Policy & Positions Manual
Provincial Issues - Jobs, Tourism and Innnovation
Ensuring the BC Investment Board Leads to Improvements for Proponents (2011)
The provincial economy is built around the development, extraction and movement of natural resources. The nature of these activities requires a combination of actions to occur to support the investment. It is this interaction, or lack, of the market place and government policy that supports, encourages and sometimes inhibits these investments.
The vast majority of Projects in Northern BC are billion dollar plus ‘mega projects’: Pacific Trails Pipeline, Kitimat LNG, Northwest Transmission Line, Rio Tinto Alcan Modernization, Northeast Power Line, Horn Basin Development, Fairview Terminals & Ridley Island Port expansions.
On top of that there are the more traditional projects critical to the development of BC in the Independent Power/forestry sectors; Red Chris Mine, Prosperity, Forest Kerr etc. (investment ranges of $100 - $600 million). All of these have complex public policy, aboriginal and regulatory as well as marketplace timing issues.
All of these projects move through a variety of regulatory processes both federal, provincial and sometimes with local municipal governments. The challenge for the Project proponents has been in the area of dealing with multiple government agencies at all levels in moving their projects forward. By reviewing their progress and any barriers to development, BC can identify if there is a need to adjust public policy in a way that continues to improve the competitive advantage for an industry in the Province.
With this in mind the Chamber was pleased to see the commitment from Premier Clark in her Liberal Leadership platform to “create a BC Investment Board, comprised of experienced and respected business people from across the province, to measure how successful major projects are moving through the multiple regulatory and environmental processes from all levels of government.” While this is a welcome commitment the Chamber is concerned that without authority to assess and make public recommendations on ways to improve the system the Board will not be leading to any marked improvements in the investment climate of BC.
The Province needs to determine if it is deterring investment due to an inability of major projects to move through the multiple levels of regulatory requirements or if government policy is actually supporting them. The Board would provide a place for proponents/investors to go to articulate their challenges and issues and in some way can act as an industry Ombudsman.
THE CHAMBER RECOMMENDS
That the Provincial Government in the same way the Progress Board gives a grade and makes recommendations, this Board would do the same and provide recommendations for improving the system ensuring that BC creates and maintains a competitive business climate for investment and project development
