It's Time to work Together!

Economy

 

The forecast for the NWT economy shows trouble ahead and low growth for the next ten years. Our 

mining industry is at a critical juncture. The existing diamond mines are in their final phase.


Serious efforts must be made to arrest this trend and change course. Exploration dollars spent in the 

NWT are now lagging far behind both Nunavut and Yukon. The process for project approval needs to be overhauled and streamlined. The territory needs new projects badly and the associated employment and revenue streams to the GNWT.


The proposed road study through the Slave Geological Province must be given high priority. The 

development of such infrastructure will lower the high costs of new mineral extraction projects. 

Reducing these high costs eases one of the NWT’s competitive disadvantages to investment.


Economic diversification efforts need to be continued and promoted. Programs to assist entrepreneurs need to be prioritized. Increasing the vibrancy and strength of all sectors makes for a more balanced economy and increases opportunities for northerners.


The BIP (Business Incentive Policy) requires an overhaul.


The devolution agreement should be revisited. In particular Chapter 10, Net Fiscal Benefit provisions and specifically, article 10.2 should be removed altogether. Currently, 100 per cent of the Resource Revenue Subject to offset is deducted from the GNWT’s Territorial Formula Financing Payment. If resource revenue is generated in the NWT, it should all stay in the NWT.

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