SOMBA K'E/YELLOWKNIFE - More money needs to be put into economic development and in order to do that, money needs to be taken away from social programs, says NWT Senator Nick Sibbeston.

NWT Senator Nick Sibbeston spoke to a host of Yellowknife business people last Friday at a joint luncheon between the NWT Chamber of Commerce and Northern Aboriginal Business Association. Premier Floyd Roland spoke about a vision for the North and Senator Sibbeston spoke about economic development in a changing North. - Andrew Livingstone/NNSL photo

At an NWT Chamber of Commerce business luncheon last Friday, Sibbeston said the government needs to put more money toward businesses in the territory instead of social programming, where money is being wasted.

"I'm advocating less money for social programs because over the years there has been a lot of money put into these programs and many social workers and people in that field don't produce a great deal and we need to examine that and put that money into economic development," Sibbeston said, addressing more than 40 Northern business representatives.

Sibbeston, who is a successful Fort Simpson business owner, said government also needs to be much more aggressive with respect to money for business.

"I think we've come along ways in establishing government in the North … now that we're established we need to examine the way government spends money and look to putting more money into business and promote business."

Sibbeston spoke about the history of aboriginal business development, touching on the early days of hunting and trapping and the sale of furs. He said the growth of aboriginal business has come a long way due to the partnership between Northern businesses and the aboriginal community and their choice to step outside the norm to achieve independence.

"In the mid-1980s there was a suspicion of business and any local person who dared take the initiative to start his own business was portrayed as selfish, money hungry and ostracized to a certain extent," Sibbeston said. He added a key component to the continued growth of aboriginal business in the North rests on the shoulders of our youth and how we prepare them for the future.

"Our children are our future and we have to do a better job to prepare them for it. They need to know about science, history, language and the law but we also have to teach them how to be successful in business.

"A lot of people come out of school not being able to balance their chequebook or set up a household budget, this is the minimum they should know how to do. They should know it's business that creates this wealth. They shouldn't have this notion that money comes from government and money is best when it's created by peoples hard work and enterprise."

Premier Floyd Roland also spoke at the event. He said a vision or a dream is one thing, but a strong fiscal business plan is more important to a successful and strong Northern economy.

"Northern and aboriginally-owned companies are playing increasingly key roles in major infrastructure initiatives," Roland said, adding the government remains committed to investing in the NWT during these difficult economic times. "We have continually maintained a view to building our future, our people our leaders, our businesses and our communities."

Roland said the government is helping business take advantage of some of the biggest opportunities available to the NWT – including a new energy sector in the Mackenzie Valley Pipeline.

"We are in a position to establish a new and sustainable energy sector in the NWT," Roland said. "One that will respond to a growing international demand for our clean, secure and cost-effective energy supply and power the NWT forward as one of the most important economic engines in our nation."