11 hours ago
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.
