On July 7, 2020, the Honourable Tanya Fir, Minister of Economic
Development, Trade and Tourism, introduced Bill 33 (known as the
Alberta Investment Attraction Act) to the Alberta
Legislative Assembly, which proposes to create a government-owned
corporation known as the “Invest Alberta
Corporation”.
Purpose of Bill
In introducing the proposed bill, the minister offered the
following purpose for the proposed bill and Invest Alberta
Corporation:
“This bill will enable the creation of an investment
attraction corporation that will attract job-creating
private-sector investment from across Canada and around the world.
The new corporation will pursue high-value and
high-impact investment opportunities that will
bring numerous economic benefits to Alberta. We know investment is
one of the primary drivers of economic growth and job creation. New
investments into the province will support the conditions for
growth by creating jobs, increasing economic development, and
expanding the competitiveness of our province’s leading
industries and subsectors.”
Activities and Mandate
The proposed bill contains minimal details on the proposed
activities of Invest Alberta Corporation; however, it does provide
the following mandate for the corporation:
- to promote investment in Alberta,
with a focus on high-value or high-impact
investment; - to identify and pursue investment in
Alberta, with a focus on high-value or
high-impact investment; - to deliver and facilitate seamless
and responsive investment attraction services that are targeted and
customized for investors and that make the investment
decision-making process as informed as possible for those
investors; and - to support the Government of Alberta
in performing trade promotion and advocacy activities.
(The proposed bill provides definitions for “high value
investment” – being an investment that is reasonably
expected to perform better relative to other investments in the
economic sector that the investment relates to – as well as
“high-impact investment” – being an investment that
is reasonably expected to support significant job creation or
economic growth relative to other investments in the economic
sector or region of the province that the investment relates
to.)
While Bill 33 does not identify what sectors will be targeted
for investments – the introduction of the proposed bill
included comments that Invest Alberta Corporation will focus on
attracting investments in the energy,
agriculture, tourism,
technology services, financial
services, and aerospace and aviation
sectors.
Budget and Reporting
The Government of Alberta has indicated that Invest Alberta
Corporation will have a budget of $18 million over three years ($6
million per year) for achieving its mandate.
The minister stated that Alberta already has existing
international offices, which will begin reporting to the
Corporation to “allow for a more strategic and co-ordinated
approach as we focus on investment attraction.”
Section 11 of the proposed bill requires Invest Alberta
Corporation itself to submit an annual report to the Minister of
Economic Development, Trade and Tourism “regarding the
activities and operations” of the corporation. As drafted, the
proposed bill would not require Invest Alberta Corporation to
provide financial statements regarding these activities and
operations.
Status of Bill
Bill 33 passed first reading on July 7, 2020. As of July 13,
2020, Bill 33 is presently in second reading.
Originally published 15 July, 2020
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