The program is not just aimed at Alberta’s traditional sectors such as agriculture and energy, but also technology, aviation and other sectors
Investment
Alberta outlines government-wide strategy for attracting investment to province – Leduc Representative
EDMONTON — Alberta is promising a government-wide strategy to attract investment to the province, and sector-specific investments to help the economy recover as Canada emerges from the COVID-19 pandemic.
“We have to be able to keep up with a very fast economy that is ever-changing,” said Doug Schweitzer, the minister of jobs, economy and innovation, in an interview with the National Post on Thursday. “We have to make sure that we’re there to complement and keep up with the speed of the private sector.”
On Thursday, Schweitzer announced the “Investment and Growth Strategy,” a $75-million program aimed at bringing investment and creating jobs. The program is not just aimed at Alberta’s traditional sectors such as agriculture and energy, but also technology, aviation and other sectors, seeking fast-growing companies and ideas to bolster the economy.
“This is the beginning of a whole bunch of other announcements,” said Schweitzer.
Alberta, even before the COVID-19 pandemic, was floundering under the pressures of decreasing oil prices and challenges transporting the province’s main export because of the lack of pipeline capacity. Billions of dollars in investment have left the province in recent years, and Jason Kenney’s United Conservatives were elected on promises to turn the economy around.
Since the pandemic started, things have gotten worse.
Alberta sits at 12 per cent unemployment, and there have been staggering drops in economic activity that are putting pressure on government budgets. Last month’s fiscal update showed an $11.5 billion decrease in revenue flowing into government coffers, attributable mainly to the effects of the pandemic.
The investment strategy aims to sell Alberta abroad, pitching it as an attractive jurisdiction for companies, with low taxes and spending on infrastructure.
“We are showing the world that Alberta’s entrepreneurial spirit will endure with determination and confidence,” says a document outlining the strategy.
The strategy encompasses many of the things the government has already done during its time in its time in power, including dropping the corporate tax to eight per cent on July 1 — a year and a half ahead of schedule — and creating a new investment corporation to seek out money abroad.
It also highlights Alberta’s workforce, one of the youngest in the country, with a median age of 36.9 years, and with 71 per cent of those over the age of 25 having some form of post-secondary education.
“Coming into this pandemic, it’s forced us in Alberta to rethink how we move forward,” said Schweitzer.
In July, the United Conservative government outlined a new Crown corporation to attract investment, citing aggressive competition for new investment as justification for the organization. The $6 million annually for Invest Alberta is part of the $75 million bill for the innovation plan.
“We did launch that earlier on as a concept,” Schweitzer said. “Now it’s being refined and turned into action on our end.”
The province has promised several measures, such as aligning the investment strategies of Alberta’s international offices, more proactively going after potential investors, and offering “concierge” service for those who decide to spend in Alberta.
Schweitzer said there will be sector-specific announcements in the coming weeks covering multiple sectors of the economy. This includes reform of intellectual property laws, so that ideas and research can be turned into businesses and jobs.
“We’re not going to have all the answers today … but we’re going to set and put a marker in the ground that we’re going to do this faster than all the other jurisdictions in Canada right now that are looking at the exact same issue,” said Schweitzer. “Game on, we’re making sure Alberta’s here to play.”
• Email: tdawson@postmedia.com | Twitter: tylerrdawson
Economy
S&P/TSX composite down more than 200 points, U.S. stock markets also fall
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Economy
S&P/TSX composite up more than 150 points, U.S. stock markets also higher
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Investment
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