The BDIC is undertaking a review and will be making updates to the Northwest Territories Business Development and Investment Corporation Act (BDIC Act).
Aside from some minor amendments in 2007 and 2018, the BDIC Act and regulations have not been comprehensively updated since the creation of BDIC in 2005. Since then, there have been significant changes in the environment and businesses’ needs. Opportunity exists to introduce amendments to the BDIC Act to enhance clarity and transparency, offer relevant support to entrepreneurs and businesses, and generate positive impacts on the NWT economy.
There are several potential amendment areas being explored. The BDIC will be engaging entrepreneurs, businesses, industry, government, and other stakeholders to gather input and feedback that will inform the draft of proposed amendments to the BDIC Act and future updates to regulations and policies. Once drafted, the updated BDIC Act will be introduced to the 19th Legislative Assembly for their review, amendment, and enactment.
The graphic below shares the process and steps required with the development and introduction of an updated BDIC Act. The BDIC is currently at Steps 3 and 4.
● Closed: Public Engagement (Step 2) happened May 24 to June 24, 2022
● Results under review
Have Your Say
The BDIC collected input, submissions, and responses throughout the engagement process from May 24 to June 24, 2022. To guide the engagement, there was a Discussion Paper which presented some potential areas for amendments and discussion questions for each.
Input received from this engagement process is currently being analyzed and will be compiled into key themes in a What We Heard Report. This will help inform policy research and the drafting of proposed amendments to the BDIC Act. As the legislative process continues, the BDIC will continue to engage with entrepreneurs, businesses, partners, stakeholders, and subject matter experts, as necessary, to develop, refine, and finalize the proposed amendments to the BDIC Act and identify potential changes to the regulations and policies. Feedback and input received during this public engagement exercise outside the scope of this review will be kept for consideration in the future.