We're back!! Indigenous Prosperity is Here To Stay
, /CNW/ - We're back.
Collectively, Indigenous people are now an economic power to be reckoned with. The statistics show as much: the $56 billion that Indigenous businesses add to the Canadian economy each year, or tens of billions in assets held by Indigenous economic development corporations.
What brings it home for me though are the people. This past May, at the National Aboriginal Capital Corporations Association's (NACCA) sixth annual Indigenous Prosperity Forum, I looked around the room at all the young Indigenous business owners attending. The youth were confident, ascendant. Digital creators, artisans, carpenters, business managers: all these young people have assumed their place in the broader economy, just as their ancestors intended.
And the youth also saw their responsibility to give back to their communities—all the more where they benefit from the same rights that their parents and grandparents fought hard to reclaim in prior generations.
Make no mistake: those rights have driven our re-empowerment. Indigenous people have won almost every case involving resource rights we have brought before the courts. Governments at every level will recall this if they try short-circuiting our rights to expedite approvals for major resource projects. Indigenous leaders are again reminding them of our treaties and their constitutional obligations.
Federal and provincial governments say they want to move as swiftly as possible. They can do so only by involving our leaders—early and often. We've already shown that Indigenous people are business-minded, yet our bottom-line also involves responsibilities to our communities and our lands. So why not work with us to ensure we can meet them?
To succeed, a major project on Indigenous land will need to rest on three pillars: equity partnerships, impact benefit agreements, and resource revenue-sharing with governments. First, major projects need to bring in economic development corporations as equity partners, to ensure that communities also have a stake in a project's success. Second, the conclusion of Impact Benefit Agreements will help ensure that local economies can also benefit from jobs and contracting opportunities. Third, Crown parties will need to share their government resource revenues with the governments of impacted communities, who will need to steward their territories long after the projects have ended.
As an additional crucial measure, Canada also should include an Indigenous member to the federal selection committee for major projects.
One thing is certain: we are back. We're an economic force, and we're not going away.
The upcoming cohort of youth entrepreneurs is strong, smart, committed—an inspiration to other youth in our communities as they reclaim their pride and self-reliance. Canadian historian Professor Ken Coates framed it well at the Indigenous Prosperity Forum: "the work being done now is building a Canada for 2050 and 2075. Indigenous prosperity is imminent, and it's been an honour to watch the transformation."
Indeed, it's been an honour to watch. Now let's transform Canada's economy together.
About NACCA
NACCA, the National Aboriginal Capital Corporations Association, is a network of over 50 Indigenous Financial Institutions (IFIs) dedicated to stimulating economic growth for all Indigenous people in Canada. These efforts increase social and economic self-reliance and sustainability for Indigenous people and communities nationwide.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Global News
an hour ago
- Global News
Sub-par Chinese steel delayed B.C.'s Pattullo Bridge replacement, industry advocate claims
An advocacy group for the Canadian steel sector is pinning construction delays on B.C.'s Pattullo Bridge replacement, in part, on the use of steel from China. 'That steel came from Asia and both cost jobs in the Lower Mainland in B.C. and cost time,' Keenan Loomis, president and CEO of the Canadian Institute of Steel Construction, told Global News on Thursday. 'I think that if the decision had gone to Canadian fabricators, that right now there would be cars driving over the Pattullo Bridge.' 1:56 Metro Vancouver transportation megaprojects update The new four-lane Pattullo replacement was originally meant to be complete by 2023, but now has a target date of late 2025. The estimated price tag has also increased from $1.37 billion to $1.64 billion. Story continues below advertisement Loomis first raised the concerns in a presentation to the legislature's select standing committee on finance and government services earlier this week. He told Global News the Chinese bid came in at $20 million under the competing Canadian offer, but said the result is steel that is not always engineered to Canadian standards. That means that when the material arrives on site, 'there's a lot of fixes that are required.' 'In fact, Canadian fabricators are being brought in right now to do all the upgrades that are needed to bring this bridge online,' he said. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'You also have to look at, overall, the total installed cost … ultimately, we ended up spending a lot more to fix all the defects.' 1:48 Completion dates for Broadway subway, Pattullo Bridge pushed back B.C.'s Ministry of Transportation and Transit called Loomis' claims 'pure speculation.' Story continues below advertisement It said Fraser Crossing Partners, the consortium building the bridge, undertook a competitive bid process to source its materials, and that structural steel fabrication was being overseen by engineers with professional designations in B.C. 'Delays to the construction of the new bridge were a result of major disruptions caused by the COVID-19 pandemic, which impacted sectors across the global economy including construction,' the ministry said in a statement. 'A full-time quality oversight team at the fabrication site in China maintained a continuous presence on the shop floor throughout production shifts to ensure quality requirements were being met. Both FCP and the Province had full-time quality representatives at the fabrication site.' All steel used in the project also passed chemical and mechanical testing, it said. BC Conservative transportation critic Harman Bhangu said claims of substandard Chinese steel raise serious safety and budgetary concerns. 'We should do a check to see which projects throughout British Columbia are using this steel, and we should have a full investigation into it because public safety should be number one,' he said. Bhangu pointed to Victoria's $105 million Johnson Street Bridge replacement, which opened in 2018, years late and nearly $10 million over budget due to substandard Chinese steel. 'It is unbelievable that it takes us this long to build a bridge; it is actually a shame,' Bhangu said. Story continues below advertisement 'We need to start using some of our own resources, get our steel industry going, get our minerals going, and we need to get that to market and start building right here in B.C. … and it can't always be the cheapest bid, because we know the cheapest bid won't always be at that price or on time.' The controversy comes as B.C.'s NDP government also faces heat over BC Ferries' decision to procure its next four major vessels from a Chinese shipyard, a move it says will save $1.2 billion. 2:05 Canada adjusts steel and aluminum tariffs with the U.S. No Canadian shipyards entered a bid for the job, though B.C. shipbuilding giant Seaspan said it couldn't compete with foreign yards given there were no incentives for local builders in the competition. Earlier Thursday, Prime Minister Mark Carney unveiled new measures to protect and incentivize Canada's steel and aluminum sectors, in the wake of punishing U.S. tariffs and a simmering global trade war. Story continues below advertisement Loomis said it was a good start towards revitalizing the industry. 'Finally, people are waking up to the fact that others are not playing by the trading rules that we seem to be holding ourselves to account to,' he said. 'And so it's a whole new world, but we really need to be mindful of where our dollars are being spent.'
Vancouver Sun
an hour ago
- Vancouver Sun
Allow total foreign ownership of domestic-only Canadian airlines: Competition Bureau report
Canada should allow up to 100 per cent foreign ownership of domestic-only airlines in a bid to lower fares and boost flight options, the Competition Bureau says in a new report highlighting the country's 'highly concentrated' aviation industry. In a market study released Thursday, the watchdog suggested a new class of airline that operates only in Canada but has owners outside its borders, opening the gate to global expertise — and cash. The current foreign ownership cap sits at 49 per cent, with sovereignty and national security often cited as the reason. In addition, no more than 25 per cent of a domestic carrier can be owned by any one foreign entity, a proportion the Competition Bureau proposed raising to nearly half. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'Allowing more foreign investment in Canadian airlines improves access to capital, drives growth and promotes competition,' the report said, pointing to Australia and New Zealand as places that permit full outsider ownership of in-country carriers. 'As economist Michael Porter famously put it, unless a firm is forced to compete at home, it will usually lose its competitiveness abroad,' Brad Callaghan, an associate deputy commissioner at the Competition Bureau, said during a press briefing. Weak competition in the airline industry remains a big hurdle to lower prices and better service across the country, and remote communities especially, the report found. 'Competition in Canada's airline sector has struggled to take off,' it said, noting consumers' dissatisfaction with ticket prices, service quality and range of flight choice. Air Canada and WestJet together account for between half and three-quarters of all domestic passengers at major airports, according to the study. Though competition improved between 2019 and 2023 with the arrival of Flair Airlines and the expansion of Porter Airlines, market concentration remains 'extremely high' and competition from new entrants fragile, the bureau said. 'Many Canadians report that international flights are often cheaper than flights within Canada' — partly due to 'cabotage' rules prohibiting point-to-point trips within Canada by foreign airlines — it noted. The watchdog proposed working with other countries to remove foreign competition restrictions in international agreements. The National Airlines Council of Canada, which represents the country's largest carriers, took issue with that, as did airports. 'Cabotage is not the answer to competition in a country as sparse and large as Canada. A foreign carrier is not going to service our smallest towns and thin volume routes,' said Monette Pasher, president of the Canadian Airports Council, in a release. Some experts agreed, arguing that opening the hatch to foreign operators would invite more competition on big routes but do little for thinly served remote communities or even small cities. 'Would I fly into Yarmouth? Would I fly into Prince Albert? Would I fly into Whitehorse? No, not a chance. There's not enough traffic there,' said John Gradek, who teaches aviation management at McGill University. 'They want the low-hanging fruit … Ottawa to Montreal, Toronto to Calgary, Edmonton to Vancouver, because that's where all the money is.' Gradek said greater access to the Canadian market should come with conditions, such as a commitment to fly certain regional routes — and reciprocal access to markets in those airlines' home countries. Direct government support akin to a per-passenger subsidy on those far-flung routes is another option, said Gabor Lukacs, president of the Air Passenger Rights advocacy group. Western University professor Geraint Harvey warned about 'dysfunctional outcomes' that could arise from new players, especially state-owned carriers like Qatar Airways and Emirates that enjoy hefty subsidies. 'They can hollow out the market — they can dominate certain routes by offering lower fares,' he said, noting that more competition could ultimately result in less, if domestic airlines are elbowed out of the market. The report recommended a basket of reforms that include reviewing the airport funding model, enhancing the role of smaller airports and shoring up service to remote communities, particularly in the North. Currently, airport infrastructure costs fall largely on travellers under a user-pay model. Extra charges such as airport fees, fuel taxes and security and navigation charges comprised 30 cents of every dollar that passengers paid for tickets in 2023 compared with 25 cents in 2019, the study said. 'They are currently biased against smaller airlines,' said Keldon Bester, executive director of the Canadian Anti-Monopoly Project, stressing that high fees put otherwise cheap flights out of reach for demographics that discount carriers rely on. Air Canada spokesman Peter Fitzpatrick said the trend 'highlights how high government fees and charges raise airfares in Canada, hurting consumers and the competitiveness of our industry.' The country's largest airline has said Canada remains at least as competitive as markets such as the United States and European Union and that the share of domestic passengers on markets served by three or more carriers has shot up over the past decade _ though the number of routes has gone down. Over the past 20 months, four low-cost carriers have disappeared from the skies, as Lynx Air and Canada Jetlines shut down and WestJet folded subsidiary Swoop and the recently acquired Sunwing Airlines into its main-line service. Canada is a noted graveyard for budget carriers. Six foundered here between 1995 and 2015: Greyhound Air, Roots Air, Air Canada's Zip, Jetsgo, Zoom Airlines and CanJet. While the country's biggest cities remain amply served, smaller destinations have fewer options, which can also result in higher prices and, when things go awry, stranded passengers. The Calgary-Saskatoon route saw flights fall 39 per cent to 412 last month compared with 673 in May 2019, now that the route between Alberta and Saskatchewan's two biggest cities is served with non-stop flights by only WestJet, according to aviation data firm Cirium. Air Canada pulled out of the route over two years ago. The report noted that routes served by just one airline tended to be more expensive. 'Our research shows that when just one new competitor flies on a route between two cities, airfares go down by nine per cent on average,' the report said. The report also proposed a working group to ramp up service to the North, where air transportation is an 'essential lifeline, even for residents who never fly' but whose food and medicine arrive by plane. It further called for an end to the transport minister's power to green-light mergers and acquisitions deemed anticompetitive by the Competition Bureau. And it urged industry-wide publication of data on delays and cancellations to help consumers make informed choices, on par with the United States and United Kingdom. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
Edmonton Journal
an hour ago
- Edmonton Journal
Allow total foreign ownership of domestic-only Canadian airlines: Competition Bureau report
Article content Canada should allow up to 100 per cent foreign ownership of domestic-only airlines in a bid to lower fares and boost flight options, the Competition Bureau says in a new report highlighting the country's 'highly concentrated' aviation industry. In a market study released Thursday, the watchdog suggested a new class of airline that operates only in Canada but has owners outside its borders, opening the gate to global expertise — and cash. Article content The current foreign ownership cap sits at 49 per cent, with sovereignty and national security often cited as the reason. In addition, no more than 25 per cent of a domestic carrier can be owned by any one foreign entity, a proportion the Competition Bureau proposed raising to nearly half. 'Allowing more foreign investment in Canadian airlines improves access to capital, drives growth and promotes competition,' the report said, pointing to Australia and New Zealand as places that permit full outsider ownership of in-country carriers. 'As economist Michael Porter famously put it, unless a firm is forced to compete at home, it will usually lose its competitiveness abroad,' Brad Callaghan, an associate deputy commissioner at the Competition Bureau, said during a press briefing. Weak competition in the airline industry remains a big hurdle to lower prices and better service across the country, and remote communities especially, the report found. Article content 'Competition in Canada's airline sector has struggled to take off,' it said, noting consumers' dissatisfaction with ticket prices, service quality and range of flight choice. Air Canada and WestJet together account for between half and three-quarters of all domestic passengers at major airports, according to the study. Though competition improved between 2019 and 2023 with the arrival of Flair Airlines and the expansion of Porter Airlines, market concentration remains 'extremely high' and competition from new entrants fragile, the bureau said. 'Many Canadians report that international flights are often cheaper than flights within Canada' — partly due to 'cabotage' rules prohibiting point-to-point trips within Canada by foreign airlines — it noted. The watchdog proposed working with other countries to remove foreign competition restrictions in international agreements. Article content The National Airlines Council of Canada, which represents the country's largest carriers, took issue with that, as did airports. 'Cabotage is not the answer to competition in a country as sparse and large as Canada. A foreign carrier is not going to service our smallest towns and thin volume routes,' said Monette Pasher, president of the Canadian Airports Council, in a release. Some experts agreed, arguing that opening the hatch to foreign operators would invite more competition on big routes but do little for thinly served remote communities or even small cities. 'Would I fly into Yarmouth? Would I fly into Prince Albert? Would I fly into Whitehorse? No, not a chance. There's not enough traffic there,' said John Gradek, who teaches aviation management at McGill University. 'They want the low-hanging fruit … Ottawa to Montreal, Toronto to Calgary, Edmonton to Vancouver, because that's where all the money is.' Article content Gradek said greater access to the Canadian market should come with conditions, such as a commitment to fly certain regional routes — and reciprocal access to markets in those airlines' home countries. Direct government support akin to a per-passenger subsidy on those far-flung routes is another option, said Gabor Lukacs, president of the Air Passenger Rights advocacy group. Western University professor Geraint Harvey warned about 'dysfunctional outcomes' that could arise from new players, especially state-owned carriers like Qatar Airways and Emirates that enjoy hefty subsidies. 'They can hollow out the market — they can dominate certain routes by offering lower fares,' he said, noting that more competition could ultimately result in less, if domestic airlines are elbowed out of the market. The report recommended a basket of reforms that include reviewing the airport funding model, enhancing the role of smaller airports and shoring up service to remote communities, particularly in the North. Article content Currently, airport infrastructure costs fall largely on travellers under a user-pay model. Extra charges such as airport fees, fuel taxes and security and navigation charges comprised 30 cents of every dollar that passengers paid for tickets in 2023 compared with 25 cents in 2019, the study said. 'They are currently biased against smaller airlines,' said Keldon Bester, executive director of the Canadian Anti-Monopoly Project, stressing that high fees put otherwise cheap flights out of reach for demographics that discount carriers rely on. Air Canada spokesman Peter Fitzpatrick said the trend 'highlights how high government fees and charges raise airfares in Canada, hurting consumers and the competitiveness of our industry.' The country's largest airline has said Canada remains at least as competitive as markets such as the United States and European Union and that the share of domestic passengers on markets served by three or more carriers has shot up over the past decade _ though the number of routes has gone down. Article content Over the past 20 months, four low-cost carriers have disappeared from the skies, as Lynx Air and Canada Jetlines shut down and WestJet folded subsidiary Swoop and the recently acquired Sunwing Airlines into its main-line service. Canada is a noted graveyard for budget carriers. Six foundered here between 1995 and 2015: Greyhound Air, Roots Air, Air Canada's Zip, Jetsgo, Zoom Airlines and CanJet. While the country's biggest cities remain amply served, smaller destinations have fewer options, which can also result in higher prices and, when things go awry, stranded passengers. The Calgary-Saskatoon route saw flights fall 39 per cent to 412 last month compared with 673 in May 2019, now that the route between Alberta and Saskatchewan's two biggest cities is served with non-stop flights by only WestJet, according to aviation data firm Cirium. Air Canada pulled out of the route over two years ago. Article content The report noted that routes served by just one airline tended to be more expensive. 'Our research shows that when just one new competitor flies on a route between two cities, airfares go down by nine per cent on average,' the report said. The report also proposed a working group to ramp up service to the North, where air transportation is an 'essential lifeline, even for residents who never fly' but whose food and medicine arrive by plane. It further called for an end to the transport minister's power to green-light mergers and acquisitions deemed anticompetitive by the Competition Bureau. And it urged industry-wide publication of data on delays and cancellations to help consumers make informed choices, on par with the United States and United Kingdom. Article content Latest National Stories
