SOMBA K'E/YELLOWKNIFE
The NWT is full of potential and projects "on the horizon" but the territory is also fighting with such issues as a consistently decreasing population and the largest GDP drop in Canada in 2011. Getting the territory to a stable, profitable economic position across all communities is going to take hard work and quality foresight, according to the GNWT.
Joe Handley, left, former NWT premier, and Rory Campbell, centre, Alberta's former deputy minister of economic development, talk with resident Kevin Wallington at an NWT Opportunities public forum in Hay River in December. - Paul Bickford/NNSL photo
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To prepare for this potentially profitable future, the NWT Economic Opportunities Strategy is in development through a GNWT partnership with the NWT Chamber of Commerce, Northern Aboriginal Business Association, NWT Association of Communities, and Canada's Northern Development Agency.
The strategy's development involves a tour of the territory's regions, asking residents and businesses to talk about the needs, strengths and opportunities present in their region.
News/North will follow the progress of the tour, which began in December, over the next six weeks and take a look at the economic situation unique to each region.
Industry, Tourism and Investment Minister David Ramsay, has an optimistic view of the NWT's future economy, pointing to the comparatively low impact of the 2009 recession in the territory and the number of ways the territory is currently diversifying its economy.
"In regards to the GDP drop, that is directly related to a decline in production at the diamond mines and not much else," said Ramsay.
"The challenge that is before us is to convert the big list of opportunity and potential into real, tangible economic development, which is going to supply jobs and opportunities for people at the community level."
Ramsay said economic disparity among communities is one of the elements the strategy will address through encouraging a spread of economic activity and improvements to mine training.
Ramsay said it is also key for the NWT to look at other economic opportunities beyond diamond mines and government jobs. Tourism, oil and gas, trapping, hunting, fishing and agriculture are all options, he said.
"Several years ago, we had just six communities in the territory that had any form of agriculture at all," Ramsay said. "Now I believe we're up to 24.
"Agriculture has been a big step in the right direction."
Hughie Graham, president of the NWT Chamber of Commerce, said the chamber hopes to increase communities' resources and skill sets through the strategy so that, once the upcoming projects are finished, the NWT is left with a greater capacity for business instead of the expertise and funds flying back south when projects end.
The community approach to the strategy development will help communities identify and get the support they need to take advantage of the economic potential of their regions, he said.
"I think there is still great value in meeting face to face," said Graham. "We have huge expanse in the territory and technology is there and you can do video conferencing, but I think there is still great value in being in a room ... and talking about the opportunities. There still is value in that brainstorming."
