Businesses kick in to spur growth
Eleven Regina businesses and organizations will invest $750,000 over the next three years to support the city’s economic growth.
“I think their plan is bang on: It’s about partnership, and the private sector needs to be part of that growth. It can’t just come from somewhere else,” Jeff Stusek, president and CEO of ISC, said following Friday’s Economic Development Regina (EDR) announcement.
The three-year investment is major news for the not-for-profit organization.
As Mayor Michael Fougere explained: “Governments don’t create economic development; the private sector does. They create the jobs; they create the environment for investment.”
The City of Regina is counted in the group of 11 investors. It remains the major funder, having contributed $1.7 million to EDR’s $2.7-million budget in 2016.
Fougere said the aim is to bring the ratio to half and half.
“That recognition of a partnership, it’s mirroring what we’re seeing in other jurisdictions,” including Calgary, Edmonton and Halifax, said Murad Al-Katib, EDR board chair and CEO of AGT Food and Ingredients, one of the investors.
The funding will support marketing the “Regina Advantage,” which is to be launched this fall.
It will also fund the creation of strategies to four key economic sectors (tourism, agri-value, manufacturing and tourism), entrepreneurial growth and investment attraction, sharing stories of business people already working here and offering resources for relocation or expansion.
“Private business doesn’t give up money and participate in these types of programs without having a view that there’s a solid potential for a return on investments,” said Al-Katib.
“They want to invest in growing a Greater Regina Area economy, so ultimately their businesses will benefit from that investment.”
Stusek chose to stay in Regina after finishing university here, even though friends chose to move away.
“I love when we do things that promote the Regina unique advantage because I believe in it,” said Stusek.
“There’s a reason to stay here. It’s fantastic to raise a family here. It’s also a fantastic place to do business; that’s why we got behind this.”
Al-Katib said Regina’s advantages include accessible decisionmakers, a competitive business environment and tax system, and an official community plan that promotes complete neighbourhoods where people can live, work, play and learn.
“We have a great quality of life,” said Al-Katib. “We have a growing arts sector, we have a growing food culture, we have a growing sports and recreation, so all of these things are what people are looking for in a community.”
In addition to ISC, AGT Food and the city, the other investment companies — being dubbed “founders” — are the Drummond Group’s Blue Plate Capital, Greystone Managed Investments, the Harvard Group, Mosaic, Phoenix Group, Praxis Consulting, Regina & Region Home Builders’ Association, and the University of Regina.
Fougere said the total investment will grow to $1 million over three years, as he knows of other businesses interested in coming on board.
“It’s a tough sell in a tough economy,” said Al-Katib, “but our pitch is very clear: In the times of constraint is when we have to plan for times of abundance and I think that this little bit of a downturn that we’re seeing now, it’s focusing everybody on sustainable economic growth.”
EDR, which rebranded in January 2016, was formerly known as the Regina Regional Opportunities Commission.