Minister of Jobs, Economy, and Innovation Doug Schweitzer. (Government of Alberta)

By David Opinko

Province announces $75-million Investment and Growth Strategy

Sep 17, 2020 | 11:53 AM

LETHBRIDGE, AB – The Government of Alberta claims its new strategy will drive jobs, investments, and economic diversification into the province.

Minister of Jobs, Economy, and Innovation Doug Schweitzer announced Thursday the new Investment and Growth Strategy (IGS) with $75-million in funding over three years.

In a press release from the province, they say the goal of this strategic framework is to “sell Alberta to the world” by promoting and supporting key sectors, helping to “showcase Alberta to the world, and highlight why the province is one of the best places in the world to do business.”

“Alberta is coming to play in the tech and innovation space. We’re putting the rest of Canada on notice that we are going to beat provinces like Ontario and B.C. to punch by moving policy at the speed of business,” says Schweitzer. “The first of many policy steps is to develop the best framework for intellectual property so ideas can be turned into businesses and jobs.”

Some of the actions being taken under the plan include:

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• Setting up an investment attraction agency to lead a global marketing strategy for key growth sectors. $6-million per year will be allocated to the Invest Alberta Corporation
• Ensuring major business leaders and investors, such as post-secondary institutions, research facilities, entrepreneur-driven companies, and those in “world-class infrastructure” are aware of “Alberta’s advantages”
• Promoting Alberta as a hub for conventional energy, renewable energy, artificial intelligence, food process, aviation, logistics, aerospace, and financial services
• Committing to investors that Alberta will deliver consolidated services with partner governments and agencies
• Focusing and “rebalancing” Alberta’s investment attraction presence in key domestic and international markets

“It is critical at this time that Alberta has a solid strategy for how to reignite its economy, create jobs and be a highly competitive place to invest and do business,” says Adam Lege, President of the Business Council of Canada. “Economies all around the world are looking for a jump-start and Alberta has the key foundational pieces in its Investment and Growth Strategy. By being focused on the development and growth of key sectors where we have natural assets and strengths, we have the potential to pull away from our competitors.”

The plan also includes mention of sector-specific strategies that include “principal sectors” like energy, agriculture, and tourism, as well as “enabling sectors” such as finance, aviation, and technology.

More details on the sector-specific strategies are expected to be released at a later date.

The government has three main outcomes through the IGS: that Alberta’s competitive advantage be increased, Alberta’s investment strategy will be improved, and Alberta’s reputation as an investment destination is raised.

Full details on the IGS can be found here.