Question Period Note: CREATION OF PACIFIC ECONOMIC DEVELOPMENT CANADA

CREATION OF PACIFIC ECONOMIC DEVELOPMENT CANADA

• Pacific Economic Development Canada – or PacifiCan – is a new regional economic development agency focused on the distinct economic strengths and challenges in British Columbia.
• PacifiCan was created on August 6, 2021, in accordance with the commitments made in Budget 2021 and the 2020 Fall Economic Statement.
• PacifiCan will work closely with British Columbia businesses, innovators, partners and communities to foster economic growth across the province.

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.
Budget 2021 elaborated on the commitment, announcing that the investment would help businesses in British Columbia to grow and create good jobs across the province.
To support British Columbians in economic recovery, the Government of Canada is building a more focused, locally informed approach to community economic development. PacifiCan will work with communities and partners to foster innovation, support business growth, and build economic resilience in urban, rural, and Indigenous communities across British Columbia.

• PacifiCan will increase the federal economic development capacity in British Columbia by establishing eight (8) new points of service in communities across the province.
• In addition to retaining its existing office in Vancouver, it will establish a new headquarters in Surrey and points of service in Victoria, Kelowna, Prince George, Campbell River, Cranbrook, Fort St. John and Prince Rupert.
• The new agency will strengthen the federal government’s ability to identify and analyze local economic conditions and support community economic development.
• PacifiCan’s priority is delivering key COVID-19 relief measures in British Columbia, and helping BC businesses recover from the effects of the pandemic.
• Relief measures include the Regional Relief and Recovery Fund, the Tourism Relief Fund, the Jobs and Growth Fund, the Canada Community Revitalization Fund, the Aerospace Regional Recovery Initiative and the Major Festivals and Events initiative.
• At the same time, the new agency is building capacity, and opening new service locations.

SUPPORTING FACTS AND FIGURES
• Budget 2021 provided PacifiCan with $553.1 million over five years, starting in 2021-22, and $110.6 million on an ongoing basis for the new agency.