Increase economic diversification by supporting growth in non-extractive sectors and setting regional diversification targets

The NWT has untapped economic potential in areas including tourism, agriculture and the knowledge economy. Supporting opportunities for economic diversification will create jobs and improve community resiliency.

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

What we will do:

1. Work with Indigenous and community governments to identify and advance economic opportunities.

2. Increase tourism in the NWT with a focus on increasing tourism outside of Yellowknife.

3. Advance the knowledge economy.

4. Encourage entrepreneurship by reducing red tape and regulatory burdens on small businesses.

How we will do it:

1.a. Establish regional economic development plans to support growth in all sectors of the economy including agriculture, fisheries, forestry, the knowledge economy, manufacturing and arts.

2.a. Include tourism potential and community planning within regional economic plans

2.b. Work with indigenous and community governments to develop regional tourism based promotional campaigns

2.c. Support the development of local capacity and tourism infrastructure and programs across the NWT.

3.a. Work with a broad range of partners to create a Knowledge Economy Action Plan.

4.a. Establish a working group with the private sector that will provide policy and regulatory recommendations to eliminate unnecessary administrative burdens on small businesses.

How we will demonstrate progress:

1.a. Regional plans are completed, implemented, and reported on (Spring 2020 - Summer 2023)

2.a. Tourism included in regional economic plans (Spring 2020 - Summer 2023)

2.b. Two regional tourism plans per year (Winter 2021 - Spring 2024)

2.c. Visitor spending increased by 10%; visitation increased by 15%; and at least 5% growth in the number of Tourism Operator Licences outside of Yellowknife (ongoing)

3.a. Action plan developed, implemented, monitored and progress reported on (Fall 2020 - Fall 2022)

4.a. Working group established and recommendations used to guide policy and regulatory changes (Fall 2020 - Fall 2022); and Report tabled (Fall 2022)