The NWT Business Development and Investment Corporation (BDIC) Launches Public Engagement on the BDIC Act
YELLOWKNIFE (May 24, 2022) – Today, the Northwest Territories Business Development and Investment Corporation (BDIC) launches public engagement for the review and updates to the Northwest Territories Business Development and Investment Corporation Act (BDIC Act). To guide this engagement, a discussion paper has been released which presents some potential areas for amendments to the BDIC Act.
The review and proposed amendments to the BDIC Act will focus on changes that address current issues, meet business needs, and enable the NWT to take advantage of opportunities that can benefit the business community and the NWT economy.
The process began with an initial scoping and research phase in 2021 that included an online survey in fall 2021. This current step will engage a variety of audiences and gather input on potential areas for updates to the BDIC Act.
The BDIC is committed to providing entrepreneurs, businesses, industry, governments, and other stakeholders that have an interest in business and economic development in the NWT to participate in the engagement. The schedule of planned engagement sessions and the different ways to provide feedback is available at www.bdic.ca/engagement.
We encourage participation in the review and updates to the BDIC Act. This presents an opportunity for individuals and organizations to influence future business and economic development in the NWT.
All engagement activities for the BDIC Act review will close on June 24, 2022. Learn more about this initiative at www.bdic.ca/engagement.
“The current BDIC legislation was introduced in 2005 and has since had limited updates despite new developments and significant changes in the environment. Opportunity exists to modernize the BDIC Act to better meet the needs of entrepreneurs and businesses and enable us to generate more economic activity and investment in the Northwest Territories.”
–Caroline Wawzonek, Minister Responsible for the BDIC
- Aside from minor amendments in 2007 and 2018, the BDIC Act and regulations have not been comprehensively updated since 2005. The most recent five-year review of the BDIC recommended that the legislative framework and policies for the BDIC be reviewed and updated.
- This engagement will provide input and feedback that will help inform the development of proposed amendments to the BDIC Act and the legislative framework. Once drafted, the proposed amendments to the BDIC Act will be introduced to the 19th Legislative Assembly for their review, amendment, and enactment.
- The discussion paper titled, ‘Updates to the Northwest Territories Business Development and Investment Corporation Act’ outlines key issues and opportunities for amendments to the BDIC Act and provides some options for discussion.
- Through the BDIC Act and regulations, the BDIC provides financial and non-financial assistance that supports the creation and development of business enterprises in the NWT and contributes to a stronger and more diversified economy.
Manager, Public Affairs, Marketing and Business Services
Northwest Territories Business Development and Investment Corporation
Follow-us on Twitter: @NWTBDIC
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