As Alberta’s economy continues to take a beating because of COVID-19 shut-downs and the staggering drop in oil prices, a group working to attract more investment to the Edmonton region is calling on the Jason Kenney government to make major investments in digital infrastructure immediately.
Edmonton Global, said its Road to Recovery: Resiliency stimulus plan released this month, has outlined how to prepare Alberta, post-pandemic, and ease the shock of businesses struggling right now.
“We do see a lot of our core sectors hardest hit,” Lynette Tremblay, vice president of strategy and innovation at Edmonton Global, said. “But we do see a path forward for them and some hope in the future.
“Not only do we need to act fast, we also need to be willing to make significant investments.”
Tweet This
Story continues below advertisement
Edmonton Global said the key to compete in the new reality is having the ability to innovate with new technology in every sector. The group pointed to oil and gas playing a major part in developing geothermal and hydrogen technology.
“There’s a lot that we have to offer and we see those as opportunities right now,” Tremblay said.
Edmonton Global said Alberta and Canada had not been focused enough on technology adoption like artificial intelligence and 5G (fifth-generation) cellular wireless communication.
“We think now is the time to change that,” Tremblay said.
“We talk to international site selectors on a regular basis and they’ve told us that it’s an expectation that metro regions are well-equipped with broadband.”
1:52 Coronavirus outbreak: What negative oil prices mean
Coronavirus outbreak: What negative oil prices mean
Tremblay added, “if they’re not, then they’re not in consideration for investment.”
In a statement, the Alberta government said 5G investment falls under the federal government and said it had made a significant $54 million dollar investment in tech start-ups.
Justin Brattinga, press secretary to the minister of economic development, trade and tourism, said, as part of budget 2020, $42 million was committed to artificial intelligence and machine learning, which included supports for the Alberta Machine Intelligence Institute and funding to the University of Alberta.
Story continues below advertisement
“We believe in supporting the tech sector,” Brattinga said.
“Our government’s upcoming investment and growth strategy will focus on attracting investment to the tech sector.”
Tweet This
Brattinga said $200 million committed for innovation and research would develop talent and grow sectors and attract investment.
One of the other recommendations to the province is to allocate $6.5 million to applied pharmaceutical innovation and coordinating a network of chemical labs and suppliers.
Chandra Devam, CEO of Aris MD, said Edmonton-based companies aren’t getting enough interest from government and more programs are needed to support local tech companies.
“We’re being utilized across the border,” Devam said.
“I really wanted to be a sole-based Canadian company, but the support wasn’t here for me.”
Tweet This
Story continues below advertisement
1:57 Alberta tech companies seeing ups and downs during COVID-19 pandemic
Alberta tech companies seeing ups and downs during COVID-19 pandemic
It worked out for Aris MD, which Devam said is now working with NASA, but she said local start-up companies are coming up with solutions for COVID-19 and other problems that could have made-in-Alberta solutions.
“I see tech companies being essential to building the Alberta economy after COVID-19,” Devam said. “We’re a renewable resource and one worth investing in.”
Edmonton Global said it shared its economic recovery blueprint with the province and has continued to seek out advice from its network of more than 70 partners, which include economists, academic institutions and chambers of commerce.
“We’re ready to help the government with its implementation plan.”
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
