INDUSTRIAL INVESTMENT STRATEGY (2004)

 

BC’s economy has always been based on our resources and as a result we have been subject to the strength of the commodity market, thriving and languishing accordingly.  After a time of restrictive public policy BC is now taking steps to revitalize our forestry, mining, oil and gas industries.  These initiatives will strengthen our economy in the resource area but we have not yet to develop policies that move BC beyond its vulnerability to the uncertainties of these markets.  As well, resource extraction is now more productive resulting in fewer jobs.

 

Resource towns are diminishing.  We have seen a loss of population and sustainability in our rural areas.  At the same time the economy in the Lower Mainland is diverse, embracing secondary manufacturing and technology industries.

 

BC needs to develop an industrial and manufacturing attraction and retention policy that will allow BC to be one of the top investment sites in the world for secondary manufacturing.  We need to adapt the success stories of Ireland, Alberta and Quebec to our needs.

 

Further, efforts should be made to attract this investment to the rural areas where there is capacity to absorb and foster new businesses.

 

THE CHAMBER RECOMMENDS

 

That the provincial government:

 

1. analyse and adopt investment strategies from other parts of the world that have proven successful in attracting and developing secondary manufacturing;

 

2. implement the best of these; and

 

3. utilizing these strategies work towards decentralizing investment into the rural areas.