By Chris Brown

Positioning resources to support business

Schweitzer unveils $75M Innovation and Growth Strategy

Sep 17, 2020 | 12:00 PM

Alberta’s plan to bring investment back to the province is highlighted by a $75-million Investment and Growth Strategy that will be led by the recently created Ministry of Jobs, Economy and Innovation.

The government says the IGS “builds on Alberta’s existing strengths – including energy, tourism and agriculture – as well as emerging sectors like technology in order to create jobs and jump-start Alberta’s economic recovery.”

Doug Schweitzer, minister of jobs, economy and innovation, says Alberta is moving faster than any government in Canada to create an economic recovery that puts Albertans back to work.

“Government’s not going to be the one to grow us out of this pandemic and get Alberta moving forward,” said Schweitzer at a news conference today. “It’s going to be Alberta companies. And how do we best position government resources to support Albertans.”

According to Schweitzer, “Alberta has always been an economic engine for the rest of the country, and the Investment and Growth Strategy will jumpstart growth and investment in the economies of the future.”

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The IGS will help showcase Alberta to the world, and highlight why the province is one of the best places in the world to do business. The strategy highlights key areas of strength that set Alberta apart from other jurisdictions, including the province’s young and educated workforce, strong economic fundamentals and exceptional environmental, social and governance (ESG) performance.

The strategy also outlines a number of sector-specific strategies currently under development by the government and builds on the immediate actions in Alberta’s Recovery Plan to create jobs and diversify the economy.

As well, says the government, the strategy also addresses longer-term actions needed to create a stronger and diverse economy so Alberta can adapt to new opportunities that arise as the global economy changes.

Schweitzer said that in meetings with the province’s leading tech minds, he was told that businesses move faster than government can develop policy.

“Challenge accepted,” Schweitzer said. “We’re putting our flag in the ground today, to make sure that we send that signal to the tech sector, to the innovators, to the markets that Alberta has heard them. Alberta is listening and we’re going to move fast.”

Among the actions in the report are:

• Targeting critical sectors for investment growth and retention
• Re-align Alberta’s international office network to bolster investment attraction in key markets
• Invest in tools and technologies that drive investment decisions and opportunity identification
• Marketing Alberta as a key investment destination

The government also announced a consultation with the technology sector to modernize Alberta’s intellectual property laws.

“Our post-secondary institutions are home to groundbreaking research and new discoveries which, often times, have incredible potential to translate into new startups and business ventures,” says Demetrios Nicolaides, minister of advanced education in a release. “This commercialization of research is an important mandate for our post-secondary system, and in consultation with our institutions we are working to strengthen their commercialization potential which will help diversify the economy and set our students up for success.”