Question Period Note: NEW REGIONAL DEVELOPMENT AGENCY FOR B.C.

Why is the Government of Canada creating a separate regional development agency for British Columbia?

• Canada’s West is diverse, and British Columbia has a unique economy with unique strengths and challenges.

• Budget 2021 proposes to create a new agency for British Columbia and to provide $553.1 million over five years, starting in 2021-22, and $110.6 million ongoing, to support the new agency.

• In addition, the government is also dedicating the full financial resources of Western Economic Diversification Canada to the Canadian Prairies.

• This will further increase the government’s capacity to serve the businesses and communities of Alberta, Saskatchewan and Manitoba.

SUPPLEMENTARY MESSAGES

• Establishing a new regional economic development agency for British Columbia with new dedicated funding will help businesses and communities in BC continue to grow and create good jobs across the province.

• It will also ensure Alberta, Saskatchewan, and Manitoba have a dedicated regional development agency that increases current funding to improve how it serves their distinct regional needs, with resources to dedicate to local populations and businesses.

• An enhanced on-the-ground presence enables both new agencies to build a more focused, locally informed federal approach to economic development initiatives and build on important gains in those regions. These changes will encourage business growth and community resilience as the new agencies play stronger roles as convenor, pathfinder, partner, investor, and advisor.

In recognition of the unique economic realities in British Columbia and across Western Canada, the government committed, in the 2020 Fall Economic Statement, to create a new regional economic development agency for British Columbia with new dedicated funding.

Existing core program funding from Western Economic Diversification will remain to support the Prairies, making additional support available for businesses in Alberta, Saskatchewan, and Manitoba.

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