January 19, 2009
Vancouver, British Columbia
The Honourable Lynne Yelich, Minister of State for Western Economic Diversification, and Honourable Ida Chong, B.C. Minister of Technology, Trade and Economic Development, today signed a new Canada-British Columbia Western Economic Partnership Agreement (WEPA) that will support long-term economic growth and competitiveness in British Columbia.
"Our Government is committed to strengthening small business, supporting traditional and emerging industries, and growing new ideas, products and technologies," said Minister of State Yelich. "Today's agreement will work towards stimulating western economies at a time when families and communities are facing serious challenges with the global economic slowdown."
"This partnership will help B.C. sustain economic momentum through support for both emerging and traditional industries," Minister Chong said. "At a time when capital markets are tight, it is important that federal and provincial governments are working together to grow emerging knowledge-based industries, enhance productivity, improve trade and investment and promote regional economic diversification."
The Western Economic Partnership Agreement (WEPA) will be funded by $25 million each from the B.C. government and Western Economic Diversification Canada for a total of $50 million. British Columbia has participated in two previous WEPA partnerships with the federal government to support economic development projects. The current WEPA agreement is focused on job creation, business productivity and competitiveness, fostering a low carbon economy and generating regional economic development.
WEPA projects will reinforce B.C.'s economic strengths in knowledge-based businesses and technological innovation, and assist resource industries to cope with global economic change. Projects funded through WEPA will help British Columbia organizations to research and develop clean energy and environmental technologies, accelerate investment attraction to B.C. and support the success of new products and processes.
First Nations and communities in B.C.'s various regions will also benefit through projects aimed at diversifying their local economies. These initiatives will help them face challenges such as the downturn in resource-based industries. The $25 million federal contribution for British Columbia is part of a $100 million Government of Canada investment in the West through the Western Economic Partnership Agreements. This brings the total federal-provincial investment in the four western provinces to $200-million.
Western Economic Diversification Canada in partnership with the provinces, industry associations and communities promotes the development and diversification of the western economy, coordinates federal economic activities in the West and represents the interests of western Canadians in national decision-making.
For additional information, media should contact:
Lisa Hutniak
Senior Special Assistant, Communications
Office of the Minister of State - Western Economic Diversification
Tel: (613) 952-9831
Cell: (613) 286-0807
Gordon Williams
Communications Director
Ministry of Technology, Trade and Economic Development
Tel: (250) 952-0152
WD Toll-Free Number:1 888 338-WEST (9378)
Website: WD is online at www.wd-deo.gc.ca.
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Backgrounder
Canada-British Columbia Western Economic Partnership Agreement (WEPA)
Western Economic Partnership Agreements
Western Economic Partnership Agreements (WEPAs) are multi-year federal-provincial funding commitments to strengthen economic activity and improve quality of life in western Canadian communities. Through the agreements, Western Economic Diversification Canada (WD) and each western province provide a matching contribution, enabling significant investments to fund projects that support federal and provincial priorities. The new series of agreements, will allocate $25 million in funding for each of the western provinces. Funding will be matched by the provincial governments for a total investment of $200 million.
In British Columbia
In British Columbia, Western Economic Diversification Canada will provide $25 million in funding and the Province of British Columbia will provide a matching contribution, enabling investments totalling up to $50 million. Western Economic Diversification Canada and the Ministry of Technology, Trade, and Economic Development will jointly administer the Canada-British Columbia WEPA, to be delivered over four years.
The purpose of the Canada-British Columbia WEPA is to: provide a mechanism for achieving greater federal-provincial cooperation in realizing the economic and regional development potential of the Province of British Columbia by way of collaboration; and target the joint strategic priorities whereby Canada and British Columbia will work together and with other interested stakeholders to help create innovative, entrepreneurial and sustainable communities.
Canada-British Columbia Joint WEPA Priorities:
- Support the creation and growth of knowledge-based research and development and business clusters, along with the commercialization of new products, technologies and services.
- Support trade and investment.
- Have western Canadian business, industry and research organizations working together to enhance business productivity and competitiveness.
- Increase value-added production in traditional industries.
- Promote economic diversification through initiatives such as removing trade and labour-mobility barriers.
- Increase First Nations participation in regional/provincial economies.
For more information about the Canada-British Columbia WEPA, please visit the program website at: http://www.wd.gc.ca/eng/297.asp.
