B.C.’s entrepreneurs, executives, and their employees will have to work hard to capitalize on the province’s economic opportunities over the next decade.
That was one of the key messages heard by nearly 200 attendees at this year’s inaugural two-day economic outlook conference held June 5 and 6 in Whistler. The conference explored whether B.C. is positioned to prosper over the next 10 years.
At the Whistler Outlook Symposium, analysts and economists ranging from Andrew Ramlo of the Urban Futures Institute to Sam Shaw, Encana’s vice-president of natural gas policy and development, and Neils Veldhuis of the Fraser Institute noted B.C.’s opportunities and its natural position to be the gateway between Canada and Asia for trade, investment and talent.
But fully tapping that potential is challenged by the persistent issue of poor labour productivity and complacency, as well as inertia among business and political leaders to adapt to a constantly changing global economy.
A dearth of spending on training is a significant issue for nurturing the level of innovation required to compete on the global stage.
Shaw noted, “For every dollar we spend on training, the U.S. spends twice as much, Japan five times as much, Germany eight times as much. To prepare for the future, we need to take action; we need to do more to spur innovation and vision.”
While investing in equipment and technology can help boost productivity, Ramlo suggested that more needs to be done within the culture of businesses to encourage the sharing of experience among different generations of workers and business leaders.
“We need to work on downloading the information from the older generation to the newer one more effectively.”
Roger Gibbins, president of the Canada West Foundation, noted that B.C. business leaders can’t be complacent about the province’s advantages, because the world will not simply knock on our door for what we can offer.
“We’re not alone in having what the world wants. I was struck by [former forestry minister Pat] Bell’s comments about how the B.C. forestry industry is working hard to open doors in China. This is not a passive approach – it’s marketing, it’s pushing, and pushing and pushing.”
While the challenges are provincial, businesses large and small have a role to play to address B.C.’s key issues threatening its prosperity in light of an aging workforce.
Fiona Famulak, president of the Whistler Chamber of Commerce, said, “It’s fair to say that the 16 speakers at the symposium are quite bullish about the prospects for B.C., but there is work to do. Bearing in mind that 98% of our business base is small business, it has to happen at the grassroots.”
Richard Chu
Twitter: RichardChu_BIV