Adopt a benefit retention approach to economic development

NWT residents and businesses should benefit from economic development in the NWT to the greatest extent possible.

This work will be led by the Department of Industry, Tourism and Investment in collaboration with the Department of Finance.

What we will do

1. Maximize benefits from development while maintaining competitiveness

2. Increase the success in meeting objectives under Socio-economic Agreements

3. Increase opportunities for equity participation with local and Indigenous governments in economic development projects

How we will do it

1.a. Conduct an independent review on the competiveness of the NWT’s mining regime and develop recommendations addressing mineral royalties, taxes and direct and indirect economic returns

2.a. Conduct an independent review and develop recommendations to increase the success of objectives set out in Socio-economic Agreements

2.b. Host a socio-economic forum with representatives from the mining industry, Indigenous governments, and the GNWT to identify ways to work together to increase the socio-economic benefits from resource development

2.c. Meet annually with senior officials of NWT Mines to review the actions identified from the forum and objectives set out in Socio-economic Agreements

3.a. Implement intergovernmental partnerships whenever appropriate in economic development opportunities

How we will demonstrate progress

1.a. Independent review begins (Fall 2020); and Competiveness report completed and recommendations compiled and used to guide actions (Spring 2022)

2.a. Review completed (Spring 2022)

2.b. Forum held and recommendations developed (Fall 2022)

2.c. Annual meetings held (starting Fall 2023)

3.a. Number of partnerships agreements for economic development opportunities completed, implemented, monitored and progress reported on (starting Spring 2020)