Government has introduced Bill 33, the Alberta Investment Attraction Act, which would help drive high-impact investment to the province and create jobs.
If passed, Bill 33 will create the Invest Alberta Corporation, an arm’s-length agency that will help promote Alberta as a prime investment location for businesses from across Canada and around the world, attracting high-value, job-creating investment.
“The Invest Alberta Corporation will lead an aggressive international campaign to attract job-creating investment across key sectors and tell institutional investors the truth about Alberta’s competitiveness and environmentally responsible energy sector. Alberta has seen the flight of tens of billions of dollars of capital in the last five years. In order to get Alberta back to work, we must reverse that flow of investment back to Alberta.”Jason Kenney, Premier
As an important part of Alberta’s Recovery Plan following the COVID-19 pandemic, the Invest Alberta Corporation would play a central role in Alberta’s economic future. The agency would help instil investor confidence and generate investment in the province’s primary sectors – energy, agriculture and tourism. The corporation would also pursue investment opportunities for Alberta’s high-growth industries, such as technology, aviation and aerospace, and financial services.
“Investment attraction is essential to keep our economy moving. It stimulates sector growth, which in turn creates jobs across the province. The creation of the Invest Alberta Corporation will be pivotal as we plan ahead to restore economic certainty, especially now, when our businesses and Albertans need it most.”Tanya Fir, Minister of Economic Development, Trade and Tourism
Alberta must be able to compete with other jurisdictions as global economies reopen. Some jurisdictions in Canada and around the world already have arm’s-length agencies in place to pursue investment opportunities and promote their jurisdictions’ interests. Once created, the new Alberta-based agency would highlight the low tax rates, highly skilled workforce and business-minded government policies that make Alberta a great place for investments.
If the legislation passes, a public board would oversee the corporation’s operations and investment attraction activities. Government would provide $6 million annually for the next three years for its operations.
Invest Alberta will coordinate the work of Alberta’s 11 trade promotion offices around the world, with a renewed focus on attracting foreign direct investment in Alberta. The corporation will also expand its footprint to include key foreign markets for Alberta, beginning with a presence in Houston, Texas.
Alberta’s Recovery Plan builds on our strengths with timely, targeted investments and bold policy reforms that will:
- Create tens of thousands of jobs right now.
- Make Alberta more competitive in the long term.
- Accelerate economic diversification in industries of the future.
- Ensure a strong future for the bedrock sector of our economy: Alberta’s innovative energy industry.
- Immediately show investors around the world that we mean business.
Alberta’s government is helping create thousands of good jobs for Albertans by building schools, roads and other core infrastructure that benefits Albertans and communities. It will further diversify our economy by helping sectors grow and succeed, and return investment to our province by ensuring we have the most competitive tax environment in Canada.