NWT Businesses Asked to Prepare for Major Wave of Federal Investment
Businesses across the Northwest Territories are being asked to assess whether they are ready to take advantage of a major wave of investment expected to reshape the territory’s economy.
The Government of the Northwest Territories (GNWT) has launched a survey seeking views from businesses on their capacity, challenges and needs ahead of major federal spending, infrastructure projects and expanding trade opportunities.
Businesses have until August 30 to complete the online survey.
According to the territorial government, the information gathered will help shape future programs, services and policies aimed at strengthening the northern business community.
The survey focuses on several areas, including workforce capacity, importing and exporting practices, difficulties involved in entering new markets and the type of support businesses may require to compete for emerging opportunities.
The GNWT said preparing businesses for the expected investment is important to efforts to broaden the territory’s economy and create more opportunities for residents.
The survey comes as Ottawa moves ahead with plans for significant spending in the Arctic.
Prime Minister Mark Carney announced in March that the federal government intends to commit $35 billion to Arctic defence, a move expected to generate new economic activity and demand for goods and services across the North.
Infrastructure development is also gaining momentum.
In June, Carney designated the Mackenzie Valley Highway as a project of national interest. The decision could allow federal regulatory procedures surrounding the project to be streamlined under the Build Canada Act, with the aim of speeding up the delivery of major infrastructure projects.
The proposed highway would create an all-season road linking Wrigley with Inuvik.
NWT Premier R.J. Simpson said at the June announcement that construction of the long-awaited highway could be completed within five years.
Another major project receiving federal attention is the GNWT’s proposed expansion of the Taltson hydro system.
The plan would add 60 megawatts of generating capacity to the existing 22-megawatt Taltson facility near Fort Smith.
It also includes a proposed submarine cable beneath Great Slave Lake to connect the expanded system with the Snare hydro network in the North Slave region.
The project has been referred to the federal Major Projects Office for consideration.
For businesses in the territory, the developments could bring new contracts, markets and investment opportunities.
But the GNWT’s survey is also intended to identify the practical obstacles that could prevent local companies from taking full advantage of them.
The responses will therefore give the territorial government a clearer picture of what businesses need before the anticipated projects begin translating into large-scale economic activity.
With billions of dollars potentially flowing into the North, the question is no longer only how much investment is coming, but whether local businesses have the capacity to meet the opportunities it could create.
