,000 jobs in January: Statistics Canada

Province’s unemployment rate falls to 5.6%, the lowest rate in the country

Read Article

BIV on Global BC February 10, 2017: Job numbers, grocery store wine ...

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×