Competitiveness, Jobs & Investment Strategy for Alberta
For generations, Alberta led the country in private and public sector capital investment, in GDP, and in high wages. It is positive that our GDP and exports rebounded in 2022 on the strength of our energy sector and global commodity markets, but to ensure high-paying and sustained job growth we have got to increase our competitiveness, productivity, and levels of capital investment across the economy.
The energy sector investment is down at a time when cash flows are high. Overall investment levels are also flagging. This means Alberta is losing investment, losing out on economic growth and losing well-paying jobs. We need to have a strategy to reverse this.
The Strategy outlined below provides the certainty and incentives needed to maximize potential investment and build a diverse and resilient jobs economy.
“The policies presented in this strategy will support strong economic growth in Alberta’s Industrial Heartland. Specifically, Alberta stands to greatly benefit from increased flexibility and further expansion of the Alberta Petrochemical Incentive Program." Mark Plamondon Executive Director of the Alberta's Industrial Heartland Association
ALBERTA’S FUTURE TAX CREDIT
Alberta’s Future Tax Credit is a refundable tax credit of 20 per cent on capital investment in new
emerging sectors. An incremental refundable amount of up to 10 per cent will be awarded for new capital investment that generates key outcomes, like high-skilled job opportunities, new technological capacity in our province, or new sectoral skills and know-how.
SUPERCHARGING THE ALBERTA PETROCHEMICAL INCENTIVE PROGRAM
Alberta must continue to build on its strengths. We will expand the Alberta Petrochemical Incentive Program (APIP), a highly successful Petrochemical Diversification Program brought in by the NDP. The current program is working well, but it could work better with the right investment.
CONSULT ON EXPANDING THE ALBERTA INDIGENOUS OPPORTUNITIES CORPORATION
We have heard initial feedback that the Alberta Indigenous Opportunities Corporation is working. We would launch broad consultations and incorporate Indigenous perspectives on potential expansion into a greater number of sectors across the economy, and, in some cases, at a
smaller scale than large energy projects.
PERFORMANCE FAST PASS & NAVIGATORS
We propose establishing a regulatory Performance Fast Pass. This pass would be available to companies that have a proven track record of compliance with all rules and regulations applying to the company.
REPEAL THE SOVEREIGNTY ACT
We will repeal the job-killing Sovereignty Act. It has no place in Alberta, where we must value our stable and secure investment environment. At minimum, the Act creates instability and uncertainty in our economy at a pivotal time when every signal must be clear and aligned to attract business growth and investment.
"We are at a pivotal moment. The decisions we make today will have long-lasting implications for future generations. We cannot afford to simply look to the past. We must build on it and look towards the future with ambition and hope." Rachel Notley
Please click the link below to read the full report. These policies are not final. Please let us know your thoughts by signing up for the upcoming consultation or by commenting below.
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