Provincial corporation proposed in bill takes aim at attracting more investment
A new bill presented in the Alberta legislature by the UCP government on Tuesday aims to attract investment in the province’s key industries to help repair the damage done by the COVID-19 crisis.
Economic Development, Trade and Tourism Minister Tanya Fir presented Bill 33, the Alberta Investment Attraction Act, which would create an arm’s-length corporation responsible for stimulating national and international investments primarily in the energy, agriculture and tourism industries to fuel growth in the economy.
If passed, the act would see an $18-million, three-year commitment from government, and would also look at “pursuing investment opportunities in high-growth industries such as technology, aviation and aerospace and financial services,” a statement on the proposed bill read.
“Our government realizes we must redouble our efforts to generate new sources of revenue to keep our economy moving,” Fir said during a news conference Tuesday. “As we recover from COVID-19, Alberta’s economic recovery will count heavily on new, private capital investment to help restore and stabilize business growth.”
Fir said Alberta’s reliance on global markets over the past several decades means government needs to make a firm commitment to looking outside of the province and country to fuel the economy.
“(Invest Alberta Corp.) is a dedicated investment promotion agency that will lead our investment attraction strategy in a new focused direction with better, dedicated capital markets, communication, proactive and strategic investment promotion targeting key companies and sectors, and concierge service for prospective investors seeking to navigate through regulatory and other hurdles,” she said.
Fir also announced the appointment of Dave Rodney as Alberta’s agent general in Houston, Texas. Rodney, who served as PC MLA for Calgary-lougheed from 201417, is tasked with “working to help revitalize and promote Alberta’s energy sector,” Fir said, adding he will also look to expand business opportunities in technology, health sciences, and aerospace and aviation.
In a news conference Tuesday afternoon, Opposition NDP Leader Rachel Notley said the proposed bill duplicates work being done by other organizations and agencies.
“It quite frankly duplicates the job of the minister of economic development and trade,” she said. “In short, it adds nothing to the work that has already been done, it merely creates the illusion of more work being done.”
Notley referenced the NDP’S Invest Alberta strategy that was created within the department of economic development, trade and tourism, adding a concrete strategy is needed to address foreign investment and this bill doesn’t do that.
“I also have some concerns about the creation of this corporation when we’ve already witnessed the ridiculous embarrassment of the UCP so-called war room,” Notley said. “Like the war room, we now have an agency that will do its work behind closed doors and into the backrooms where Albertans won’t be able to hold them accountable for the money they will now be spending and have access to.”
Fir said the corporation will work closely with existing organizations tasked with similar mandates, but couldn’t say exactly what the proposed corporation’s mandate would be because the board hasn’t been formed yet.
“We won’t be duplicating efforts,” she said. “We will look at areas where the groups or corporations can collaborate and work together, but there is not a duplication in terms of the main goals of each of these organizations.”
If the bill becomes law, the corporation will be overseen by a public board comprising up to seven members who would be approved by cabinet. Ray Gilmour, deputy minister of executive council, will act as “an observer” of the board.
Fir said when seeking out board members, “We’ll be focused on people who have merit and background in areas that we feel relate to investment attraction, and can add value and have a breadth and variety of experience.”
Chris Heseltine, CEO of Travel Alberta, said in a statement he’s been encouraged by government’s commitment to support the tourism industry amid the COVID-19 pandemic.
“New investment in the province will drive the development of new visitor attractions, experiences and destinations around the province, creating economic diversification, prosperity and jobs in Alberta communities,” Heseltine said.
“We look forward to learning more about how the Invest Alberta Corp. will support Travel Alberta’s mandate and our strategy to support the rebuild of Alberta’s tourism industry.”