Western Canada has potential for better economy

With Parliament returning, the federal government must turn its attention to developing a serious plan to grow our economy. As part of this plan, the government must focus on measures that enable western Canadian businesses to scale and access growing global economies looking for safe and secure natural resources the West can provide.

With its extensive natural resources, Western Canada has long been both a robust economic engine in Canada as well as an established world leader in many crucial economic sectors.

Despite already accounting for nearly 40 per cent of Canada's gross domestic product, untapped potential remains. Successfully and sustainably bringing the immense natural wealth of Western Canada to international markets will drive countrywide prosperity.

The federal government must realize that as the pace of change facing Canadian businesses accelerates, companies need to adapt to remain competitive. To help them do this, the government should address four key areas.

1. We have a million unfilled jobs right now, with the West seeing the lowest unemployment rates in Canada. To grow our economy, the government needs to address worsening labour and talent shortages. At the federal level, this means collaborating more closely with provincial, territorial and municipal governments, as well as the private sector, to better understand labour market needs across the country.

In short, Canada needs a comprehensive strategy that looks at immigration, new training approaches and talent management systems working together.

2. Canada's agricultural sector, anchored in the West, is a world leader. With more than 100,000 farming operations and 85 per cent of Canada's farmland, the continued competitiveness of the Western agriculture sector is vital to Canada's economic expansion.

But the agriculture sector continues to be constrained by extraneous regulation. The sector needs an adjustable and evidence-based regulatory regime. Enabling economic growth, particularly exports, must be a top consideration for regulators. The government must continue to support and incentivize the agriculture and food sector. This includes continuing to partner with western Canadian businesses on research and product development.

3. As Canada's gateway to more than 170 trading economies around the world, western Canadian ports handle $1 of every $3 of Canada's trade in goods outside North America. But the capacity of Canada's West Coast to serve longterm export growth is quickly becoming constrained by shipping terminal congestion and a lack of warehousing and industrial lands.

We must make major, strategic investments in Canada's trade infrastructure to grow our economy. Because of its strategic location, Western Canada can power major economic growth if we are prepared to eliminate barriers and renew and strengthen infrastructure. The government must commit to a trade gateways strategy that will set the tone for investments.

4. As the world moves to a lower carbon future and as the geopolitical environment realigns in response to the Russian invasion of Ukraine, Western Canada can provide safely produced energy that growing economies need. Our new “green helmet” should reflect the role our low carbon energy, natural resources and critical minerals can provide to countries in need.

It is crucial the government acts to improve Canada's regulatory environment to help attract the investment capital needed to create new energy assets, including liquid natural gas and hydrogen. Government needs to act with a sense of urgency to make sure we take advantage of our ability to support the global need for energy and natural resources. Getting out of our own way will promote responsible extraction, processing and manufacturing here in Canada.

Western Canada has the goods the world needs. Adopting these priorities will not only support western Canadian business but will lead to a more prosperous Canada.