Atlantic Economic Forum - June 2023
Catherine Blewett
President
Atlantic Canada Opportunities Agency
Atlantic Economic Forum
Concluding remarks
Wednesday, June 21, 2023
12:20 p.m. ADT
Mulroney Hall
St. Francis Xavier University
2330 Notre Dame Avenue
Antigonish, NS
Introduction
Good afternoon. It's an honour to be here today. Thanks so much for the kind introduction Kristen. You are very kind. Charles, thank you for taking on the role of summing up the outcomes from 2 very full days. I have the much easier job. I get to show you what the tag line of the Atlantic Economic Forum can look like: Arrive with purpose. Leave with actions.
To begin, I want to thank The Right Honourable Brian Mulroney, Prime Minister Trudeau, Premiers, the Honourable Frank McKenna, Chief Terry Paul, Federal and Provincial Cabinet Ministers, Dr. Hakin, the Mulroney Institute of Government, and all of the leaders from the private and public sector and civil society who have made this Forum truly impactful. These are the leaders who arrived with purpose.
Led by inspiring keynote addresses, and thoughtful presentations and insights from leading experts in their fields, we covered a lot of ground: the shifting demographics in Atlantic Canada, and the transformational impact of immigration. Minister Fraser and my amazing colleague Christiane Fox have been a formidable duo bringing nimble reform to the system.
The agenda has been all been about fueling prosperity and thinking about how to manage and maximize economic growth and inclusion, in rural Canada and in our communitites. From universities commercializing research, to next generation technology to Public finances and sustainable services; exploring important new markets and products; and taking our place globally in the green transition.
We looked at Atlantic Canada through the lens of investors, and there had been important conversations about emerging economic opportunities, and next steps for economic development. And this morning, on National Indigenous Peoples Day, we heard about Indigenous business and economic development leadership for our region.
I see momentum, and if we start to make meaningful investments in Indigenous economic development, walking together is helping us move closer to economic reconciliation. As Rose Paul said, in real time.
There is momentum. And momentum matters.
Stepping off the plane in Halifax as I do every week, I have been struck by how much the energy has changed over the last 10 years. Walking through our airports I see a younger, more diverse Atlantic Canada. That is the story I want to tell.
To shift the perspective of Atlantic Canada, we have to start talking about our value proposition and we have to start advocating for it.
The region is showing powerful signs of economic growth. That said, I think we are fairly clear-eyed about serious structural issues still to be addressed and frankly, I find that leadership is more forthright about the path from a low-wage region which historically had little incentive to drive productivity. People ask me what I worry about, these are the things:
- Rate limiting factor of growth
- Climate transition
- Decarbonization of electricity
- Air access/regional transportation
And the need to acknowledge communities that have been historically disadvantaged – Indigenous communities, Black communities, women – who have not been able to participate as fully in the economy as other groups. I am focused on effective execution, so that hard-fought policy objectives are actually implemented and opportunities not missed. Change is challenging, and transitions that will recalibrate our growth trajectory are well worth the effort.
Global leadership
Atlantic Canadian companies are changemakers globally. Some of those changemakers are in this room. Another inherent advantage we have. We come together. And we can work together. We only have to look at the composition and sophistication of our companies, the number of talented people powering our innovation ecosystem, to see that leadership.
Yesterday, an Investors Roundtable was convened by Mr. Mulroney, Frank McKenna, and Annette Verschuren. That discussion highlighted the benefit of alignment and regional focus and confidence. Atlantic Canada is good at these fundamentals. Our region’s physical size may be limited, but the calibre of our companies and talent pool are not. However, we have to move with alacrity. We need to hustle.
I am also grateful that leaders in the room have a truly sophisticated view and broader perspective, and understand the current, quite fragile global context.
As nations realign in a way not seen since the Second World War, we face dramatic, global shifts that impact Atlantic Canada and we are poised to contribute by building alliances around energy, food security, decarbonization and restructured supplychains. If we hustle.
Canada’s industrial strategy
There are regulatory, tax policy and program conversations, happening in Ottawa, that are changing the face of the country; and Atlantic Canada can take up much more space in those conversations. We must be in the right conversations.
Canada is a country of regions. I want to ensure that this region’s assets are well understood in the context of an emerging national industrial strategy which is laying big financial bets as Canada works to counter the US Inflation Reduction Act and changes occurring across the G7.
It is interesting to note Atlantic Canada’s proximity to some recent budget measures / investments. Industry is moving to decarbonize to remain competitive while satisfying global demand. We have an opportunity, and the imperative to clean our electricity grid. It will be complex, but it is tablestakes to ensure the region remains competitive domestically and positions us to grow exports in new, clean commodities.
Maximize opportunity
Public Policy Forum’s Atlantic Canada Momentum Index report is an important benchmark. I am glad it has been noted here, and to the chagrin of my fabulous ACOA colleagues, I am going to say it again… and again. Measured against 20 economic indicators of growth, Atlantic Canada showed up with 16 bright green lights, compared to 10 for the rest of Canada.
We CAN NOT waste the platform or the momentum. Pun intended.
So, in closing, let me tell you a bit more about where ACOA is leaning in. Arriving with purpose. And leaving with actions.
As part of ACOA’s enabling legislation, the Agency has an advocacy mandate that I take seriously. And we are going to push much harder into that role. Minister Petitpas-Taylor highlighted her commitment to this at the opening and each of the Atlantic Ministers embrace it.
We are determined to demonstrate Atlantic Canada’s value proposition, nationally and internationally. We will continue to bring support to small business and entrepreneurs to help them grow, scale, automate, innovate and continue to provide capital. But we can walk and chew gum at the same time, so there is no reason that this Agency can’t be in, and influencing, the conversations that matter in the country.
You’ll hear more from us as we focus our efforts on the transition to clean energy, air access, digital transformation and productivity. I feel a responsibility to drive the narrative and profile our companies and our changemakers across Canada, and globally. I am personally grateful to this incredible room of leaders who are meaningfully engaged in supporting and driving Atlantic growth.
It matters. And you have an impact.
Thank you, and have a good day.
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